Ramp, FIS make AI moves

Dive Brief:

Fintech Ramp and payments processor Fidelity National Information Services are making moves to use artificial intelligence in new ways for more services, the companies said in separate press releases last week.
Bill payment services provider Ramp introduced a spend management tool to help finance teams monitor corporate expenses tied to artificial intelligence use, according to the company’s July 16 press release.
For its part, the processor FIS is participating in Anthropic’s Project Glasswing, the AI giant’s cybersecurity initiative aimed at finding software vulnerabilities. As part of the partnership, FIS is testing Anthropic’s Mythos 5 model to further protect its payments infrastructure, according to the company’s July 17 press release.

Dive Insight:

As artificial intelligence continues to cause financial and security headaches for companies, the new services from Ramp and FIS are designed to help moderate spending on AI tools and safeguard payment systems from potential bad actors, respectively.

New York City-based Ramp noted that AI spending among its customers, which can be tracked by AI tokens, has jumped. Its new tool can view how a company spends on AI via providers like OpenAI, Anthropic or Gemini and aggregates spending data based on company, department, employee or project. From there, users can limit token usage by category; receive alerts for sudden surges; and notify employees before cost overruns, according to the release.

Companies have been caught off guard by how much they’ve spent on various AI tools, according to the release.

“Spending on AI tokens has become the fastest growing category in business spend, but finance teams have little to no visibility into how it's being spent,” the Ramp release said.

FIS is the latest company to join the cybersecurity project led by Anthropic, which has brought on other major financial and tech heavyweights, including Google, JPMorgan Chase and Amazon Web Services, according to Anthropic’s website.

For FIS, participation in Anthropic’s cybersecurity project is another move in working with the AI juggernaut, with which it has a separate commercial relationship for using its AI agents.

The Jacksonville, Florida-based fintech is deploying Anthropic’s AI model as part of its “commitment to proactive security and being a supportive partner to the broader security community and financial services sector,” FIS said in the release.