New hires at PwC will be doing the roles that managers are doing within three years, because they will be overseeing AI performing routine, repetitive audit tasks, Jenn Kosar, AI assurance leader at PwC, told. “People are going to walk in the door almost instantaneously becoming reviewers and supervisors,” she said. PwC, one of the “Big Four” accounting and consulting firms, is deploying AI to take over tasks like data gathering and processing. This is leaving entry-level employees free to focus on “more advanced and value-added work,” Kosar said. AI has got PwC rethinking how it trains junior employees. Kosar said the technology meant PwC was changing how it trains its junior employees, adding that entry-level workers have to know how to review and supervise the AI’s work. Where the Big Four firm once focused on teaching young employees to execute audit tasks, it’s now focused on more “back to basics” training and the fundamentals of what an audit should do for a client, she said. There’s more time in the programming to teach junior employees deeper critical thinking, negotiation, and “professional skepticism,” she said, adding they previously would have been trained in these soft skills later in their careers. PwC’s “assurance for AI” product, which works with clients on ensuring the AI they use is operated responsibly, has only existed since June. For all its potential, AI is challenging the Big Four’s long-held business models, organizational structures, and day-to-day roles. Firms are having to consider outcomes-based pricing models based on results instead of billing clients by the hour. Alan Paton, a former partner in PwC UK’s financial services division who’s now CEO of a Google Cloud solutions consultancy, previously told that automation could increasingly cause clients to question why they should pay consultants big money when they can get answers “instantaneously from a tool.” Partners and managers will have to adapt to new types of requests from clients, who are asking how AI can fully take over certain business tasks, she added. Kosar acknowledged there was fear AI would reduce critical thinking capabilities and replace jobs, but she said she thought AI would lead to better-informed, faster-developing professionals.
AI coding tools on auto-run mode are posing security risks in compromise and data leakage by allowing agents to run command files on a user’s machine without explicit permission, due to vulnerabilities in model repositories and with malicious models granting access to cloud environments
One problem identified by the cybersecurity community at this year’s Black Hat is that shortcuts using AI coding tools are being developed without thinking through the security consequences. Researchers from Nvidia Corp. presented findings that an auto-run mode on the AI-powered code editor Cursor allowed agents to run command files on a user’s machine without explicit permission. When Nvidia presented this potential vulnerability to Anysphere Inc.’s Cursor in May, the vibe coding company responded by offering users an ability to disable the auto-run feature, according to Becca Lynch, offensive security researcher at Nvidia. Part of this issue can be found in the sheer number of application programming interface endpoints that are being generated to run AI. Security researchers from Wiz Inc. presented recent findings of a Nvidia Container Toolkit vulnerability that posed a major threat to managed AI cloud services. Wiz found that the vulnerability allowed attackers to potentially access or manipulate customer data and proprietary models within 37% of cloud environments. Despite the popularity of LLMs, security controls for them have not kept pace. This threat of exploitation has cast a spotlight on popular repositories where models are stored and downloaded. At last year’s Black Hat gathering, researchers presented evidence they had breached three of the largest AI model repositories. If model integrity fails to be protected, this will likely have repercussions for the future of AI agents as well. Agentic AI is booming, yet the lack of security controls around the autonomous software is also beginning to generate concern. Cybersecurity company Coalfire Inc. released a report which documented its success in hacking agentic AI applications. Using adversarial prompts and working with partner standards such as those from the National Institute of Standards and Technology or NIST, the company was able to demonstrate new risks in compromise and data leakage. “There was a success rate of 100%,” Apostol Vassilev, research team supervisor at NIST, said.
Payoneer announced a collaboration with Citi to launch real-time, blockchain-enabled treasury transfers via Citi Token Services, the firm’s tokenized liquidity and payment platform
Payoneer the global financial technology company powering business growth across borders, announced a collaboration with Citi to launch real-time, blockchain-enabled treasury transfers via Citi® Token Services, the firm’s tokenized liquidity and payment platform. This new capability enables Payoneer to transfer funds between its global accounts in participating branches and currencies with greater speed, automation and transparency. This marks a major step in Payoneer’s long-term commitment to modernizing its financial stack through thoughtful, purpose-driven innovation. The collaboration leverages Citi’s blockchain-based solution to move money across Payoneer-owned accounts, helping to reduce reliance on traditional payment methods and delays caused by banking cut-off times, holidays and weekends. This builds on Payoneer’s existing relationship with Citi to leverage the global bank’s Banking as a Service and cross-border FX and payment capabilities. “We’re constantly looking for ways to simplify the complex world of cross-border payments,” said Bea Ordonez, Chief Financial Officer, Payoneer. “Blockchain-based infrastructure is transforming how money moves globally and with Citi Token Services, we gain the ability to move money in real time across borders, delivering a faster, more efficient experience for our customers.” The expected benefits of this infrastructure include: Instant Global Liquidity: Transfer funds 24/7 between Payoneer entities in markets like the U.S., UK, and Singapore, reducing delays and constraints tied to weekends or holidays. Improved Treasury Efficiency: Enables fast, transparent, and automated intra-company transfers, streamlining both cash management and FX risk mitigation through programmable, blockchain-based settlements. Simple Integration: Modern APIs and blockchain protocols allow for easy integration with existing treasury and payment systems, minimizing the need for complex infrastructure changes and accelerating time to market. “Citi Token Services is transforming how our global clients manage liquidity and payments, providing real-time, 24/7, cross-border access and significantly improving efficiency,” said Ryan Rugg, Global Head of Digital Assets, Treasury and Trade Solutions at Citi. “In this rapidly evolving digital banking landscape, we’re pleased to collaborate with clients, like Payoneer, on a range of our cross-border payments capabilities to deliver secure, scalable and transparent payments globally.” Launched in 2024, Citi Token Services facilitates multimillion-dollar transactions and provides always-on cross-border liquidity and payments between participating Citi branches. It has processed billions in transaction value since its launch. Citi Token Services is live in the United States, United Kingdom, Singapore and Hong Kong branches with transfers in US dollars (USD).
TD Securities taps Layer 6 and OpenAI for virtual assistant that helps front-office equity sales and traders gain client insights and research
TD Securities, the equity and securities trading arm of TD Bank, rolled out its TD AI Virtual Assistant on July 8, aimed toward its front office institutional sales, trading and research professionals to help them manage their workflow. TD Securities CIO Dan Bosman told that the virtual assistant’s primary goal is to help front-office equity sales and traders gain client insights and research. Bosman noted that being around a trading floor means being exposed to a lot of the lingo, and the context in which users ask some questions feels very unique. So the AI assistant has to sound natural, intuitive and access the insights generated by traders. Bosman said the idea for the AI assistant came from a member of the equity sales team. Fortunately, the bank has a platform called TD Invent, where employees can bring ideas and the innovation leadership team can evaluate projects responsibly. TD Security built the TD AI virtual assistant by leveraging OpenAI’s GPT models. Bosman said TD worked with its technology teams and the Canadian AI company Layer 6, which the bank acquired in 2018, as well as with other strategic partnerships. The assistant integrates with the bank’s cloud infrastructure, allowing it to access internal research documents and market data, such as 13F filings and historical equity data. Bosman calls TDS AI a Knowledge Management System, a term that generally encompasses its ability to retrieve, through retrieval augmented generation (RAG) processes, aggregate and synthesize information into “concise context-aware summaries and insights” so its sales teams can answer client questions. TD AI virtual assistant also gives users access to TD Bank’s foundation model, TD AI Prism. TD AI Prism will improve the predictive performance of TD Bank’s applications by processing 100 times more data, replacing its single-architecture models and ensuring customer data stays internal. One of the standout features is its text-to-SQL capability, which converts natural language prompts into SQL queries.
Klarna targets those who resisted getting credit cards, but would like a low- or no-fee card and financing at better rates than most bank-issued plastic that are “rigged against them” due to their high costs and opaque charges
Klarna has evolved from a European clone of PayPal Holdings Inc. to the biggest provider of short-term “buy now, pay later” consumer loans, with more than 100 million active customers, and is now planning to offer a full suite of banking services. CEO Sebastian Siemiatkowski’s goal is to create a worldwide lender, with every Klarna user carrying a card, and he predicts he’ll reach 10 million cardholders within a year. Seeking to raise at least $1 billion, the listing would have cemented Siemiatkowski’s status as a billionaire, at least on paper. But as the clock ticked down to the debut, President Donald Trump announced his plans for stiff tariffs, sending global markets into a tailspin. Two days later, Siemiatkowski put his plans on hold. But now he’s back, planning to complete the listing as soon as September, and he’s got a new pitch: building a global digital bank. The company plans to offer more customers debit cards—starting in the US this summer and across Europe this fall—and ultimately provide a full suite of banking services. Siemiatkowski has about 1 million cardholders today and predicts he’ll reach 10 million within a year. But his real goal is to create a worldwide lender, with every Klarna user carrying a card. The average American already has four credit cards, making it tough to get them to cram another one into their wallet. But Siemiatkowski says many people feel cards are “rigged against them” due to their high costs and opaque charges. These people—his target customers, he says—have resisted getting credit cards, but many of them would like a low- or no-fee card and occasional financing at better rates than most bank-issued plastic. The aim is to replicate Klarna’s business in Sweden, where it has had a banking license since 2017 and 80% of the adult population are customers. At home and in a few other European countries where its Swedish license allows it to operate, the company has amassed $9.5 billion in consumer deposits—about as much as larger community banks in the US—which it uses to fund its credit offerings. And on July 30, Klarna said UK regulators had granted it an electronic money institution license, a first step toward full banking permission, which will let it offer debit cards and savings accounts to its 11 million British users. While other digital banks woo newcomers with crypto or stock trading or even free Tinder Plus subscriptions, Klarna offers shopping deals and loyalty perks. And he says Klarna will be able to sign up banking customers with a gentle nudge after they shop on its app or website. “It’s a slow-burn relationship,” he says. Klarna’s 100 million users generate scads of consumer data, and the 724,000 merchants the company works with provide a consistent revenue stream, more than $1.8 billion in annual fees—three-quarters of its sales. But some critics worry about its loan business, where losses crept up at the start of this year financial assistant to assess spending patterns and suggest ways customers can save money and time—“to make you less worried about your finances,” he says. “That is the ultimate purpose of banking”
Rocket partners Viral Nation revamping social media policy , to move beyond curated perfection to offer something deeper – real stories, support, and guidance for people working toward homeownership
Viral Nation, a global leader in social-first transformation, today announced it has been named the Social Media Agency of Record for Rocket, the Detroit-based fintech platform including mortgage, real estate, title, and personal finance businesses. Rocket will leverage Viral Nation’s influencer marketing, social strategy, community management, and social content creation abilities to deliver raw, relatable homeownership stories that break through social media’s glossy facade. At a time when nearly 80% of social media users turn to their feeds for dream-home inspiration, Rocket and Viral Nation are moving beyond curated perfection to offer something deeper – real stories, support, and guidance for people working toward homeownership. “Homeownership is the single most powerful expression of the American dream – and everyone deserves to see themselves in that story,” said Jonathan Mildenhall, Chief Marketing Officer for Rocket. “With Viral Nation as our social media agency of record, we’re using content to build a movement. One grounded in honest storytelling, vibrant communities, and meaningful solutions. We know that when people see others like them owning their dream, it sparks belief. And belief is where transformation begins.” Rocket launched “Own the Dream,” the company’s new core creative idea, with an unforgettable Super Bowl ad. The message was amplified by Viral Nation’s strategic social campaigns, which drove 247 million views nationwide and sparked genuine conversations across all platforms. This new partnership builds on that moment by fostering a vibrant, welcoming community through voices from Rocket’s network of everyday home-seekers and homebuying experts. Viral Nation will help Rocket cut through noisy feeds by showcasing real client stories, influencer ambassador programs, and dynamic community management. Together, Rocket and Viral Nation will ignite moments that resonate deeply with Americans – piercing through challenges to offer guidance on every step of the homebuying journey. “Rocket’s mission to redefine homeownership inspires us to build a social movement that empowers every American to envision themselves on this journey,” said Joe Gagliese, CEO and Co-Founder of Viral Nation. “Rocket is more than a financial services company; it’s a culturally influential brand, authentically leading and shaping the communities it serves.” Through this new partnership, Rocket’s social presence won’t just inspire—it will guide. Together, the brands are building tools, stories, and spaces that turn aspiration into action.
Nvidia’s new open, customizable reasoning VLM allows robots and vision agents to think about what they see similar to humans and plan about what’s in a scene using intelligence such as physics knowledge and common sense from training data
Nvidia Corp. is expanding its offerings of smarter AI models, physical intelligence for robotics and powerful enterprise AI servers. Nvidia unveiled that the Nvidia RTX Pro 6000 Blackwell Server Edition GPU, a graphics processing unit designed for servers, is now coming to enterprise servers. This new addition will allow organizations to run large language models at high speed and these 2U form-factor rack-mountable servers will use the Blackwell architecture to deliver high-performance AI inference workloads. The new Blackwell RTX Pro Servers bring GPU acceleration to traditional CPU-based workloads — including data analytics, simulation, video processing and graphics rendering — enabling up to 45 times better performance. According to Nvidia, this results in 18 times higher energy efficiency and significantly lower cost compared with CPU-only systems. Nvidia announced an expansion of its Nemotron model family, introducing two new models with advanced reasoning capabilities for building smarter AI agents: Nemotron Nano 2 and Llama Nemotron Super 1.5. These models deliver high accuracy for their size categories in areas such as scientific reasoning, coding, tool use, instruction following and chat. Designed to empower agents with deeper cognitive abilities, the models help AI systems explore options, weigh decisions and deliver results within defined constraints. Nemotron Nano 2 achieves up to six times higher token generation throughput compared to other models in its class. Llama Nemotron Super 1.5 offers top-tier performance and leads in reasoning accuracy, making it suitable for handling complex enterprise tasks. Nvidia announced Cosmos Reason, a new open, customizable 7 billion-parameter reasoning VLM for physical AI vision agents and robotics. It allows robots and vision agents to think about what they see similar to humans and plan about what’s in a scene using intelligence such as physics knowledge and common sense from training data. The company said it can help automate the curation and annotation of large, diverse training datasets, accelerating the development of high-accuracy AI models. It added that it can also serve as a sophisticated reasoning engine for robot planning, parsing complex instructions into steps for VLA models, even in new environments.
Global Finance Magazine names Bank of America World’s Best Bank for cash management; Citi for long-term liquidity management and Wells Fargo for collections
World’s Best Bank for Transaction Banking: Societe Generale: Societe Generale excels as an instant payments innovator, offering rigorous testing and dedicated IT support, including client training. While clients expect similar functionalities for domestic and cross-border payments, Jean-François Mazure, head of cash clearing services, notes that customers struggle to differentiate. Converging both payment types, which hinges on interlinking financial market infrastructures, is critical, he stresses. To interconnect real-time payment systems, Mazure says, the most likely way forward is to adopt the “one leg out” (OLO) principle already in operation for transactions involving one bank inside the European Economic Area and one bank outside. But all parties will need to continue to align for interconnectivity to be achieved. OLO’s success hinges on compliance with ISO 20022 standards as well as resolving commercial and liability challenges across various schemes.
- World’s Best Bank for Cash Management | Bank of America. Bank of America saw the app version of its CashPro platform surpass $1 trillion in payment approvals in 2024. CashPro allows clients to manage treasury operations across multiple channels: online, app, APIs, and file-based interfaces. “One thing that distinguishes CashPro is its global consistency,” says Tom Durkin, head of CashPro in BofA’s Global Payments Solutions, “so that when a company’s finance team has team members in different countries, they’ll all have access to the same tools, views, and processes. The advantages are obvious: better visibility and control and no additional financial outlays.” The bank’s strategic vision for CashPro “will always be to provide a best-in-class platform that is personalized, predictive, and proactive,” Durkin says. “One recent demonstration is how we’ve embedded CashPro into our clients’ own systems through the CashPro Network, a collaboration with third-party providers allowing quick, easy connection to the bank with little to no investment.”
- World’s Best Bank for Long-Term Liquidity Management | Citi. Citi, is leveraging its extensive network to provide sophisticated solutions. “The transition to a 24/7 real-time economy presents both challenges and opportunities,” says Debopama Sen, head of Payments at Citi Services. “Balancing speed with robust security is crucial. Firms need to adapt their liquidity management strategies for around-the-clock operations, which demands new approaches and capabilities.”
- World’s Best Bank for Payments, World’s Best White Label System Provider – Bank & World’s Best Bank for Financial Institutions | BNY. Recognizing the accelerating demand for 24/7 operations and instant payments, BNY is implementing a payments infrastructure modernization that enables all-hours multi-currency access delivery, automation, and scalable solutions through its Payments Enablement Platform. The service promises 24/7 US-dollar payments, real-time data delivery, and improved liquidity management. BNY also facilitates instant cross-border payments through global relationships, such as with Commonwealth Bank of Australia, for real-time cross-border transfers and is advancing domestic real-time payments by supporting high-value real-time payment transactions. Early last year, BNY completed the largest instant payment in US history on its RTP network, exceeding $1 million. The bank also offers trade outsourcing and its Trade Network Access Service, which helps banks with compliance and reducing KYC costs. And its collaborations with Mizuho Bank enhances international trade connectivity.
- World’s Best Bank for Collections | Wells Fargo. Wells Fargo has enhanced its Integrated Receivables service with improved FXWire functionality and straight-through internal onboarding, cutting client implementation times. `xUsing AI, machine learning (ML), and robotic processing, Integrated Receivables replaces manual cash application, reassociating payments with remittances and matching them to open invoices, in turn reducing days sales outstanding (DSO) by up to 30%, automating electronic cash application, and freeing up staff time. The technology processes thousands of transactions in seconds, continuously learning and improving; one client has reported a 95% straight-through processing result.
- World’s Best Corporate Cross-Border Payments Solution | Fides Treasury Services. For corporates grappling with the intricacies of global payment flow management, Fides Treasury Services launched its intuitive ONEHub platform early last year. Having achieved ISO 20022 readiness in 2024, ONEHub simplifies payments to both major and regional banks. Fides offers a dual-BIC “hybrid” service for banks outside the Swift CORE network, processing over $6 trillion annually. It connects over 4,000 clients to 13,000-plus banks globally with 3,000 direct connections and processes payments in over 200 countries. Fides provides tools for global payments, financial compliance, sanctions screening, fraud prevention, and security, and in March launched ONEPool, a cash pooling solution.
Fifth Third continues Southeast push with move into Alabama featuring early pay, free estate planning and ‘next-gen’ banking center model that encourages customers to move around branches that have an open
Cincinnati, Ohio-based Fifth Third Bancorp opened its first branch in Alabama on Tuesday, checking off another box in its Southeast expansion. The Huntsville location expands the $210 billion-asset bank’s retail footprint to 12 states. It’s the first of 15 Alabama branches — 10 in Huntsville and five in Birmingham — that the bank plans to open over the next three years. The bank already operates in Florida, Georgia, Kentucky, Tennessee, West Virginia and the Carolinas — in addition to its Midwestern markets of Ohio, Illinois, Indiana and Michigan. “[Alabama is] one of the fastest growing markets in the Southeast,” Shawn Niehuas, head of consumer banking at Fifth Third 0.97(2.35%). told American Banker. Approximately 99 people moved to Alabama per day between 2022 and 2023, according to Consumer Affairs. The new Huntsville branch is one of 200 locations the bank plans to open from late 2024 to 2028 as part of its expansion strategy. Fifth Third anticipates that by the end of 2028, 50% of its branches will be in the Southeast, according to a company press release. “Building density in each of these core communities throughout the Southeast, that has been really our priority,” Niehaus said. “We don’t want to just have an approach where we … sprinkle a few branches here or there and don’t canvas the whole market.” Though Fifth Third is viewed as a potential acquirer in an improving market for regional bank mergers, CEO Timothy Spence said in January that the bank doesn’t need to “reach for M&A” amid strong organic growth. As a new player in Alabama, Fifth Third will have to compete with well-established banks such as Regions Financial and PNC Financial Services Group, as well as other newcomers. JPMorganChase plans to open 24 branches in Alabama by 2030. Earlier this month, analysts at Morningstar DBRS wrote in a research note that Fifth Third’s expansion in the Southeast “creates some execution risk,” given that the region “has attracted competition from well-established banks as well as other regional players.” “However, Fifth Third has an advantage as an early mover with their strategic growth starting in 2018,” the analysts wrote. Niehaus said Fifth Third is not concerned about the competition, citing the bank’s community-based approach and unique offerings. “We don’t just enter a market, we’re going to embed ourselves in the community,” he said. “We really pride ourselves on the relationship banking model and giving the complement of both digital options and building the relationship in person.” Fifth Third hires local employees when it opens new branches, which helps build the bank’s brand in the community, Niehaus said. Fifth Third also offers early pay and free estate planning, which Niehaus said helps separate it from the competition. Another way Fifth Third seeks to differentiate itself is with its ‘next-gen’ banking center model, used for new branches. The tech-forward model encourages customers to move around branches that have an open feel and have conversations where they feel comfortable, Niehaus said. “Many times, I go into … these banking centers and you don’t even see a customer wanting to be in an office,” he said. “You might start at the transaction bar and end in one of those other areas based on the conversation and flexibility the customer wants.” Fifth Third’s expansion in Alabama marks the first time the bank has entered a new state since South Carolina in 2020. Since then, Fifth Third has opened 14 branches in the Palmetto State, with plans of 11 more over the next three years. The bank is anticipating $15 billion to $20 billion of deposit growth over the next seven years, powered by the opening of new branches and other existing branches hitting maturity. Fifth Third is also aiming to gain a top-five market share position in each of the new communities it serves, Niehaus said. Moving forward, Fifth Third plans to deepen its network in the states it already serves, according to Niehaus. As examples, he pointed to communities like Hilton Head, South Carolina, The Villages, Florida, and Wilmington, North Carolina. “We might be in the state, but you see us joining maybe different communities that we haven’t been in before,” Niehaus said. “It’s really filling out and getting to the location share we want and the density in each of these markets.”
Bank of America, Circle and the DTCC, have used the Canton Network blockchain platform to complete the first full on-chain financing of US Treasuries (UST) against the USDC stablecoin
A group of financial firms, including Bank of America, Circle and the DTCC, have used the Canton Network blockchain platform to complete the first full on-chain financing of US Treasuries (UST) against the USDC stablecoin. The live transaction – executed on Tradeweb – was conducted entirely on-chain, with USDC serving as the cash leg and on-chain UST as collateral, providing true 24/7 liquidity and eliminating the limitations of off-ledger cash and market-hour restrictions seen in legacy implementations. Digital Asset, the Wall Street-backed firm behind the Canton Network, says the transaction marks a “foundational step” towards building capital markets where high-quality liquid assets, such as UST, are available and usable at all times, regardless of traditional market hours or legacy settlement constraints. The partners also argue that the breakthrough will combine the strengths of traditional and crypto markets, pairing institutional trust and scale with the flexibility and programmability of DeFi. Market participants – including Citadel Securities and Societe Generale – used Tradeweb’s execution capabilities to access automated financing outside of market hours. The trade was executed without disclosing individual role allocations. Kelly Mathieson, chief business development officer, Digital Asset, says: “This first live transaction is a foundational step in building the Global Collateral Network on the Canton Network. It demonstrates how market participants can unlock real-time collateral mobility and round-the-clock financing using assets on chain, which lays the groundwork for a fundamentally more efficient and accessible global financial system.”