> Data retention — For Fable 5, Mythos 5, and future models on Bedrock with similar or higher capability levels, Anthropic will require 30-day retention for all traffic on Mythos-class models. Retaining data for a limited period allows Anthropic to detect patterns of misuse that are not visible from a single exchange. Once you opt into data retention, your data will leave AWS’s data and security boundary.
Massive change for Bedrock users - Anthropic now requires sharing the data with them for 30 days.
Recently, one of my friends asked ChatGPT about an internal tool with a funny name and ChatGPT seemed to know the meaning behind the name & options to run the tool properly for his usecase.
We googled around to see if there was any information on the web about the tool & there’s nothing on Google which makes sense since it’s a boring internal tool for a financial services company.
Ofcourse it could be a lucky guess or it could be an intern had uploaded the manual to GPT :D
Since, Wise & Revolut have been mentioned quite a bit and I'm an ex-Revolut & ex-Wise engineer where I built a lot of the FX infrastructure so I'll throw in my 2c.
My assumption of what you & Neeraj are doing based on your backgrounds:
You've decided to build a smart order router for retail FX hence the slow transfers because you need to wait for the spot order to settle T+2.
Story at Wise
Funnily enough Wise started in the early days with a fixed fee of £1!
Since all Wise did was match orders between customers so no money was actually moving borders hence no need for conversion or transfer fees etc.
But that fixed fee model was quickly scrapped when Wise started making the market between customers and improving the product experience by introducing rate locks (hedging costs), instant transfers (buffer costs) and actually started considering all the other cogs that go into making an international FX payment.
But there's one significant cost of high value transfers that's been a struggle for both Wise & Revolut to bring down even at scale:
The transaction monitoring, AML & support costs of high value transfers - a single high value transfer can easily cost £3 - £150 for all the due diligence needed to get it done.
If you're going to keep the product fixed fee - this is where you'll need to focus in terms of innovation.
The Story at Revolut
Revolut has an Unlimited Zero Mark up FX with a single free SWIFT transfer (every additional international transfer is capped at £5) on the £6.99 premium plan.
But international payments is relatively a recent addition. The vast majority of the time when people are sending money to each other on Revolut, it's a Revolut-to-Revolut or Revolut to local own bank account payment.
Revolut's core strategy is to be the everywhere wallet so that when you're sending money to your family member in Romania from the UK - you just do it as a Revolut to Revolut payment which is bit different to the gap you're trying to fill.
And, there's very little interest at Rev to deal with high value transfers because the AML, transaction monitoring and support costs are too prohibitive when transfers between users are free or capped at £5 for SWIFT payments.
Is there a market for this product?
A resounding YES.
This is something we realised at Wise - we weren't as competitive as we liked to be on high value transfers and even though they committed resources to improving this - in typical Wise fashion the progress is very slow.
Now I'm not convinced you'll stick at the £3 mark for long but there's definitely a large untapped market here.
I'm confident that you & Neeraj have what it takes to win in this market & will be rooting for you from the outside!
P.S. The app doesn't seem to be available in the UK app store?
If you scroll down you’ll see that the assets can be hosted on decentralised networks too like IPFS.
Also, not all NFT projects are built the same. I suggest you check out Pak’s Poets project - it’s a very exciting piece of performance art built around game theory.
Disclaimer: I don’t own any NFTs but that doesn’t mean I’m not excited by what they’re doing.
“The sector is hot hot hot — many more people want to invest and there really is no product to offer real free investing in Europe just yet. (While we acknowledge that there will be a few choices), I believe the key is to be more European here to win, that means offering sustainable investing choices (vs incentivising people with too much leverage, etc).”
Massive change for Bedrock users - Anthropic now requires sharing the data with them for 30 days.