The Payments Association is pleased with the declaration released from the recent summit on artificial intelligence (AI) at Bletchley Park, which saw global leaders, tech executives, and academics address the challenges and advancements of the technology.
A diverse group of leaders which included US vice president Kamala Harris and European commission president Ursula von der Leyen were gathered by prime minister Rishi Sunak to recognize and address the risks associated with AI development.
The Payments Association head of policy and government relations, Riccardo Tordera praised the outcomes of the summit and the UK’s stance on AI moving forward.
He said: “By hosting the AI Summit in the UK, in such a symbolic location like Bletchley Park, the prime minister has shown how technology is at the top of the government’s agenda.
“It is good to see the UK playing a global role in shaping the future of how these new technologies will impact our lives.”
The summit led to the signing of an international declaration by more than 25 countries and the European Union, demonstrating a global commitment to AI safety and regulation.
Use of AI is increasingly being used in payment processing, fraud detection, customer service, and various financial applications to enhance efficiency, security, and customer experiences.
Tordera praised the government’s pro-innovation stance on AI as it looks to limit any new regulatory burdens to new progress.
The UK’s agile stance differs from the EU’s, which takes a “horizon approach” to providing regulatory frameworks on AI, affecting all sectors.
Tordera added: “AI in payments is not new, for example, when we think of machine learning techniques to prevent financial crime.
“But the impact of generative AI on the industry remains to be fully assessed and we keep monitoring the rapidly evolving international debate and industry solutions regarding such innovative tools and their related challenges and risks on the frontier of AI.”
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
