Welcome to our monthly digest, where you can catch up with any AIhub stories you may have missed, peruse the latest news, recap recent events, and more. This month, we learn about a framework to evaluate diversity in datasets, find out how banks may strategically mitigate their risk from fraud in real-time payment systems, and hear about the AfriClimate AI workshop at the Deep Learning Indaba. Don't Just Claim It, Jerone Andrews and colleagues propose using measurement theory from the social sciences as a framework to improve the collection and evaluation of diverse machine learning datasets. We spoke to Jerone about this work, which won a best paper award at ICML 2024. Real-time payments offer a fast processing time (of around 10 seconds), allowing for near-immediate receipt of funds.

The new FICO Falcon X delivers groundbreaking AI and machine learning technology aimed at preventing new forms of fraud and financial crime that are enabled by the rapid adoption of real-time payments. Running on Amazon Web Services (AWS), FICO Falcon X streamlines both fraud detection and anti-money laundering processes -- something banks and financial institutions worldwide are seeking. This convergence of capabilities represents a significant cost savings opportunity as FICO estimates an 80% overlap in the data processing, systems maintenance, and ongoing administration of legacy systems needed to support these functions independently. "The worldwide rollout of real-time payments -- including person-to-person transfers and mobile payments -- has given rise to criminal threats that thrive on the fact that these payments are often irrevocable," said Jason Keegan, who oversees the fraud line of business for FICO. "Criminals have exploited the rigid infrastructure that underpins our global financial system. This has allowed them to not only commit theft, but also finance drug trafficking, human smuggling, and terrorist activity. With Falcon X, we set out to help institutions detect and prevent criminal activity before the real-time transfer occurs."

The payments landscape continues to rapidly evolve, driven by emerging technologies and digital transformation across industries. One of the biggest catchphrases of the last few years is "artificial intelligence," and many are wondering how AI will impact the payments space in the near and long terms. It's already clear that digital commerce has expanded beyond the desktop and even beyond mobile. As the Internet of Things (IoT) continues to expand and consumers become connected at every level -- from devices to clothing and appliances -- the ability to pay anywhere at any time will become more ubiquitous. Artificial intelligence will amplify and accelerate this reality, using the power of machines to streamline payments at every level.

What do track and field stars, NASCAR drivers and millions of businesses owners around the United States have in common? They all have an appreciation for speed. While more speed may mean more endorsement money for athletes, it means faster settlements and more efficient business for commercial banking customers. With a growth in demand, banks and FinTechs are working to give business owners the speed they need. Faster payments recently made their American debut, with The Clearing House (TCH) instituting the inaugural transaction on the first new payments and clearing system in the U.S. in more than four decades.