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Financial transformation firm Canvas integrates with OpenAI

Technology

The AI partnership has provided additional capabilities for its users on the blockchain, says the firm.

By Josh Needs 10 minute read

Financial transformation firm and creator of privacy-focused Layer 2 blockchain Canvas has announced an integration with OpenAI to bring artificial intelligence capabilities to its users. 

The integration resulted in the creation of Canvas AI, which the firm said combined the power of blockchain technology with advanced AI capabilities and provided a reinvigorated way for clients to interact with tokenised assets, analyse financial performance, and maintain regulatory compliance. 

Chief executive and co-founder of Canvas, David Lavecky, said the AI capability simplified interactions with blockchain environments. 

“By integrating our Canvas Connect Layer 2 with OpenAi’s cutting-edge AI technology, we’re enabling simple, natural interactions with blockchain-powered financial services in ways never thought possible,” said Mr Lavecky. 

The firm said Canvas AI used the capabilities of ChatGPT to provide a range of AI-powered services that included conversational commerce, advanced data and analytics, regulatory compliance, and developer tools. 

Conversational commerce

The firm said the Canvas AI tool unlocked conversational commerce through the creation of payments, cross-border remittances, and FX trades by issuing commands in natural language.

“For example, clients can say, ‘Set up a payment to my supplier Globex Corp for $25,000’ or ‘Execute an fx transaction: buy 5,000 euros using USDC at the best available rate’, Canvas AI will handle the rest and remove all blockchain complexity,” said Canvas. 

As a participant in the eAUD CBDC pilot run by the RBA, the firm successfully used Canvas AI to execute a transaction involving eAUD, marking a milestone in the application of AI to tokenised finance. 

“This is a momentous occasion demonstrating the synergies between AI and tokenised finance,” said Mr Lavecky. 

“Canvas AI delivers efficiencies and simplified usage of financial services that are powered by AI, blockchain, and Layer 2.”

Data and analytics

Canvas AI could also help analyse market trends, track user sentiment, and the generation of personal finance reports. 

“For instance, clients can ask ‘What’s the current balance of all my assets across all my wallets and how has this composition changed from last month?’ or ‘Analyse my upcoming travel plans and predict the FX requirements for these destinations,” said Canvas. 

Regulatory compliance

The firm said the AI tool could also assist financial institutions’ compliance with regulatory requirements by identifying potential regulatory breaches, ensuring transaction transparency, and producing necessary reporting.

The firm said it could also assess the risk of various investments and transactions by analysing market data, transaction history, smart contract security, and other relevant information. 

Canvas said the AI system could also flag suspicious patterns that might indicate fraudulent activity by analysing transaction data in real time. 

Developer tools

Canvas said the OpenAI partnership could also empower developers with tools that streamline integration with its Canvas Connect platform. 

“Developers can use Canvas AI to generate a code snippet for making a transfer request to the Canvas Connect API by simply asking ‘What are the required fields for making an FX trade through the Canvas Connect SDK’ to get instant, accurate responses,” the firm said.

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Josh Needs

Josh Needs

AUTHOR

Josh Needs is a journalist at Accountants Daily and SMSF Adviser, which are the leading sources of news, strategy, and educational content for professionals in the accounting and SMSF sectors.

Josh studied journalism at the University of NSW and previously wrote news, feature articles and video reviews for Unsealed 4x4, a specialist offroad motoring website. Since joining the Momentum Media Team in 2022, Josh has written for Accountants Daily and SMSF Adviser.

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