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Edenred launches virtual card solution to accelerate insurance claims payouts
Edenred Payment Solutions, a UK-based e-money institution, has launched a new Virtual Card Number product designed to help insurance companies speed up claims payments.
Insurance claim processing has traditionally been slow, with claimants often waiting weeks for reimbursements, according to Insurtech Digital.
Research from Sollers Consulting and Ipsos reveals that 63% of UK insurance customers prioritise fast claims handling, highlighting a strong market need for improved payout solutions. Edenred’s new product aims to meet this demand by offering instant virtual card payments.
Edenred’s role in financial technology Edenred Payment Solutions provides embedded finance services to major clients such as Tide, Thinkmoney, Oney, PayByPhone, and Sainsbury’s. The company enables businesses to access e-money accounts and digital payment infrastructure without navigating complex regulatory requirements independently.
Edenred’s Virtual Card Number product allows insurance providers to issue digital payment cards immediately upon claim approval. The virtual cards can be integrated with mobile wallets like Google Pay and Apple Pay, enabling policyholders to pay service providers directly without relying on personal funds.
The system ensures security by allowing insurers to pre-set spending limits and restrict transactions to approved merchants, reducing the risk of fraud. The technology also automates invoice reconciliation, simplifying administrative processes for insurers and improving the claimant experience.
Edenred has already deployed this solution for a multinational French insurance company and states that new implementations can be completed within two months. The development aligns with the broader trend of embedded finance, which is transforming industries like insurance, retail, and transport by integrating financial services into non-financial platforms.
Edenred Payment Solutions managing director Rehana Mitha said, “Virtual cards and embedded finance are transforming the insurance industry by streamlining the claim payout process. These technologies enable instant access to funds; eliminating delays and reducing paperwork for policyholders, while also offering insurers better transparency and fraud prevention tools.
“By simplifying reconciliation, improving security, and tailoring card usage to specific claims, virtual cards deliver significant benefits for both insurers and their customers.
“As one of the most widely used financial products, insurance is ripe for innovation, and we’re excited to help drive this change.”
Edenred Payment Solutions product director Rich Logan added, “Our new Virtual Card System represents a major leap forward in how insurers can handle claims payouts. The ability to integrate seamlessly with existing systems means that insurers can adopt this solution quickly, minimising disruption while maximising impact. We’re proud to be leading this shift towards smarter, faster, and more secure claims processes.”
InsurTech leader Peak3 secures $35m to drive European expansion
Peak3, a global InsurTech company specialising in cloud-based insurance solutions, has raised $35m in a Series A funding round to accelerate its expansion across the UK and European markets.
The funding round, which will support Peak3’s ambitious growth plans, was backed by investors keen to drive digital transformation in the insurance sector.
The company has already established its European headquarters in Dublin, Ireland, with a focus on key markets including the UK, DACH (Germany, Austria, Switzerland), France, Spain, Italy, Benelux, Scandinavia, and Turkey.
Peak3 provides an API-driven, cloud-native Software-as-a-Service (SaaS) platform, Graphene, designed to help insurers modernise their operations.
The company’s technology enables insurance firms to update legacy systems without expensive overhauls, improving speed-to-market, scalability, and customer engagement across multiple regions. It also supports greater financial inclusivity by addressing protection gaps for SMEs, freelancers, gig economy workers, and younger demographics.
It to use the newly secured funding to enhance its presence in Europe through local talent acquisition and the further development of its digital-first, embedded insurance solutions.
With a workforce of over 500 professionals across R&D, delivery, sales, and operations in Japan, Southeast Asia, Greater China, and now Europe, Peak3 is well-positioned to drive innovation in the sector.
“Insurers across the UK and Europe face increasing pressure to modernise, reduce operational costs, meet ever-increasing compliance requirements, and improve customer engagement,” Peak3 CEO of EMEA Adrien Lebègue said. “Our Graphene platform provides a flexible, scalable foundation for them to deliver digital-first insurance, harmonising operations across multiple countries and regions while ensuring seamless hybrid human-digital interactions.”
Esben Seyffart Sørensen, chief sales officer for Europe at Peak3, added: “There is a huge opportunity to bring Peak3’s expertise to Europe, where we are seeing a shift in the insurance landscape. While we are building on our significant success in APAC, we recognise that localisation is key. We are not simply replicating an APAC model but leveraging our insights and adapting them to meet local market needs.”
Peak3 has already made strides in the European market, with project wins underway and a vision for a more seamless and integrated insurance ecosystem. The company’s core capabilities include omni-channel engagement, digital and embedded insurance, core modernisation, and AI-driven decision-making to enhance customer retention and engagement.
Novidea upgrades insurance management platform to boost efficiency
Novidea, a provider of cloud-based, data-driven enterprise insurance management solutions, has announced a raft of updates to its insurance management platform designed to boost its effectiveness in policy management, claims administration, billing, accounting, document and file management, and other key areas.
The move will enable the offering to achieve greater efficiency and innovation across all markets it serves.
The latest update reinforces Novidea’s commitment to innovation, ensuring it maintains a competitive edge while continuously improving its offerings for its global customer base.
Among the key updates is an enhanced policy management system that supports vertical placement, allowing policies with different premiums per carrier to be recorded without splitting them into separate policies.
Additionally, the platform now supports automated bordereau file ingestion for policy creation and binder/lineslip management.
Claims management has also been upgraded, enabling brokers to link claims related to the same incident or catastrophe seamlessly.
The system now supports CLASS (Claims Loss Advice and Settlement System) messaging, allowing brokers to upload claim data and supporting documentation for insurers to review, agree upon, or reject claims online.
Enhancements to the Insurance Business Accounting (IBA) module introduce a new ledger view, which enables users to adjust parameters dynamically and perform advanced actions. Additionally, brokerage movement types are now more transparent, allowing better tracking between booked, earned, and realised brokerage.
For line-of-business (LOB) management, the update integrates state-specific sections in line with ACORD standards and improves the submission workflow. This provides better visibility into open quotes, related lines of business, and advanced editing capabilities.
Document and file management improvements now include advanced auto-filing capabilities, along with the ability to associate filed content with a specific Legal Entity (LE) as defined by the user.
“Our recent release demonstrates our commitment to continuously innovate and provide improved customer experience,” Novidea CTO Erez Nissim said. “We are confident that our data-driven insurance management platform will continue to provide organisations the technology and tools they need to manage complex transactions, drive efficiencies and fuel business growth.”
Tomo secures $20m in funding as it scales AI-powered mortgage solutions
Tomo, a digital mortgage lender leveraging AI-driven technology, has secured $20m in a Series B funding round.
The latest investment was led by Progressive Insurance, with additional participation from existing investors Ribbit Capital, NFX, and DST Global Partners. This brings Tomo’s total funding to $130m.
Founded by former Zillow executives, Tomo is focused on modernising the mortgage process by reducing interest rates and eliminating hidden fees. The company’s AI-powered platform streamlines underwriting and sales, helping homebuyers secure loans faster and more affordably. Tomo’s technology enables average mortgage rate reductions of 0.50%, which can save buyers approximately $4,000 at closing.
The new funding will support Tomo’s expansion across the United States, including hiring loan officers and mortgage professionals for its offices in Detroit, Seattle, and New York. The company is also preparing to relocate its headquarters from Stamford, Connecticut, to New York City to accommodate its growing team and operations.
Despite challenges in the mortgage industry in 2024, Tomo recorded 3.5x growth and is now operating in 31 states, including Washington, D.C. In December 2024, its purchase unit volume ranked in the top 10% of mortgage lenders nationwide.
Tomo CEO and co-founder Greg Schwartz said, “Outdated business practices, excessive fees, and over-inflated interest rates cost U.S. homebuyers billions of dollars every year. Tomo is on a mission to change that.
“We use AI to deliver low rates without the gotchas. No mystery fees. No missed closing dates. No ‘rate-keeping,’ where you have to talk to a salesperson before getting a price. People love our honest, upfront pricing and seamless customer experience. We’re thrilled our investors recognize our unique vision and value.”
NFX general partner Pete Flint added, “While other mortgage lenders tout ‘automation,’ facilitated by way of call centers or outsourced service providers, Tomo is the real deal. They’re taking a radically different approach, using proprietary technology to cut out origination fees and processing delays in a way that we’ve not seen in the industry so far. We’re thrilled to back Tomo as they enter the next phase of their growth.”
Chubb launches new division for small and lower middle market businesses
Chubb, a global provider of insurance products, has launched a new division, North America Small & Lower Midmarket, to consolidate its Lower Middle Market and Digital Small Business divisions.
The new structure aims to enhance service delivery and streamline operations within this growing segment, according to InsurTech Insights.
Operating under Chubb’s North America Middle Market organisation, the new division is designed to create a more cohesive and efficient approach to serving small and lower middle market businesses.
By combining its expertise in these areas, Chubb intends to simplify processes and improve the experience for clients and partners.
Chubb has appointed Rob Poliseno as division president of Small & Lower Midmarket. He will report to Ben Rockwell, division president of Chubb North America Middle Market. Additionally, Jason Ranucci has been named chief operating officer for the division, reporting to Poliseno. Both appointments take effect immediately.
Poliseno brings over 28 years of industry experience, including nearly 17 years with Chubb. He previously served as division president, Small Business and North America Digital, where he played a key role in advancing Chubb’s underwriting and distribution capabilities. His strong operational background positions him well to lead the new division.
Ranucci, in his role as COO, will oversee broad operational functions, including P&L management, underwriting, product development, pricing, portfolio management, and analytics. With more than 17 years of experience in the insurance industry, he most recently served as head of North America Lower Middle Market and was previously global chief underwriting officer for Small Business.
The consolidation of these divisions is expected to leverage Chubb’s strengths in underwriting and digital agility, offering clients a more seamless and efficient service. The company aims to meet growing demands from agents and brokers for fast underwriting, digital solutions, and a simplified distribution process.
Commenting on the launch, Juan Luis Ortega, executive vice president, Chubb Group, and president, Chubb North America, said, “The small business and lower middle market segments present significant growth and expansion opportunities for Chubb. As the distribution landscape continues to evolve, agents and brokers increasingly demand simplicity, efficient and fast underwriting, and seamless digital experiences. This combination integrates our decades-long underwriting experience in the Lower Middle Market with the agility and speed of our Digital Small Business division, allowing us to apply the full power and deep expertise of our team to service clients in this segment and drive growth.”
Middle Market president Ben Rockwell added, “Launching this division represents an important milestone in how we serve the small and lower middle market business segment. Rob and Jason will build on their successes in this space, leveraging our investments in a modern, automated and data-centric digital operating model that differentiates our approach to a wide range of companies across all industry practices and positions this business for robust growth.”
He continued, “This division will offer more seamless coverage through a comprehensive suite of products and services, including P&C, Financial Lines, Cyber, Multinational, and Accident & Health, while offering agents the options of either a fully digital/automated experience or a digitally augmented service model.”
Pioneer Insurance partners with Sapiens to drive digital transformation in the Philippines
Pioneer Insurance has chosen Sapiens to enhance its digital transformation efforts in the Philippines.
The collaboration will see Pioneer leverage Sapiens Insurance Platform to accelerate digital transformation and enhance customer experience.
The partnership marks a significant step for Pioneer as it aims to modernise its operations, scale its capabilities, and embrace digitalisation.
By implementing Sapiens’ advanced technology, Pioneer seeks to optimise core processes and improve responsiveness to evolving market demands.
Sapiens, listed on NASDAQ and TASE under the ticker SPNS, is a leading provider of InsurTech solutions, delivering innovative platforms designed to streamline insurance processes and enhance operational efficiency. Its software supports insurers in automating workflows, accelerating product development, and improving customer engagement.
Pioneer Insurance and Surety Corporation is a top insurance provider in the Philippines, offering a wide range of general and surety insurance products. The company is committed to digital innovation to maintain its market leadership and provide customers with modern, efficient solutions.
As part of the collaboration, Sapiens will provide Pioneer with its end-to-end insurance platform, enabling the company to automate key processes and improve customer journeys. The partnership also includes a mentorship model, ensuring that Pioneer can independently manage and scale its digital transformation efforts over time.
Lorenzo Chan, president and CEO of Pioneer Inc., the holding company of the Pioneer companies, said, “Sapiens’ comprehensive platform will enable us to accelerate product development, automate workflows, and enhance customer journeys. This partnership underscores our commitment to delivering innovative and relevant insurance solutions to our customers while significantly improving operational efficiency. The mentorship model provided by Sapiens will also ensure self-sufficiency as we embrace this transformative journey.”
Roni Al-Dor, president and CEO of Sapiens, added, “We are proud to partner with Pioneer, a market-leading insurer in the Philippines, and to demonstrate our growth in this important region. Our insurance platform will empower Pioneer to meet their ambitious growth goals while delivering superior customer experiences. By automating and digitising operations, Pioneer is positioning itself as a true innovator in the region’s insurance market.”
FutureVault secures $3m to enhance AI-powered digital vault technology
FutureVault, a provider of AI-powered digital vault solutions, has secured $3m in equity financing, bringing its total funding since inception to $31m.
The latest investment round saw participation from founder and executive chairman G. Scott Paterson, CEO Daniel Kenny, and a mix of existing shareholders and select new investors.
FutureVault specialises in digital vault solutions tailored for financial institutions, wealth enterprises, advisors, and their clients. Its platform leverages AI and large language models (LLMs) to automate, aggregate, and centralise documentation and embedded data. This enables seamless bi-directional integrations with WealthTech providers, allowing real-time data extraction and workflow automation.
The new funding will support FutureVault’s continued innovation, including enhancing its AI capabilities, expanding workflow automation, and further strengthening its Client Life Management Vault™ technology.
Scott Paterson, founder and executive chairman, said, “The aggregation of critical documents into a digital vault, when coupled with AI, is changing the face of financial services, advice delivery, and client engagement.”
Paterson added, “Data has been recognized for two decades as the new “gold” while documentation has been overlooked and considered simply as something that you store, redundantly and safely, until purged in due course. And yet, the reality is that data embedded within documentation is considerably more valuable when compared to stand alone data simply due to the context it provides.”
Vital supervisory practices for off-channel and insider communication in finance
In today’s interconnected financial landscape, the oversight of electronic communications between financial advisors and their clients has never been more critical.
According to Saifr, with the emergence of new communication apps and increased regulatory scrutiny, banks and financial institutions must intensify their supervision efforts to safeguard client interests, ensure compliance, and preserve their reputations.
Off-channel communications are one of the most significant challenges for compliance teams. Any business discussions conducted through personal texts, social media chats, or popular messaging platforms that are not approved by the firm.
The importance of controlling these interactions is underscored by recent enforcement actions. Since December 2021, the Securities and Exchange Commission (SEC) has penalized over 100 firms, imposing fines totalling $2bn for off-channel communication breaches. Similarly, the Commodity Futures Trading Commission (CFTC) has levied over $1bn in fines against 18 financial institutions for related violations.
To mitigate these risks, financial firms are advised to establish clear policies prohibiting unauthorised communication channels, regularly train employees on approved communication protocols, adopt technologies to detect off-channel communications, and develop processes for addressing any violations. These steps are crucial in avoiding significant fines and maintaining efficient supervisory practices.
The detection of insider trading is another area where robust electronic communication review mechanisms are vital. Unintentional or deliberate sharing of non-public information can lead to unfair trading advantages, regulatory breaches, and legal issues.
Financial firms should implement advanced monitoring systems capable of identifying suspicious communications, educate reviewers on the subtle signs of insider information sharing, and continually update their monitoring strategies based on new trends and regulatory guidelines. Early detection of such issues can prevent severe legal consequences and protect a firm’s reputation.
In the financial services industry, gifts and entertainment (G&E) policies are crucial for avoiding conflicts of interest and maintaining high ethical standards. These policies typically restrict the value of gifts and require thorough documentation of any such exchanges.
Effective G&E supervision involves monitoring communications for any mention of gifts or hospitality, ensuring alignment with reported expenses, and verifying that all discussions adhere to the firm’s approval processes. Automation tools, including natural language processing (NLP) and sentiment analysis, are instrumental in overseeing compliance with these policies.
Promptly addressing customer complaints is essential for sustaining client relationships and adhering to regulatory standards. By meticulously reviewing electronic communications, firms can often detect issues that may not have been formally reported.
Financial firms should provide comprehensive training for reviewers to recognize signs of dissatisfaction and establish clear procedures for escalating any discovered issues. Automation can aid in identifying common complaint-related phrases, ensuring quick escalation and resolution.
As the volume and complexity of electronic communications continue to grow, adopting advanced technological solutions is crucial for financial firms. AI-powered tools can analyse vast amounts of data to identify potential risks efficiently. Regular training sessions for staff, updating communication monitoring criteria, and maintaining detailed records of supervisory activities are all essential components of a robust compliance program.
By investing in technology and fostering a compliance-focused corporate culture, firms can effectively manage the challenges posed by modern communication methods.
For financial firms, rigorous supervision of electronic communications is integral to compliance. The management of off-channel communications, insider information violations, G&E policy adherence, and customer complaint detection are fundamental areas where technology can play a significant role.
Flagright secures $4.3m to enhance AI-native AML solutions in FinTech
Flagright, an AI-native AML compliance platform, has announced the successful closure of a $4.3m seed funding round.
This financial boost aims to propel the development of Flagright’s solutions and support its international expansion. The funding round was spearheaded by Frontline Ventures and included investments from a group of distinguished angel investors.
The company specializes in utilizing AI to tackle financial crimes, a critical need in today’s tech-driven financial landscape. Historically, financial institutions have faced challenges such as the notorious $25m fraud incident in Hong Kong, involving deepfake technology. Such incidents underscore the growing sophistication of financial fraud, which increasingly involves AI technologies. Reports indicate that in 2023, deepfake usage in FinTech surged by 700%.
Flagright was founded in 2022 by Baran Ozkan and Madhu Nadig after they identified a gap in the market for effective, efficient, and high-quality financial compliance services. The founders aimed to create a solution robust enough to meet their own high standards as consumers. The platform initially focused on real-time transaction monitoring but has since evolved into a comprehensive suite of AML compliance tools, thanks to advancements in AI and machine learning language models (LLMs).
Today, Flagright offers an innovative ecosystem that includes dynamic risk scoring, automated case management, real-time transaction monitoring, and AML screening. It boasts integration with top-tier data providers like LSEG and Dow Jones, ensuring its compliance capabilities are second to none. The platform is renowned for its banking-grade reliability, delivering 99.99% uptime and real-time data processing in under 700ms. According to user feedback, Flagright has significantly reduced false positives by 93% and decreased manual monitoring efforts by 87%.
With the new funds, Flagright is set to further accelerate its product innovation and global expansion. The company is also introducing a new product family, AI Forensics, which aims to revolutionize compliance workflows in screening, monitoring, governance, and quality assurance. The AI Forensics for Screening tool has already shown promising results, reducing false positives by 93% and cutting down alert investigation times by 80%.
Flagright CEO Baran Ozkan expressed enthusiasm about the funding, stating, “This investment not only validates our vision but also equips us to scale new heights in AI-powered compliance solutions.”
Previously, Flagright had garnered support from influential investors like Y Combinator, Pioneer Fund, and Moonfire Ventures, who have reaffirmed their confidence in the company’s direction by contributing to the latest funding round.
Vanquis Banking Group teams up with FinScan to boost AML capabilities
Vanquis and FinScan, a leading provider of AML compliance solutions from Innovative Systems, have entered into a partnership.
Vanquis Banking Group is known for its dedicated approach to responsible lending within the financial industry, whereas FinScan specializes in advanced AML compliance technologies that aid in enhancing operational efficiencies and customer transparency.
The driving force behind this collaboration is to further strengthen Vanquis’s AML procedures and overall financial crime risk management strategies. By integrating FinScan’s cutting-edge technology, Vanquis aims to enhance its capabilities in monitoring and managing financial crime risks effectively.
FinScan stands out in the market for its unified platform that supports both real-time and retrospective name screening. This technology allows banks to centralize their AML processes, which is crucial for improving operational efficiency and extending customer visibility. FinScan’s advanced, customizable matching technology not only delivers higher accuracy and scalability but also incorporates diverse data sources to facilitate more comprehensive risk assessments.
The partnership is poised to significantly advance Vanquis’s resilience against financial crimes, reinforcing its commitment to customer-centric innovation. FinScan’s solutions are tailored to meet specific banking needs, such as simplifying simulation matching for KYC onboarding and ongoing monitoring, which are essential for maintaining high standards of compliance and operational efficiency at Vanquis.
Paul Blackmore, head of financial crime at Vanquis Banking Group, emphasised the importance of the partnership, stating: “At Vanquis, compliance and operational efficiency are core to our commitment to responsible lending. Partnering with FinScan allows us to harness advanced technology that aligns with our business goals. Its scalability, configurability, and centralized capabilities make it the ideal solution to optimize our AML processes and support our growth.”
Steve Maul, chief revenue officer at Innovative Systems, Inc., also commented on the collaboration: “Unlike off-the-shelf solutions, FinScan offers tailored AML compliance capabilities designed to meet the bank’s specific needs, including simplifying simulation matching for KYC onboarding and monitoring. This partnership marks a significant step forward in further strengthening the bank’s resilience against financial crime while maintaining its unwavering commitment to customer-centric innovation.”
Saifr and Adobe GenStudio forge alliance for compliant FinTech marketing
Saifr has announced its integration with Adobe that aims to redefine compliant content creation within the financial services industry.
As part of the Adobe Experience Cloud as an Adobe Technology Partner, Saifr provides advanced AI compliance solutions that serve as a compliance guardrail for generative AI content, helping users manage their risk and enhance the speed to market of their content.
The reason for the partnership is to leverage Saifr’s AI technology within Adobe’s platform to streamline the creation of compliant content, particularly in the highly regulated financial services sector. This integration aims to enable marketers to use generative AI safely and in accordance with regulatory guidelines.
Saifr specialises in AI-driven compliance solutions that monitor and guide the creation of digital content in line with regulatory standards. Their tools act like a spell-check for compliance, detecting potential risks and suggesting amendments that align with guidelines from regulatory bodies like FINRA and the SEC.
Adobe offers a range of digital marketing and media solutions. Their GenStudio for Performance Marketing provides tools for marketers to create, manage, and optimise their content effectively across various digital platforms.
The integration enhances Saifr’s presence within Adobe’s ecosystem, expanding their reach and capabilities in the digital marketing space. It follows a previous collaboration where Saifr AI models were included in the Microsoft Azure AI Foundry model catalogue.
Saifr’s Retail Marketing Compliance and Suggested Language models are now accessible within Adobe GenStudio, allowing for an in-tool compliance review that aligns with the needs of financial marketers and complies with stringent industry regulations.
“Marketers are increasingly using generative AI in their work, which can introduce business risk, particularly in regulated industries, such as financial services,” Saifr CEO Vall Herard said. “Saifr’s integration with Adobe enables marketers to take advantage of a powerful new technology’s outputs in a way that prioritizes safety and can help facilitate compliance with regulatory guidelines.”
“Microsoft is committed to empowering organisations through industry-specific solutions that address their unique needs,” Microsoft Corporate Vice President Satish Thomas said. “Our collaboration with leading industry partners, such as Saifr, to offer partner-enabled adapted AI models in the Azure AI Foundry model catalogue gives organisations the ability to access, build and deploy AI solutions quickly and efficiently. This approach accelerates time-to-value and fosters a robust ecosystem of innovation that helps organisations across industries transform their operations and achieve new levels of success.”
PIMFA and Morningstar launch AI Tech Sprint to transform wealth management
PIMFA WealthTech, the innovation arm of the Personal Investment Management & Financial Advice Association (PIMFA), has partnered with Morningstar to launch a new AI-focused Tech Sprint, aimed at solving key operational challenges in the wealth management sector.
The competition offers FinTech firms the opportunity to present their AI solutions at the Morningstar Investment Conference UK, taking place on 7 May 2025.
As generative artificial intelligence continues to reshape the financial landscape, wealth and financial advice firms face growing pressure to integrate AI effectively. Yet challenges remain around access to high-quality data, rigorous evaluation frameworks, and seamless integration with existing systems. The Tech Sprint has been designed to address these barriers while accelerating innovation in the sector.
This year’s sprint poses a central question to participating FinTechs: how can AI be used to enhance operational efficiency by streamlining processes across front, middle, and back-office functions in wealth and financial advice firms?
Participants are encouraged to explore several high-impact use cases. These include AI-powered onboarding and KYC checks that automate identity verification and fraud detection, improved compliance through automated suitability reviews, hyper-personalised client reporting, and even the automation of entire software development cycles.
To support their development, FinTechs taking part will receive access to Morningstar’s Intelligence Engine. This advanced platform enables the end-to-end development of generative AI applications, offering a robust suite of evaluation metrics, integration tools, and direct access to Morningstar’s vast data sets. External data sources can also be added through API and direct storage connections.
PIMFA WealthTech outgoing chair and Evelyn Partners group chief operations officer Mayank Prakash said, “PIMFA WealthTech was created to be at the forefront of innovative thinking around tech solutions that can open up substantial opportunity for our industry. As Chair of the advisory council, I can think of no better example of this than the Tech Sprint we are launching today on AI.
“AI is undoubtably not only a major change moment in the wealth and advice space, but globally as well, impacting all of our lives. This sprint will give fintechs the opportunity to leverage Morningstar’s specialist data and analytics to delve into use cases, exploring opportunities for innovation that could bring meaningful improvements to the client journey by increasing adviser productivity and reducing end-to-end costs. I greatly look forward to seeing the entries to this Tech Sprint and sharing these fascinating insights with the wider community”.
NatWest and OpenAI join forces to transform banking with cutting-edge AI
NatWest and OpenAI have entered into a partnership aimed at driving substantial transformations within NatWest through advanced AI technologies.
NatWest, known for its comprehensive banking services, seeks to enhance its operational efficiency and customer service through this strategic collaboration. OpenAI, acclaimed for its groundbreaking work in generative AI, brings a wealth of technological expertise and innovative solutions to the table.
The primary motivation behind this collaboration is to streamline and simplify banking processes at NatWest, enhancing customer service across all its divisions. By integrating OpenAI’s advanced AI tools, NatWest aims to meet customer needs more swiftly and effectively, ensuring a seamless banking experience.
NatWest has been at the forefront of incorporating AI in banking, with successful tools like Cora+ and AskArchie+ enhancing customer interactions. OpenAI excels in creating powerful AI solutions that can transform industries. This partnership will focus on further developing digital assistant services to support complex customer tasks such as fraud identification and financial management.
The collaboration also promises to bring new advancements in AI that could revolutionize how NatWest supports its retail, commercial, and wealth management customers. For instance, the partnership aims to refine tools for fraud prevention and improve complaint handling, significantly boosting productivity and customer satisfaction.
Scott Marcar, Chief Information Officer at NatWest Group, emphasized the bank’s commitment to simplification and innovation. “With the needs of customers evolving at an extraordinary pace, it’s our role to be a trusted partner and meet their expectations faster and more effectively than ever before,” he said.
Angela Byrne, CEO of Retail Banking at NatWest Group, also highlighted the digital transformation, “Around 80% of our retail customers bank with us entirely digitally, which is why continually innovating to deliver the best digital experience possible is a non-negotiable,” she stated. The partnership with OpenAI is set to enhance these digital interactions further and provide superior protection against fraud and financial crime.
Giancarlo Lionetti, Chief Commercial Officer at OpenAI, commented on the collaboration, “This wide-scale collaboration with NatWest underscores its commitment to deliver industry-leading digital banking experiences. The first wave of activities will deliver tangible benefits to both NatWest’s customers and employees, while our ongoing work together paves the way for future AI banking innovations.”
With approximately 275 AI projects under exploration and around 25 use cases already in production, the collaboration has significantly improved customer satisfaction and operational efficiency within NatWest, showcasing the powerful impact of GenAI in banking.
Kennedys IQ launches InsurTech’s first neuro-symbolic AI solution for global insurance market
Kennedys IQ, the client-facing technology division of global law firm Kennedys, has introduced SmartRisk, the first fully explainable neuro-symbolic AI risk analysis solution for the insurance sector.
This latest addition to its data-driven IQ Platform aims to revolutionise policy review, liability, and coverage analysis by enhancing decision-making speed, accuracy, and consistency.
The launch of SmartRisk comes in response to increasing industry demand for AI-driven automation in risk analysis and underwriting.
Insurers face ongoing challenges with complex policy wording, inconsistent claims handling, and human error. Many current AI solutions, including generative AI chatbots, lack auditability, making them unsuitable for risk assessment. Kennedys IQ developed SmartRisk to bridge this gap by ensuring transparency and regulatory compliance.
Kennedys IQ provides data-powered technology solutions for insurers, brokers, and claims professionals worldwide.
Leveraging a combination of legal expertise and advanced AI, the company develops tools that streamline processes, enhance decision-making, and improve operational efficiency across the global insurance market.
SmartRisk differentiates itself by combining Large Language Models (LLMs) with insurance-specific knowledge, modelled using Evidential Reasoning (ER) and Belief Rule Base (BRB) methodologies. Unlike traditional generative AI, which relies purely on probabilistic outputs, SmartRisk offers a structured, fully auditable decision-making framework. This approach mitigates concerns around AI’s ‘black-box’ opacity while ensuring reliable and explainable results. The solution does not require extensive upfront data and can integrate seamlessly with insurers’ existing systems within weeks.
Designed for claims professionals, brokers, and underwriters across global insurance markets—including the London Market, specialty and general insurance in the UK, Europe, North America, LATAM, and APAC—SmartRisk enables insurers to automate risk assessments, enhance claims governance, extract critical data from complex documents (including handwritten notes), and reduce inconsistencies in decision-making.
SmartRisk has been developed by Kennedys IQ’s R&D team in collaboration with the University of Manchester and legal experts from Kennedys across multiple jurisdictions. This collaboration has helped create an AI model that effectively combines rule-based logic, deep reasoning, and explainable machine intelligence, making it well-suited for insurance applications requiring high levels of precision and transparency.
Initial pilots of SmartRisk have received positive feedback from leading insurers, with users highlighting the tool’s ability to reduce errors, eliminate inconsistencies in professional judgement, and significantly enhance operational efficiency.
Kennedys IQ chief product officer Karim Derrick said, “SmartRisk is built for the industry, by the industry. This is not just AI for the sake of AI – it’s about giving insurers real, explainable insights that reduce risk and improve efficiency.”
Derrick added, “There is a growing demand for AI-driven automation in insurance, particularly within specialty and complex risk underwriting. Policy wording analysis and claims handling are complex, inconsistent, and prone to human error, and GenAI chatbots today lack auditability, making them unsuitable for insurance risk assessment.
“Our interest is helping clients identify, manage and mitigate risk through the SmartRisk tool which can fill this gap to ensure transparency in decision making and regulatory compliance. In doing so, it eliminates the ‘black box’ concern around other AI models, while improving efficiency, minimising human error and providing insurers and brokers with deeper data-driven insights. Kennedys IQ’s SmartRisk frees up insurance professionals to focus on high-value decision-making while maintaining full control over risk analysis.”
Kennedys partner Neil Mody added, “The SmartRisk U.S. model is designed to help insurance adjusters navigate complex regulatory frameworks, including New York Insurance Law 3420. By mirroring the proprietary coverage evaluation process honed by seasoned professionals over decades, SmartRisk enables adjusters to reliably pinpoint key coverage issues, and make well-informed decisions. SmartRisk empowers adjusters by streamlining claim reviews while reducing high-frequency, high-risk human errors that cost insurance companies millions annually.”
Kennedys partner Richard West, head of client innovation and director of Kennedys IQ, said, “SmartRisk is devastatingly trustworthy and our proprietary response to the AI revolution. Built on our deep professional insights, it seamlessly integrates specialist judgement with cutting-edge technology. It is transparent, explicable, and designed to protect our clients’ and their customers’ reputations. We encapsulate professional integrity at the heart of Kennedys IQ SmartRisk.”
Crossmint secures $23.6m to simplify blockchain for businesses and AI agents
Crossmint, an all-in-one blockchain platform for businesses, has secured $23.6m in a funding round led by Ribbit Capital.
Other investors include Franklin Templeton, Nyca, First Round, and Lightspeed Faction. The investment follows a year of rapid growth, with Crossmint’s subscription revenue surging by 1,100% in 2024.
The company provides businesses with tools to develop blockchain applications using minimal code. Its platform enables companies to integrate wallets, tokenization, payments, and onramps without requiring blockchain expertise or digital asset holdings.
Consumers can engage with blockchain-based services using traditional methods like Face ID and email sign-ups while avoiding gas fees and other technical barriers.
Over 40,000 companies and developers, including global brands like Adidas and Red Bull, already use the platform. Businesses across various sectors are leveraging Crossmint to integrate stablecoins, enhance supply chain transparency, and develop interoperable rewards programmes. Additionally, startups are using the platform to accelerate the creation of blockchain applications.
Crossmint co-founder Alfonso Gomez-Jordana said, “AI agents are reshaping commerce. Soon, they will autonomously manage tasks like grocery shopping or personal styling. Traditional payment systems weren’t designed for AI agents—but blockchain is. Crossmint is building the infrastructure to support this next evolution.”
Ribbit Capital partner Zack Rosen highlighted Crossmint’s impact, stating, “Crossmint has demonstrated its ability to unlock new revenue streams and drive cost efficiencies for major brands while building the financial infrastructure for the next generation of AI-powered applications. We are excited to support Crossmint as they continue enabling enterprises and developers to innovate onchain.”
Nexi enhances contactless payments with Tap to Pay on iPhone in Switzerland and Finland
Nexi, a leading European PayTech, has expanded its Tap to Pay on iPhone functionality to merchants in Switzerland and Finland.
The company, which specialises in digital payment solutions, previously introduced the service in Italy, Germany, Austria, and Sweden, according to FF News.
The expansion aims to provide merchants with a seamless and secure method to accept in-person contactless payments.
By eliminating the need for additional hardware or payment terminals, Nexi is making digital transactions more accessible to businesses of all sizes, especially small merchants.
Nexi offers a range of digital payment solutions across Europe, providing businesses with secure and efficient transaction methods.
With a focus on innovation, the company continues to enhance payment experiences through its SoftPOS technology and mobile-based solutions.
Tap to Pay on iPhone enables merchants to accept various forms of contactless payments, including credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone. The functionality is integrated into the Nexi SoftPOS feature within the MyPayments app, offering a convenient and cost-effective alternative to traditional payment terminals.
The service is particularly beneficial for small businesses, such as takeaways, taxis, and independent service providers, where mobility and ease of use are essential. With real-time transaction management and digital receipt options, Nexi’s SoftPOS solution provides enhanced flexibility for merchants.
Nexi has confirmed plans to continue expanding the availability of Tap to Pay on iPhone to more customers across Europe. The company is committed to driving digital payment adoption and increasing accessibility for businesses in various markets.
Suvi Ruoppa, country general manager of Nets Finland, part of Nexi Group, said, “The activation of Nexi SoftPOS on iPhone in Finland and Switzerland enables more merchants to offer customers enhanced flexibility and choice at the point of sale. This creates an easier and more convenient shopping experience for consumers, creating additional revenue opportunities for businesses of all sizes.”
David Emmanuel Gebhardt, country general manager of Nexi Switzerland, said, “With Nexi SoftPOS on iPhone, we are providing a simple and cost-effective payment solution for small businesses in Switzerland—especially for those who have not accepted card payments before. This is particularly beneficial for merchants such as take-aways, taxis, and independent service providers, where mobility and ease of use is key. By eliminating the need for additional hardware, we are making it easier than ever for merchants to accept contactless payments.”