Approximately half of the companies that paid a ransom to hackers last year ended up paying less than the criminals originally asked for, according to new Sophos data. That’s good news for companies worried about devastating losses from data-encrypting ransomware attacks. Even if hackers are getting paid less, they’re still getting paid. Half of the 3,400 IT and cybersecurity leaders surveyed — all of whom faced ransomware attacks in the last year — said their companies paid hackers a ransom. Law enforcement and security experts warn that paying hackers could further embolden them. It’s also not a guarantee that hackers will follow through with their promises to decrypt systems or delete stolen data. 3% of ransomware victims said their companies ultimately ended up paying less than the initial asking price. The median ransom demand dropped by one-third to about $1.3 million last year, down from $2 million the previous year. Meanwhile, the median ransom payment was cut in half in the last year, according to the data. Companies paid a median of $1 million, down from $2 million. Organizations bringing in more than $5 billion in annual revenue faced steeper price tags: Their average ransom demand was about $5.5 million. Of the companies that paid less, 47% said they did so by actively negotiating with the hackers. Another 45% said the attackers also reduced their demands due to external pressures, such as law enforcement actions and bad press. The percentage of companies that recovered from a ransomware attack after just one week grew to 53%, up from 35% in the previous year’s data.
Levelpath’s AI agents unify model grounding, context management, orchestration and identify the relevant business context to solve real procurement challenges such as sourcing event creation, supplier onboarding, and risk assessments
AI-native procurement platform Levelpath announced $55+ million in Series B funding led by Battery Ventures, bringing the total raised to $100 million. At their core, Levelpath’s AI Agents are designed to act autonomously and proactively on behalf of users, solving real procurement challenges such as sourcing event creation, supplier onboarding, and risk assessments to drive exponential productivity. These AI Agents do not simply support rigid and fragile task automation; they deliver smarter workflows, faster deployment, and predictable outcomes from day one. With preconfigured agents available out of the box, teams can immediately benefit from enhanced decision-making and operational efficiency without the need for complex IT support. Powered by Hyperbridge, Levelpath’s AI-native architecture, these AI Agents unify model grounding, context management, and orchestration while ensuring secure, compliant data handling. By identifying the relevant business context, routing queries to the most suitable large language models, and tailoring outputs to specific organizational needs, Levelpath empowers procurement teams to achieve greater efficiency and impact, with fewer resources. This foundation enables organizations to benefit from rapid AI innovation without the need for constant due diligence on the models or integrations themselves.
Apple is considering using AI models from Anthropic or OpenAI, rather than its own in-house models, to power a new version of Siri
Apple is reportedly considering using AI models from Anthropic or OpenAI, rather than its own in-house models, to power a new version of its voice assistant Siri. The company has talked with both of the AI firms and asked them to train versions of their models that it could test on its cloud infrastructure. Apple is in the early stages of considering this move, hasn’t made a final decision, and is still actively developing in-house models for use with Siri. The company currently powers most of its AI features with its own models and has been planning to use that technology for a new version of Siri that would be released in 2026. While Apple allows OpenAI’s ChatGPT to answer some web-based search queries in the voice assistant, Siri itself is powered by Apple. Adopting third-party AI models could allow Apple to offer Siri features that would be competitive with the AI assistants available on Android smartphones. It was reported that Apple aimed to bring an AI-powered upgrade of Siri to market in spring 2026, after facing delays and failing to meet its original goal of fall 2024.
Citi’s report warns the more interconnected, always-on environment from real-time payment systems and sophisticated AI-driven fraud poses significant threats
As instant payments become the norm, financial institutions could be at risk of falling behind with increasingly sophisticated AI-driven fraud posing significant threats, Citi, warns in a new report. In the report, it details how Asia and emerging markets are leading the way when it comes to the 24/7 availability of seamless instant transactions. To many, this will come as no surprise, with real-time systems like Pix in Brazil, UPI in India, or M-Pesa in Kenya, driving economic development. Despite the enhancements to the speed of payments across the globe, and the promise of boosting global GDP by over $280billion in 2028, a more interconnected, always-on environment can amplify the risks of fraud. Citi warns that in 2024, consumers globally lost an estimated $1trillion to scams across all payment methods. Citi says that by embracing innovation, prioritising cybersecurity, and fostering collaboration across the financial ecosystem, businesses and financial institutions can start to unlock the full potential of real-time payments and build a more inclusive, efficient, and dynamic financial future. By enabling faster settlements, improved working capital management, and enhanced customer experiences, real-time cross-border payments are unlocking new opportunities for businesses operating globally.
Early Warning claims Zelle’s scale of >150 million enrolled user accounts, the ability to do away with collecting or storing sensitive account and routing information and fraud-free transaction rate of 99.95% make it a viable solution for all federal disbursements and receipts
Early Warning Services submitted a comment letter today responding to the U.S. Department of the Treasury’s Request for Information regarding the transition to electronic payments for all federal disbursements and receipts. Early Warning’s comment letter detailed the critical benefits it can provide Treasury through Zelle, including: Scale: Zelle reaches more than 150 million enrolled user accounts, which is equal to more than the combined population of California, Texas and Florida. Security: Zelle removes a risk vector that paper checks present. There is no need to collect or store sensitive account and routing information because Zelle is already embedded within U.S. bank accounts. Safe: Today, more than 99.95 percent of all Zelle transactions are completed without any report of scam or fraud. Treasury checks are 16 times more likely to be reported lost or stolen, returned undeliverable, or altered than digital payments. Speed: Reliance on paper checks slows access to funds and burdens recipients, especially those with limited mobility or transportation. With disbursements using Zelle, funds can be delivered in minutes to an enrolled recipient’s verified bank account.
Rocket’s new Preferred Pricing, is offering clients who finance through Rocket Mortgage and purchase with a Redfin agent or buy a Redfin-listed home a one percentage point interest rate reduction for the first year of their loan or a lender credit at closing of up to $6,000
Rocket Companies, the Detroit-based homeownership platform, has announced the completion of its acquisition of Redfin, uniting the most-visited real estate brokerage website with America’s largest mortgage lender. “I’ve used Redfin every day for the last 20 years. It helped me find and fall in love with my first home, completely changing how I thought about real estate,” said Varun Krishna, Rocket Companies CEO. “The Redfin team is best-in-class in building a product experience focused on simplicity. It was a perfect fit for Rocket’s vision of what the homeownership experience should be.” Alongside the acquisition, the companies introduced Rocket Preferred Pricing, offering clients who finance through Rocket Mortgage and purchase with a Redfin agent or buy a Redfin-listed home a one percentage point interest rate reduction for the first year of their loan or a lender credit at closing of up to $6,000. This offer applies to qualified buyers using conventional, FHA, or VA loans. Rocket Mortgage and Redfin plan to roll out additional offerings for buyers, agents, and brokers in the coming months. Redfin has also unveiled a refreshed brand identity as “Redfin Powered by Rocket,” aligning with the unified experience. “The gulf between the American Dream of homeownership and reality has never been wider,” said Redfin CEO Glenn Kelman. “The reason Rocket and Redfin came together was to bridge that gap, so that the people who spend their days dreaming on Redfin.com can easily use Rocket financing to own their dream.”
U.S. banks’ loans to the nonbank financial sector exceeded $1.14 trillion in Q1 2025, with non-depository lending growing by an average of 26% annually since 2012 as “shadow banking” surges. “This interconnectedness between banks and nonbanks adds an extra layer of intermediation, as banks lend to mortgage companies, insurance companies, investment funds (such as mutual funds, money market funds, hedge funds and private capital funds), pension funds, broker-dealers, securitization vehicles and other financial entities, which then lend directly to end users in the economy,” noted the Fed. The growth rate of non-depository financial institutional lending has grown by 26% on average each year since 2012. Getting a bit more granular, the Financial Stability Board estimated late last year that the aggregate FinTech lending across seven jurisdictions came in at $38.5 billion. As the FSB elaborated, “FinTech lending platforms can act as auxiliaries or intermediaries. As auxiliaries, they can be in the form of a ‘marketplace platform,’ which is an online market that allows lenders to trade directly with borrowers (peer-to-peer lending and crowdfunding platforms). Fintech lending platforms can act as intermediaries when they use their balance sheets to originate the lending.” Loans to mortgage and private credit intermediaries each represent 23% of loans outstanding, and loans to business intermediaries and consumer intermediaries represent 21% and 9%, respectively, estimated the Fed. According to a report by the Congressional Research Service, “banks are increasingly lending to NBFIs (nonbank financial institutions) and, at the same time, reducing their lending to commercial and industrial borrowers.” “Increased lending from banks to NBFIs could expose banks to counterparty credit risk and spillover effects during a financial crisis…” the report added. “The size and growth of NBFI suggest that significant amount of financing is being intermediated and held outside of the banking sector. In contrast to the traditional banking model, where banks normally manage risks (e.g., credit, market, liquidity, and operational risks) on their balance sheets, the market-based NBFI financing model shifts risks toward capital markets investors and intermediaries.” As for the risks, the CRS cautioned that the “vulnerabilities affecting financial stability are present in capital markets NBFI, including in certain money-like instruments that face potential ‘runs,’ leverage levels, interconnectedness between nonbanks and banks, data and transparency issues, liquidity mismatch at certain open-end funds, and concentration risk at market intermediaries.” There’s a knock-on effect here, as some financial institutions are grappling with shadow banking stalwarts as competitors, which in turn has shifted activities away from core deposits toward long-term securities and other holdings.
Circle applies to establish national trust bank to oversee USDC reserve
Circle Internet Group has applied for a national trust charter, aiming to establish a national trust bank called First National Digital Currency Bank, N.A. If the application is approved by the Office of the Comptroller of the Currency (OCC), the bank would oversee the management of the reserve of the USDC stablecoin on behalf of Circle’s U.S. issuer. First National Digital Currency Bank, N.A. would also offer digital asset custody services to institutional customers. For Circle, the charter would also help it meet the expected requirements of the proposed stablecoin legislation, the GENIUS Act. “By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure,” Circle Co-founder, Chairman and CEO Jeremy Allaire said. “Further, we will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world’s leading institutions to build on.” Becoming a publicly traded company requires Circle to comply with a higher standard of regulatory oversight, including audits, disclosures and governance practices.
Levelpath’s AI agents unify model grounding, context management, orchestration and identify the relevant business context to solve real procurement challenges such as sourcing event creation, supplier onboarding, and risk assessments
AI-native procurement platform Levelpath announced $55+ million in Series B funding led by Battery Ventures, bringing the total raised to $100 million. At their core, Levelpath’s AI Agents are designed to act autonomously and proactively on behalf of users, solving real procurement challenges such as sourcing event creation, supplier onboarding, and risk assessments to drive exponential productivity. These AI Agents do not simply support rigid and fragile task automation; they deliver smarter workflows, faster deployment, and predictable outcomes from day one. With preconfigured agents available out of the box, teams can immediately benefit from enhanced decision-making and operational efficiency without the need for complex IT support. Powered by Hyperbridge, Levelpath’s AI-native architecture, these AI Agents unify model grounding, context management, and orchestration while ensuring secure, compliant data handling. By identifying the relevant business context, routing queries to the most suitable large language models, and tailoring outputs to specific organizational needs, Levelpath empowers procurement teams to achieve greater efficiency and impact, with fewer resources. This foundation enables organizations to benefit from rapid AI innovation without the need for constant due diligence on the models or integrations themselves.
Pay-by-bank solution provider Trustly’s total payment value increases by 54% year over year in 2024 to $85 billion driven by new products and strategic partnerships in North America and Europe
Pay-by-bank solution provider Trustly reported that its total payment value increased by 54% year over year in 2024, driven by new products and partnerships in North America and Europe. The firm’s total payment value reached $85 billion, up from $55 billion in 2023. “Strategic partnerships have been critical for Trustly,” Trustly Group CEO Johan Tjärnberg said. “In Europe, our ongoing collaboration with [His Majesty’s Revenue and Customs (HMRC)] strengthens our public sector leadership. In North America, expanded engagements with financial institutions and gaming providers highlight the strength and adaptability of our risk engine.” Trustly processed 1.3 billion HMRC payments totaling 4.7 billion pounds (about $6.4 billion) in January. The company’s collaborations in North America include BNY’s Bankify, Newline by Fifth Third, Coinbase, IGT, Light & Wonder, and an expanded partnership with Cross River Bank that now includes the FedNow® Service in addition to the RTP® network. On the product front, Trustly launched its artificial intelligence-powered recurring payments solution in June 2024, saying that a single integration enables merchants to accept repeat transactions directly from customers’ bank accounts. “By eliminating friction in repeat transactions, we’ve enabled merchants to better serve their customers and capture more revenue,” Tjärnberg said. “Similarly, our proprietary data engine, Azura, is driving higher engagement and conversion — proof of our innovation’s tangible impact.”