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Chris Hemsley To Depart Payment Systems Regulator
A change of direction could be in store for UK payments regulation as the head of the key regulator has announced he is stepping down.
Chris Hemsley, managing director of the UK's Payment Systems Regulator (PSR), will join Fingleton, a regulatory advisory service, in autumn this year.
A Fingleton press release seen by Vixio confirmed that Hemsley will join the consultancy that is already home to his former colleague, Natalie Timan, who served as head of strategy and intelligence at the PSR until November 2023.
Hemsley's departure comes at a busy time for the regulator. The PSR’s controversial reimbursement requirements for authorised push payments are set to come into force on October 7 this year.
Swift, Global Banks Turn To AI To Tackle Cross-Border Payments Fraud
Swift has announced two AI-based experiments in collaboration with its member banks to explore how AI could assist in combatting cross-border payments fraud.
In the first pilot, Swift will enhance its existing payment controls service, which helps financial institutions detect anomalies that could be indicative of fraud, by using an AI model.
This aims to create a more “nuanced and accurate” picture of potential fraud activity, using historical patterns of activity on the Swift network.
Swift will also work with payment controls customers to refine the enhancement, and the test will use customers’ own live traffic data — giving the findings real-world applicability.
In a separate experiment, Swift has convened ten financial institutions to test how it can use advanced AI to analyse anonymously shared data from different sources.
“AI’s capability for confidential data sharing could be a game-changer for the industry,” said Swift. “The tests could lead to the wider use of information sharing in fraud detection.”
Global banks, such as BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo and Standard Bank, will take part in the second pilot.
