OpenAI debuted a new AI agent, Codex, that can help developers write code and fix bugs. The tool is available through a sidebar in ChatGPT’s interface. One button in the sidebar configures Codex to generate new code based on user instructions, while another allows it to answer questions about existing code. Prompt responses take between one and 30 minutes to generate based on the complexity of the request. Codex is powered by a new AI model called codex-1. It’s a version of o3, OpenAI’s most capable reasoning model, that has been optimized for programming tasks. The ChatGPT developer fine-tuned Codex by training it on a set of real-world coding tasks. Those tasks involved a range of software environments. A piece of software that runs well in one environment, such as a cloud platform, may not run as efficiently on a Linux server or a developer’s desktop, if at all. As a result, an AI model’s training dataset must include technical information about every environment that it will be expected to use. OpenAI used reinforcement learning to train codex-1. It’s a way of developing AI models that relies on trial and error to boost output quality. When a neural network completes a task correctly, it’s given a virtual reward, while incorrect answers lead to penalties that encourage the algorithm to come up with a better approach. In a series of coding tests carried out by OpenAI, Codex achieved an accuracy rate of 75%. That’s 5% better than the most capable, hardware-intensive version of o3. OpenAI’s first-generation reasoning model, o1, scored 11%. Codex carries out coding tasks in isolated software containers that don’t have web access. According to OpenAI, the agent launches a separate container for each task. Developers can customize those development environments by uploading a text file called AGENTS.md. The file may describe what programs Codex should install, how AI-generated code should be tested for bugs and related details. Using AGENTS.md, developers can ensure that the container in which Codex generates code is configured the same way as the production system on which the code will run. That reduces the need to modify the code before releasing it to production. Developers can monitor Codex while it’s generating code. After the tool completes a task, it provides technical data that can be used to review each step of the workflow. It’s possible to request revisions if the code doesn’t meet project requirements.
First Internet Bank offers “high-fidelity ACH” wherein the bank sends out test messages with each large payments file to ensure when those transactions are being received by the Federal Reserve
Standard ACH payments can still take up to four days. First Internet Bank is stepping up to fill that breach with its “high-fidelity ACH” system, wherein the bank sends out test messages with each large payments file (like a “canary in a coal mine”) to ensure when those transactions are being received by the Federal Reserve. In turn, this gives business customers a bird’s-eye view to track those transactions via an application dashboard. Hence, the bank’s business customers, such as Check and Ramp — which are piloting the service — can see exactly when payments clear, and reliably guarantee that their end customers (payroll recipients) are getting their money on time. First Internet Bank has been working with Increase for more than two years in developing and rolling out an ACH system that helps business customers continue to reliably deliver their own payments on-time while offering a clear view of how the payments are progressing on an Increase-developed application and when they hit at the receiving depository financial institution, or RDFI. There have been “a series of improvements,” according to Lorch, as the bank and the Bend, a fintech startup have refined their approach and the technology. For his part, CEO and founder of First Internet Bank’s technology partner Increase, Darragh Buckley, sees his company’s facilitation of ACH payments as more of a means of building improvement on the existing system, rather than trying to rip out the entire network and try to start anew. “No one really wants excitement in their payroll,” said Buckley, who previously was employee No. 1 at digital payments giant Stripe. “We want it all to progress boringly [so that] the payroll client knows they have done their job [and] can sleep better at night.”
Fiserv Clover debuts Checkless Payments which allows enrolled diners to leave at will; diners initiate experience by a Live Check sent via SMS message
Clover is continuing to actualize its commitment to trailblazing innovation in the industry through a unique new collaboration with Union Square Hospitality Group (USHG). The two have teamed up to launch Checkless Payments, an alternative payment solution that empowers diners to pay for their meal without the disruption of asking and waiting for the bill, ensuring a memorable, friction-free dining experience. Diners will have the option to enroll in Checkless Payments. This pre-dining experience not only sets up the functionality for Checkless Payments by enrolling the customer but also provides an opportunity to highlight any additional offerings. From showcasing menu items to recent events, this enrollment process enhances the overall dining experience even before they arrive. Seamless Enrollment & Setup: Diners are guided through a simple enrollment process, where they can securely enter their card information and select gratuity preferences. Branded Diner Engagement: Operators have full control over the content shared during enrollment. This is a prime opportunity to showcase the restaurant’s personality—from custom-branded menus and special messages to upcoming events, private dining options, and seasonal highlights. Diners can also provide notes or special occasions, and even explore the restaurant’s social media or get directions, all before stepping through the door. Marketing & Personalization Touchpoint: This pre-dining interaction not only enhances the diner experience but also serves as a powerful marketing tool.
Betterment to integrate portfolio management tech with its custodial platform to enable direct indexing, tax optimization, expanded single stock support and personalized investing capabilities to RIAs
Betterment, the largest independent digital investment advisor in the U.S., announced the acquisition of Rowboat Advisors, a leading provider of portfolio management software with advanced capabilities in direct indexing, tax optimization, and personalized investing. The acquisition strengthens Betterment’s technology platform and accelerates its roadmap for delivering sophisticated tools to RIAs through Betterment Advisor Solutions. Rowboat Advisors developed a suite of portfolio optimization software purpose-built for investors seeking greater control, transparency, and tax efficiency. Its solutions will be integrated into Betterment Advisor Solutions, the company’s all-in-one custodial platform for modern RIAs, beginning in the second half of 2025. The deal reflects Betterment’s strategic focus on expanding product capabilities for advisor clients and follows a series of product launches earlier this year, including Solo 401(k) plans and securities-backed lines of credit (SBLOCs). Following the acquisition, Kourtidis will join Betterment’s engineering leadership team as Vice President of Portfolio Management, reporting to Chief Technology Officer John Mileham. Advisors can expect the following portfolio management enhancements this year, as well as direct indexing in 2026:
- Expanded single stock support: Manage portfolios across a wider range of securities, building on Betterment’s growing ETF and mutual fund universe.
- Tools for more control and transparency: Run sophisticated simulations and use critical data to trade portfolios.
- Powerful automation and tax management: Optimize portfolios with enhanced rebalancing, tax-loss harvesting, tax-smart portfolio transitions, asset location and intelligent withdrawals.
UK’s new BNPL rules to require upfront checks to assess borrower’s repayment ability, confer the right to complain to the Financial Ombudsman, and shifts the oversight to the FCA bringing BNPL in line with other credit products
After years of wrangling, the UK Government is finally introducing new rules to clamp down on what it describes as the ‘wild west’ of buy now, pay later lending. Under the changes, millions of BNPL shoppers will gain stronger rights and clearer information as the Government reforms the 50-year-old Consumer Credit Act to better reflect modern borowing trends. That means upfront checks to make sure people can repay what they borrow, fairer and faster access to refunds, and the right to complain to the Financial Ombudsman — bringing BNPL in line with other credit products. The Government says outdated and confusing rules will be removed, with oversight shifting to the FCA. The legislative shift comes as a report by the FCA showed that one in ten people were unable to pay essential bills while millions more Brits were using buy now pay later products over the last three years. New figures from Money Wellness reveal a 68% increase in the number of people seeking help with BNPL debt in the past year, highlighting the growing strain the sector is placing on household finances. Sebrina McCullough, director of external relations at Money Wellness, says: “We’ve seen a significant rise in people struggling with Buy Now Pay Later debt, often because they’ve used it to plug gaps in everyday budgets. For many, it’s become a way to spread the cost of essentials like food shopping, rather than to cover large expenses. The legislation bringing BNPL into regulation will be laid in Parliament on 19 May.
364-day bridge loans are funding acquisitions in a ‘sponsor-backed LBO’ style lowering the holding risk, but without requiring selling of bonds or leveraged loans
Junk-rated companies and private equity firms have lined up about $17 billion of debt recently for purchases of everything from power plants to a chain of gas stations. But they are using an unusual tool for that financing: the 364-day bridge loan. Wall Street firms look to sell that debt to investors but often agree to provide that funding even if markets are closed, and they have to hang onto the risk for years. “It is very rare to see this structure in a sponsor-backed LBO,” said Peter Toal, Barclays’ global head of fixed income, referring to 364-day loans. “In times of volatility, it’s an easier structure for the banks to commit to, no question about it.” After junk-bond and leveraged-loan markets effectively closed last month in the wake of President Donald Trump’s tariff announcements, banks were stuck holding onto billions of dollars of debt they couldn’t sell to investors. Hanging onto that debt can translate to hits to earnings for Wall Street firms. Now, borrowers are getting 364-day bridges that are effectively lines of credit for their acquisitions, which they can tap if they can’t sell bonds or leveraged loans before they close their acquisition. A significant number of buyouts financed in the leveraged loan market feature ratings in the B tier. Most of the companies getting 364-day bridge loans now, though, have grades in the BB tier, and sometimes their secured debt carries investment-grade ratings. Herc, for one, has an overall high-yield profile with a Ba2 rating from Moody’s Investors Service and an equivalent BB from S&P Global Ratings while its $750 million loan earned the lowest rung of investment-grade with a Baa3 rating by Moody’s and BBB- by S&P. At NRG, the firm’s senior-secured debt is rated BBB- by Fitch Ratings and S&P, the company said in an investor presentation detailing its acquisition plans this week.
Citi’s Token Services enable real-time cross-border payments and trade settlement through clients’ existing methods without requiring them to hold tokens via API or online portal
Citi’s treasury and trade solutions customers were asking for multinational cash management and trade services available 24/7 and that’s where Citi Token Services was born. “The pain point was our clients wanted 24/7, always on, liquidity and payments,” said Ryan Rugg, Citi’s global head of digital assets, treasury and trade solutions. Ambrish Bansal, Citi’s global head of liquidity and cash concentration solutions, liquidity management services in the bank’s treasury and trade solutions unit, said the initiative stemmed from clients’ requests. “It’s really important for us to ensure that our clients can leverage cutting-edge technologies and new developments and move their treasury management into the real-time world,” Bansal said. “The whole idea behind Citi Token Services was born out of this pressing need by our clients to ensure that their money can move around the global ecosystem in as [close to] real time as possible.” The bank uses a private permissioned distributed ledger and a distributed database with embedded business logic to enable a range of services from intraday lending, cross-border payments and conditional transfer of funds to supply chain financing, trade settlements and fractional ownership to identity verification and know-your-customer compliance. Citi Token Services adheres to the ERC-20 technical standard — a community-created framework for creating smart contract-enabled fungible tokens on the ethereum blockchain. The bank owns and manages all the blockchain technology infrastructure it’s using for its token services, which will be integrated into the bank’s global network. Clients will be able to access Citi Token Services through its CitiDirect online portal or API connectivity. Rugg said multinational companies with hundreds, if not thousands, of accounts with Citi and other banks can use the program to manage liquidity and payments across the globe. Before, they would have to forecast and leave money in different branches as well as keep track of cut-off times and holidays around the world when money can’t be moved.
Google’s new Notebook LM app adds an AI research assistant to your iPhone- offers similar insights to ChatGPT and Google Gemini chatbot services but is limited to accessing specific documents and sources
Google’s NotebookLM, an experimental AI-powered notebook, is now available on iOS, iPadOS, and Android platforms. It offers similar insights to ChatGPT and Google Gemini chatbot services but is limited to accessing specific documents and sources. It provides summaries and important data points, reducing the risk of hallucinations. NotebookLM offers services like document questions, summarization, idea generation, and podcast-style overviews. It can also help users revise courses or take notes on documents. The tool is available for iOS, iPadOS, and Android.
Gravitee Topco’s open-source API management platform offers an array of tools for developers that span API design, access, management, deployment and security with support for both asynchronous and synchronous APIs
Digital traffic pipeline management startup Gravitee Topco has closed on a $60 million Series C funding round, bringing its total amount raised to date to more than $125 million. The company is the creator of an open-source API management platform that provides developers with the tools they need to easily manage both legacy and newer data streaming protocols. It also provides a wealth of API security tools with its platform. Gravitee’s core offering is split into two products, with the Gravitee API Management tool designed for API publishers, and the Gravitee Access Management offering aimed at the developers who need to use those APIs. Through the two platforms, it provides tools that span API design, access, management, deployment and security. Gravitee can therefore be thought of as a kind of control plane for APIs, which often come with a confusing array of protocols and tools that can quickly overwhelm developers, despite their intention of making life simpler. Companies can deploy Gravitee’s core, open-source offering in the cloud or on-premises, or they can access the premium platform through the startup’s software-as-a-service offering. Its core features include a tool for designing and deploying APIs, mock testing and a dashboard that provides an overview of team’s API deployments. What makes Gravitee different is that it supports both asynchronous and synchronous APIs, meaning APIs that deliver data at a later point in time, and those that deliver data immediately, in real time.
TD Bank to fund access to trauma-informed wellness support and promotes greater health outcomes among First Nations communities using indigenous knowledge and traditions
Kiikenomaga Kikenjigewen Employment and Training Services (KKETS) has launched its Mino-Ayaawin Maamawi program, aimed at increasing access to safe, trauma-informed wellness supports rooted in Indigenous knowledge and traditions. The two-year program, funded by $392,800 from TD Bank Group, includes holistic practices such as mindfulness practices, neuro-decolonization, positive affirmations, journaling, yoga, and healthy eating guidance. The funding supports a broader vision for wellness and education in First Nations communities. The program’s development and effectiveness have been supported by research led by Anita Vaillancourt, an assistant professor in the School of Social Work at Lakehead University. A survey evaluating the first phase of the pilot program found that 98% of participants found the program beneficial, 72% felt more motivated to apply for jobs, 70% reported increased confidence in job applications, and 72% felt more prepared for the workforce. The Mino-Ayaawin Maamawi program marks an advancement in promoting wellness and employment readiness within First Nations communities.