Earlier this week, Accel-KKR-backed Basware signed a binding agreement to acquire Trustpair, in a deal pairing Basware's invoice lifecycle management platform with Trustpair's payment fraud prevention technology. The push comes as businesses lose an estimated 8 percent of revenue to fraud each year, with generative AI making it cheaper to impersonate suppliers. The Association of Certified Fraud Examiners found that 75 percent of anti-fraud professionals reported a rise in generative AI-driven document fraud over the past two years, while just 7 percent said their organizations are more than moderately prepared to detect or prevent it.

Matteo Stefanel, managing partner and co-founder at Apis Partners, told PE Hub's Craig Mc Glashan: 'Agentic commerce is going to be a complete revolution.' He added that financial institutions will need to participate in lightspeed discussions between commerce agents.

Peter Deming, managing director and co-lead of European financial and business services at Warburg Pincus, told PE Hub he is viewing European banking with 'fresh eyes' – and that 'comes down to AI.'