AI is transforming the payments industry, but with this innovation comes increased scrutiny from regulators.
As AI adoption rises, are payment providers prepared to navigate the emerging regulatory landscape? And what will AI regulation look like in fintech and Open Banking?
Vixio, a regtech provider equipping leading payments brands with actionable intelligence in more than 180 jurisdictions worldwide, will highlight insights from its new report ‘2024 Artificial Intelligence Outlook’ at Open Banking Expo UK & Europe on 15-16 October.
The in-depth analysis reveals what AI regulation in the payments space could look like, and which jurisdictions are making moves to regulate the use of AI today.
Since August 2023, Vixio’s team of analysts has tracked AI regulatory developments in over 180 jurisdictions. Several countries have already introduced AI regulations, while many others are still in progress.
Vixio’s 2024 AI Outlook report provides insights on AI trends in payments and regulation, including:
- A global overview of increasing regulatory interest in AI
- The opportunities and threats of AI adoption for the payments space
- Exclusive business use cases from industry leaders like Revolut, Mastercard, and Visa
“Right now, regulators are in a nascent stage surrounding AI regulation. However, as businesses increasingly explore the adoption of AI, regulators will follow suit,” said John Gidla, head of payments compliance at Vixio.
AI technologies will add $2.6 trillion to $4.4 trillion to the global economy annually, according to a 2023 McKinsey & Company report. So, for most companies in fintech, it’s not a matter of if they will implement AI, but when.
Vixio is an event partner of Open Banking Expo UK and Europe, which is taking place at the Business Design Centre in London on 15-16 October. Click here to find out more about attending, exhibiting and sponsoring.
