Ripple Joins BIS Task Force for Cross-Border Payments BY PYMNTS | AUGUST 11, 2023 | Enterprise blockchain and crypto solutions provider Ripple is among the members of a cross-border payments task force recently formed by the Bank for International Settlements (BIS). As part of the cross-border payments interoperability and extension task force, Ripple will work with other organizations, including Mastercard and SWIFT, in fulfilling BIS’ goal to “enhance cross-border payments and meet the quantitative targets for cross-border payments endorsed by the G20,” Cointelegraph reported Thursday (Aug. 10). To that end, BIS will be working to improve access to payment systems, extend operating hours of payments systems and create links between different payment systems, according to the report. BIS said that improvements to payment systems require global coordination and cooperation between stakeholders in both the public and private sectors. Cross-border transactions are growing rapidly, thanks to digital transformations and new international settlement rails, but a host of international payment frustrations and reconciliation frictions still exist. PYMNTS research has found that just 23% of small and medium-sized businesses (SMBs) found that their current cross-border payment solutions are very or extremely satisfactory. In addition, 27% of SMBs see the complexity of cross-border payments as a hindrance to their ability to grow, according to “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer collaboration. The report also found that 38% of SMBs reported increased cross-border payments sent or received. This is driven by the fact that local entrepreneurs can now develop a clientele worldwide as easily as they can within their own cities. Blockchain and digital asset technology promise faster, more affordable, transparent payment methods, as well as the ability to offer new financial services to customers and tap into new revenue streams, and they will underpin the future of financial infrastructure, Aaron Sears, managing director of the Americas at Ripple, told PYMNTS in an interview posted in June. Nowhere is this truer than within the $156 trillion cross-border payments market, Sears said at the time. “The primary pain points are around speed, reliability, transparency and cost,” Sears said. With blockchain and crypto-enabled payments, on the other hand, value is transferred instantaneously, enabling real-time settlement and payout, Sears said. Cross-border payments powered by these technologies can be made on demand, 24/7/365.

Hive AI Seeks to Raise $200 Million at $4 Billion Valuation
BY PYMNTS | AUGUST 11, 2023
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AI
Hive AI, a San Francisco-based software company that uses artificial intelligence (AI) to moderate digital content, is reportedly working to raise $200 million in a funding round, with a valuation of up to $4 billion.

The funding round comes two years after Hive was valued at $2 billion in an earlier round, and while the exact valuation for the new round has yet to be set, it is expected to exceed the 2021 figure, Bloomberg reported Friday (Aug. 11), citing unnamed sources.

The terms of the funding are still being finalized and could yet change, according to the report.

Hive AI did not immediately reply to PYMNTS’ request for comment.

Hive’s content moderation services are used by a range of different companies, including Visa, Netflix and Reddit, helping them to better identify and block unwanted content on their platforms, the report said.

This news follows investor enthusiasm for AI-related start-ups throughout 2021, as more of the technology comes to market, showcasing its potential, per the report. Other notable startups in the AI space that have attracted significant backing include OpenAI, Cohere and Anthropic.

Hive’s 2021 Series D funding round that valued the company at $2 billion raised $85 million and was led by Glynn Capital, with participation from General Catalyst, Tomales Bay Capital, Jericho Capital and Bain & Co.

Hive CEO and Co-founder Kevin Guo said at the time in a press release: “The full potential of enterprise automation goes far beyond the back office. We’ve entered a new era where deep learning models can make human-level intelligence scalable for an increased number of practical and high value automation use cases.”

Several funding rounds have been held for AI-related companies in recent months.

In June, generative AI platform Typeface was valued at $1 billion after raising $165 million. The company’s technology lets companies craft personalized content that matches their brands’ voices.

During the same month, Inflection AI raised $1.3 billion in a funding round led by high-profile tech industry investors. The firm said it will use the funding to continue its work on “a new class of AI” that serves as a “kind and supportive companion.”

Also in June, French startup Mistral AI, which was founded by AI vets from Google and Meta, raised $113 million in seed funding. This was the largest-ever seed round recorded in Europe.