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Paige McNamee

Why did SVB collapse?

Paige McNamee - Finextra Research
Discussion
AI should be trained to respect a regulatory 'constitution' says BofE policy maker
Jamie French

Jamie French

  Oh dear, I dont think Mr Kroszner understands how these models work
Swift opens API channel for ISO 20022 corporate payment tracking
A Finextra Member

A Finextra member

  this initiative makes a lot of sense - look at the impact when NPCI in India added UPI, a bank agnostic solution for payment initiation on top of various domestic payment systems. A similar configuration should work well for cross-border 
AI should be trained to respect a regulatory 'constitution' says BofE policy maker
John Davies

John Davies

  It's a lovely idea but simply not feasible or even technically possible. It's like putting in back-doors for encryption, it's just not mathematically possible without fundamentally breaking cryptography. Firstly the LLMs or GPTs being referenced are global, so who's regulations to you build into the model? Secondly LLMs don't follow rules like that, they can be tuned towards a direction but like people they find loopholes and unless the rule is rock solid and unambiguous, which they rarely are, they simply won't work on LLMs. Censored LLMs, which is effectively what this is suggesting work badly, you're training it and then un-training it. We saw what happened with some of the recently censored models proposing black German soldiers in 1943, Native Indian founding fathers of the USA, all in the admirable effort of inclusion but failing. What is needed is better management of LLMs, UK and EU should be using privately hosted LLMs and then frameworks around those to assert compliance and adherence to regulatory practices. This is a hybrid of LLMs, RAG and traditional integration. It can be done but not in the way suggested here.
Swift opens API channel for ISO 20022 corporate payment tracking
A Finextra Member

A Finextra member

  Great project, who are the banks?
Scott Hamilton

Which banks are at risk after the SVB collapse?

Scott Hamilton - Contributing Editor, Finextra