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British could lead the world with first sovereing data exchange

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British could lead the world with first sovereing data exchange

The British island of Jersey, is ideally placed to become the world’s first privacy enhancing sovereign data exchange which will have huge benefits to the whole of the UK and beyond. Global Smart City expert and digital transformation consultant, Joe Dignan said the Covid-19 pandemic has highlighted the importance of a combined data view of a population, and now is the time to establish a trusted, highly regulated and ethical exchange. He has called on the Jersey government to support the idea for the benefit of everyone.

A sovereign data exchange is a regulated infrastructure that allows data owners to store, share and monetise their data while retaining ownership and privacy.

‘If dealing with the pandemic has taught us anything, it’s that single sources of data are meaningless unless synthesized with other data and visualised so we can understand it,’ said Joe.

‘Jersey is a microcosm where it controls the levers of the economy, legislature, government and security in an enclosed and agile environment that already has a digital twin. It also has all the necessary skills for regulatory and governance of that data, through its finance industry. This puts it in a unique global position to act as a data exchange which can bring huge health, economic and environmental benefits to the UK and elsewhere.’

Joe and a host of global technology experts, including Fintech titan, Nick Ogden, are discussing Jersey’s position as a sandbox for data innovation and digital testing at a series of free online events for Jersey Tech Week, 16th to 23rd October.

Nick set up what is believed to be the world’s first e-commerce business in the Island in 1994, before launching World Bank. Key figures from IBM, Ocado, World Bank, Carlsberg and Microsoft, will also demonstrate the very latest trends and developments for the industry, including insights into emerging tech trends – with fintech, artificial intelligence, digital health and creativity.

Joel Mills, the CEO of AugmentCity, will showcase the digital twin of Jersey, part of the United Nations’ United 4 Smart Sustainable Cities initiative, which is already helping to inform decision making.

‘Covid has been terrible for everyone, but it has speeded up the adoption of technology, from the simple need to work from home to the urgent need for good quality data and its use,’ said Joel.

‘The pandemic has shown that single sources of data are meaningless. This has opened up opportunities for us to make big improvements in the future with informed decisions using data from multiple sources and visualised for human understanding.

‘Using simulation in partnership with the UN’s smart sustainable development goals, allows us to connect humans and data like was never possible before. Breaking down barriers, fast tracking new technologies and reducing time and cost. If we are to beat the virus we need to embrace technologies and Jersey is playing a key role in prototyping this.’

Source: https://www.fintechnews.org/british-could-lead-the-world-with-first-sovereing-data-exchange/

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AI Weekly: The state of machine learning in 2020

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It’s hard to believe, but a year in which the unprecedented seemed to happen every day is just weeks from being over. In AI circles, the end of the calendar year means the rollout of annual reports aimed at defining progress, impact, and areas for improvement.

The AI Index is due out in the coming weeks, as is CB Insights’ assessment of global AI startup activity, but two reports — both called The State of AI — have already been released.

Last week, McKinsey released its global survey on the state of AI, a report now in its third year. Interviews with executives and a survey of business respondents found a potential widening of the gap between businesses that apply AI and those that do not.

The survey reports that AI adoption is more common in tech and telecommunications than in other industries, followed by automotive and manufacturing. More than two-thirds of respondents with such use cases say adoption increased revenue, but fewer than 25% saw significant bottom-line impact.

Along with questions about AI adoption and implementation, the McKinsey State of AI report examines companies whose AI applications led to EBIT growth of 20% or more in 2019. Among the report’s findings: Respondents from those companies were more likely to rate C-suite executives as very effective, and the companies were more likely to employ data scientists than other businesses were.

At rates of difference of 20% to 30% or more compared to others, high-performing companies were also more likely to have a strategic vision and AI initiative road map, use frameworks for AI model deployment, or use synthetic data when they encountered an insufficient amount of real-world data. These results seem consistent with a Microsoft-funded Altimeter Group survey conducted in early 2019 that found half of high-growth businesses planned to implement AI in the year ahead.

If there was anything surprising in the report, it’s that only 16% of respondents said their companies have moved deep learning projects beyond a pilot stage. (This is the first year McKinsey asked about deep learning deployments.)

Also surprising: The report showed that businesses made little progress toward mounting a response to risks associated with AI deployment. Compared with responses submitted last year, companies taking steps to mitigate such risks saw an average 3% increase in response to 10 different kinds of risk — from national security and physical safety to regulatory compliance and fairness. Cybersecurity was the only risk that a majority of respondents said their companies are working to address. The percentage of those surveyed who consider AI risks relevant to their company actually dropped in a number of categories, including in the area of equity and fairness, which declined from 26% in 2019 to 24% in 2020.

McKinsey partner Roger Burkhardt called the survey’s risk results concerning.

“While some risks, such as physical safety, apply to only particular industries, it’s difficult to understand why universal risks aren’t recognized by a much higher proportion of respondents,” he said in the report. “It’s particularly surprising to see little improvement in the recognition and mitigation of this risk, given the attention to racial bias and other examples of discriminatory treatment, such as age-based targeting in job advertisements on social media.”

Less surprisingly, the survey found an uptick in automation in some industries during the pandemic. VentureBeat reporters have found this to be true across industries like agricultureconstructionmeatpacking, and shipping.

“Most respondents at high performers say their organizations have increased investment in AI in each major business function in response to the pandemic, while less than 30% of other respondents say the same,” the report reads.

The McKinsey State of AI in 2020 global survey was conducted online from June 9 to June 19 and garnered nearly 2,400 responses, with 48% reporting that their companies use some form of AI. A 2019 McKinsey survey of roughly the same number of business leaders found that while nearly two-thirds of companies reported revenue increases due to the use of AI, many still struggled to scale its use.

The other State of AI

A month before McKinsey published its business survey, Air Street Capital released its State of AI report, which is now in its third year. The London-based venture capital firm found the AI industry to be strong when it comes to company funding rounds, but its report calls centralization of AI talent and compute “a huge problem.” Other serious problems Air Street Capital identified include ongoing brain drain from academia to industry and issues with reproducibility of models created by private companies. A team of 40 Google researchers also recently identified underspecification as a major hurdle for machine learning.

A number of conclusions found in the Air Street Capital report are in line with a recent analysis of AI research papers that found the concentration of deep learning activity among Big Tech companies, industry leaders, and elite universities is increasing inequality. The team behind this analysis says a growing “compute divide” could be addressed in part by the implementation of a national research cloud.

As we inch toward the end of the year, we can expect more reports on the state of machine learning. The state of AI reports released in the past two months demonstrate a variety of challenges but suggest AI can help businesses save money, generate revenue, and follow proven best practices for success. At the same time, researchers are identifying big opportunities to address the various risks associated with deploying AI.

For AI coverage, send news tips to Khari Johnson and Kyle Wiggers and AI editor Seth Colaner — and be sure to subscribe to the AI Weekly newsletter and bookmark our AI Channel.

Thanks for reading,

Khari Johnson

Senior AI Staff Writer

Source: https://venturebeat.com/2020/11/27/ai-weekly-the-state-of-machine-learning-in-2020/

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Accendo Banco chooses global fintech infrastructure platform Nium to provide international money transfer capability

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Accendo Banco chooses global fintech infrastructure platform Nium to provide international money transfer capability

Accendo Banco (“Accendo”), Mexico’s leading ‘digital-first’ challenger bank focused on providing innovative digital banking solutions, today announced that it has expanded its capabilities in international payments and remittances, through partnership with Global fintech infrastructure platform Nium.

The partnership further expands Accendo’s overseas money transfer capabilities, allowing its customers to send money to more markets overseas and in real-time[2].  The move supports Nium’s continued plans to utilise fintech tools to improve business efficiency and customer experience in LatAm, and follows several partnership announcements by Nium in Brazil, Costa Rica and El Salvador.

Accendo’s customers will be able to send, through an app, funds overseas to major corridors in Europe and Asia easily, and at a lower FX rate than other banks.  “International transactions services from Mexico were slow and expensive.  The partnership with Nium, together with our unique digital platform, makes us the first bank in Mexico to offer this type of operations to users easily and in real time,” said Javier Reyes de la Campa, CEO and President of the Board of Accendo Banco.

“This partnership also reinforces our positioning as the leading digital-first challenger bank in Mexico, where we are the first bank to offer BaaS (Banking-as-a-service) through our cloud-based open-banking platform to allow Fintechs to offer financial services to all the population, and especially the unbanked”, Javier concluded.

“We are thrilled to be the trusted provider for international money transfer services for Accendo Banco and its customers. In today’s competitive payments environment, cutting-edge technology improves customer experience and sets providers apart,” said Rohit Bammi, Global Head of Institutional Business, Nium.

 “Nium’s mission is to create a global fintech infrastructure that can enable banks, financial institutions and other fintech companies to launch and scale innovative digital financial services without the complexity, time and cost previously required to do so.  This partnership with Accendo Banco is a testament to that effort,” Rohit continued.

Source: https://www.fintechnews.org/accendo-banco-chooses-global-fintech-infrastructure-platform-nium-to-provide-international-money-transfer-capability/

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How cloud computing can empower e-commerce

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How cloud computing can empower e-commerce

Instead of keeping your data in one single machine, cloud hosting, in particular, involves storing your data in several different devices whereby each machine has different server and are in different locations, but all are connected and work as one.

In this article, I will be giving an overview of the benefits of cloud hosting. The data can be accessed and managed in all the servers across the cloud using virtual machines.

The hosting server isn’t a single physical device but only occurs in a virtual environment made up of a server cluster, therefore the name cloud.

Besides the fact that cloud hosting makes use of the computing power of any amount of machines means that you not only have the vast potential compared to traditional hosting but also it permits you to access other services that are provided by other devices.

E-commerce hosting, on the other hand, is simply a service that allows you to host a website with a pre-installed online store platform to ease the creation of your very own online store.

Consequently, an e-commerce website tends to be different from other websites. The site needs some additional functionalities and features to develop a maintainable set-up for making sales.

The additional features involve adding a shopping cart, payment processing services, database support, and security initiative. E-commerce hosting is simply cloud hosting that can support all requirements, like paying processing service and other specialized.

Cloud e-commerce solutions

Cloud e-commerce means the process where the centralized remote computer is hosted on the internet fully utilizes the exertion service and storing information process.

It gives a range of advantages over the traditional method of on-premise storage.

The best cloud solution should offer fast, more reliable, and dedicated solutions and services for both ease of use and power. You should opt for no less than 99.9% server uptime.

Another reason why I would recommend this service provider is that they allow for growth. You can start small and advance with them as you grow your business, which is also a great advantage for small scale businesses.

Within the last decade, the cloud has gained popularity because it’s cheap to maintain and reduced complexity. To this day, the cloud has become an optimal solution model on the arcade.

Scalability and demand

A workload forms in the e-commerce hosting because of the traffic variabilities with its seasonal spikes. The hardware that is required should be able to handle the seasonal traffic peaks (Black Friday, Holiday Sales, etc.)

Business growth is the other side of scalability. It includes increasing the popularity of your store by integrating new services and further store evolution that enhances the business’s growth.

The e-commerce solution should be a flexible platform and a scalable environment that offers quick responses to business encounters and prospects.

When using cloud hosting there is no need to buy extra equipment and hiring new staff for maintenance services. With cloud hosting, your business can acquire all the required ceremonies and resources on demand.

Reliable protection

The advantage of pro protection is that it saves your time on assessing your risks and data defense, and this gives you ample time to focus on your business. Hosting your business on the cloud, the cloud vendors are the ones who take all the risks.

As a business owner, you don’t have to be troubled by your network security and protection, personal and customer files safety, or data encryption. The cloud hosting providers usually finish third-party certification, and security is their priority.

Apart from accessing your website with regular backup, you should ensure that your e-commerce store is readily available, and there is no data loss in case there is an emergency.

Cost-effective

The cloud is a perfect suit for e-commerce because you only pay for the resource when you only need them.

With cloud solutions, a company can reduce its overall expenditure by up to 70% on building static environments, scaled for traffic peaks. For instance, the hardware used for several days in a year for the cloud you pay when you use a resource.

Accessible from any place

If your business operates internationally, then a cloud solution provides a vivid advantage taking into account the speed required to control and e-commerce application.

With cloud e-commerce, you have an isolated network of servers that quickly respond to your desired demands to take content fast without considering the customer’s location.

Infrastructure as a service (IaaS)

It is a type of cloud service that mainly focuses on issuing virtual servers and on-demand data storage on disk. Customers can purchase the remote datacenter infrastructure service, which is better than buying their hardware.

Benefits of cloud computing for e-commerce

There are several fabulous benefits you get to enjoy using cloud hosting which includes:

Stability

Traffic spikes happen when you have a product launch or a discount day on your e-commerce site. Still, online businesses get to enjoy a healthy balance by cloud hosting. It prepares for the congestion spikes by hosting the set-up in high-tech cores for the concord of awareness.

Speed

If your business uses cloud platforms, you could be enjoying one of the advantages of speed that no on-site infrastructure could provide. A well reliable e-commerce site would insinuate and rising curve in your selling graph.

Savings

For those who want to build an online presence and reputation, cloud hosting provides a considerable saving for a business basing on the fact that you only have to pay for what you pay. The profits in conservation can go into expanding other parts of the company.

Security

Trust is very fundamental in the e-commerce world. The customers trust that the product you have described is correct, and it is the same that will be delivered. They also provide confidential payment details. The customers believe that their credentials are secure.

With cloud computing, you get PCI-DSS certified hosting. Besides, cloud computing can assure superior security measures that protect the DDoS attack, leading to customers losing confidence if the website is reliable.

Conclusion

Cloud hosting is a powerful solution that is especially useful for e-commerce and online store maintenance. You get power, stability, and improved security – which is all essential for improving conversions. I hope this article helps you make an informed choice for your business. Good luck.

Source: https://www.fintechnews.org/how-cloud-computing-can-empower-e-commerce/

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Konsentus launches international Open Banking Hub

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Konsentus launches international Open Banking Hub

Konsentus today announced it has launched an international  infrastructure platform with the ability to accelerate a country’s implementation of open banking. 

The Konsentus Open Banking Hub (OB Hub), a SaaS based solution, runs in a national  cloud infrastructure, has end to end functionality and helps create, support and secure vibrant open banking economies across the globe.  

The OB Hub removes the complexity involved in setting up a central and secure open  banking ecosystem within a country, enabling regulated entities to quickly and easily share  data and execute payment transactions with each other. The OB Hub has three core  components. 

  1. i) Participant on-boarding and registration services 

Through Identity and Verification services, authorised participants (both organisations and  individuals) can register and on-board within the open banking ecosystem enabling them to  share data and execute payment transactions with other regulated entities in a secure and  safe environment.  

  1. ii) Directory Services 

A central directory service that participants can access in real time, online, 24/7 to verify the  identity and regulatory status of individual entities when transaction requests are made. The  OB Hub is a central repository of the latest available regulatory information on all registered  and regulated entities. This includes performance and availability data, contact details, data  updates and revocation information and history for all participants

  

iii) Certificate Authority  

The OB Hub issues and manages the digital credentials of all participants in the open  banking ecosystem. This enables participants to positively identify themselves to other  regulated entities in order to perform open banking transactions such as sharing data and  executing payment transactions. 

The OB Hub provides a rich data management system enabling national authorities to  monitor the adoption and success of open banking in their country. An immutable audit log  is a record of all transaction requests, providing valuable information for dispute  management processing. Quick and easy to set up, OB Hub provides a trusted central  system, enabling all regulated entities to interact with each other in a safe and secure  environment.  

Additional elements of the OB Hub enable publication of National API standards, a third party provider (TPP) testing sandbox, a central API and App marketplace, and an API  monitoring service to show real time national API performance. 

All the above comes with a secure messaging platform for participant to participant  messaging reporting and a dedicated helpdesk for support services.  

In addition to the onboarding, directory and certificate checking services, the complete Konsentus OB Hub solution delivers a programme management forum to educate market  participants, alongside testing and support services to enable a fully functioning national  open banking environment. 

Mike Woods, CEO, Konsentus, commented “The creation of a central open banking  platform enables us to help individual countries realise their open banking ambitions without  having to understand, build and execute their own systems. We already deliver first-class  technology that’s scalable, resilient and built for maximum availability. Data consolidation,  standardisation and formatting in a secure real-time, online environment are why we are  global leaders in our field and the trusted partner for safe and secure open banking  economies.” 

Source: https://www.fintechnews.org/konsentus-launches-international-open-banking-hub/

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