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Finance
U.S. banks move to define liability for AI errors in financial transactions
U.S. banks, payment companies and technology firms are stepping up discussions on standards to determine liability for financial transactions carried out by AI agents. A central issue is who is responsible when an AI agent makes an error or is defrauded during a transaction: the consumer, the bank or the AI developer. Lead Bank proposed a waterfall framework that assigns liability by cause, while Primitive suggested a protocol to verify AI identity, user approval and transaction traceability.
Finance
Mastercard to modernise cross-border remittances with AI and stablecoins
Mastercard is accelerating efforts to modernise cross-border remittance systems by using AI and stablecoins. It aims to help banks and fintech companies connect multiple payment networks to speed up transfers and reduce costs. Pratik Khowala (프라틱 코왈라) said key priorities are speed, accuracy, trust and cooperation, citing long processing times and opaque fund movements as problems. Mastercard is expanding Mastercard Move with a multi-rail routing approach and added functions such as tracking, fraud risk assessment and settlement.
Finance
KB Kookmin Bank joins hands with BNY to pursue overseas remittances and digital payment innovation
KB Kookmin Bank is partnering with Bank of New York Mellon (BNY) to expand cross-border digital payments and overseas remittance services. The bank said it signed a strategic memorandum of understanding with BNY on Sept. 28 Eastern time at the Miami Beach Convention Center in Florida. The agreement was signed during SIBOS 2026, a global financial services event hosted by SWIFT.