Latest news with #RahulShah
Forbes
08-07-2025
- Business
- Forbes
Line Up And Identify Yourselves: AI Agents Get Organized With NANDA
Earth (focus on Europe) represented by little dots, binary code and lines - big data, global ... More business, cryptocurrency 3D render Getting in on the ground floor of a big tech transformation means covering some of the previously unknown innovations that are not yet household names, but will be in the future. Case in point – we're now in the age of agentic AI. People are hearing more about AI agents. But not many of them know about something called NANDA. In fact, it's hard to Google this and get accurate results. You get a bunch of links to a nursing organization. The NANDA that's going to power the future of the global Internet actually came out of MIT, and it's mostly only a known quantity (if you'll pardon the nod to quantum) among data scientists and people in other similar roles. But it's probably going to be a major influence on our technology in just a few years. What is NANDA? NANDA is essentially a system to provide a full platform for agent interactions. It's a protocol for a new AI Internet that's modified and evolved to handle the capabilities of LLMs. One of the most prominent writers on NANDA, Rahul Shah, describes it as a 'full stack protocol' where agents have cryptographic identities – we'll get back to that in a minute. 'NANDA does not replace A2A or MCP,' Shah writes, citing Agent to Agent protocols and the Model Context Protocol that has arisen to handle what you might call the 'AI API race.' 'Instead, it provides the naming, verification, and economic backbone that allows agents to function in real-world, distributed environments — securely, scalably, and autonomously. The goal is to enable a self-sustaining ecosystem, where useful agents are rewarded and trusted — while spammy or malicious agents can be excluded based on cryptographic audit trails.' In terms of platform features, there's an agent registry, and the system uses dynamic resolution logic to provide routing for agent transactions. There's also auditing, and distributed ledger technology, where NANDA uses zero-knowledge proofs to verify what agents do. But all of this is kind of a high-flown way to describe what NANDA is. Think of it a different way that's more intuitive and has to do with how AI agents resemble people. AI Agents Line Up to be Counted In so many ways, the idea of the AI agent is like a digital twin of a person – in other words, we view these agents as having those cognitive abilities that individual people have. We can even give them names and avatars, and make them seem very human indeed. They can pass all kinds of Turing tests. They are discrete entities. They're like people. If you take that metaphor further, NANDA is a protocol that's sort of like an organizational system for people. At a company, you have an org chart. If you're choosing teams for softball, you have a roster or a list of names. A teacher in a classroom has some kind of document to identify each student. This is the kind of thing that NANDA develops and orchestrates. It's a system for these AI agents to be known and understood – in effect, you're asking: 'who are they? And what do they do?' All of this takes place in the context of multi-agent systems where AI agents are working together to create solutions. More on NANDA I sat through a panel on AI at IIA, where some of the foremost people in this field talked about NANDA and everything around it. My colleague Ramesh Raskar characterized this as using the 'building blocks' for new agentic systems. Investor Dave Blundin mentioned a 'litany of useful functions' and a need for a system of micropayments for services. 'When this happened on the internet, nobody could figure out the revenue model, and then it all moved to ad revenue, because it's just: 'throw some banner ads on it, and throw it out there,'' he said. 'That's not going to work with AI agents. You don't want these things marketing (to people).' Aditya Challapally mentioned three big risks inherent in building these systems: trust, culture and orchestration. 'When we say culture, we mean things like: 'what are the societal standards for how an agent can interact with you?' (for example) can an agent DM you on LinkedIn, on behalf of another person, or do they have to say they're an agent, or something like this, … establishing that sense of culture. And then the third piece of this is orchestration, which is … how do agents talk to each other from a more (organized) protocol setup?' Panelist Anil Sharma spoke to a kind of wish list for the new protocol. 'I would like to see application sustainability,' he said. 'I would like to see this in social impact, in areas such as agriculture and other places … because this is where the data and value is locked across ecosystems, beyond enterprises into non-profit and government (systems).' And panelist Anna Kazlauskas talked about the necessity of data ownership. 'You can imagine, a couple of years out, you've got an AI agent, I picture 10 AI agents, that can go and autonomously do work, and maybe even earn on (a user's) behalf and collaborate with others,' she said. 'And I think one of the risks is that there's a single platform (for) all of those agents, right? And so I think especially as your AI agents start to produce real economic value, it's really important that you actually have kind of sovereignty and true ownership over that.' Blundin, in talking about the 'unbundling' of services, mentioned a related concern: that AI could build services more efficiently than companies, putting companies on their toes, enabled by a protocol like NANDA. That's a bit more of a window into how NANDA will work, and what it is supposed to do. Coming Soon So, although you haven't heard much about NANDA yet, you're going to. I thought it was helpful to provide that metaphor to show the various ways in which new protocols will treat AI agents like people – giving them names, identities, jobs, roles, and more, as they collaborate and work together, hopefully on our behalf, and to our benefit.
Finextra
12-06-2025
- Business
- Finextra
Marqeta to be issuer processor for new Klarna card
Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world's innovators, today announced it is working with Klarna, the global digital bank and flexible payments provider, to enable the Klarna Card: a new debit card powered by Visa Flexible Credential (VFC) that allows access to built-in flexible payment options. 0 In July 2024, Marqeta became the first issuer processor in the U.S. certified for Visa Flexible Credential. With VFC, Marqeta will enable Klarna customers to pay immediately or pay later when needed, all on the same card. This milestone builds on years of collaboration between Marqeta and Klarna, including powering Klarna's virtual cards in the U.S. since 2018. The card is currently in a trial phase in the U.S., with a broader rollout in the U.S. expected later this year. 'The future of payments is flexible, and we're proud to enable this new offering together with Visa,' said Rahul Shah, Chief Product and Engineering Officer, Marqeta. 'Our ongoing partnership with Klarna is a true testament to what's possible with Marqeta's platform and how we enable our customers to grow and innovate at global scale.' With its modern, flexible card issuing platform, Marqeta makes it possible for global leaders like Klarna to expand to new markets and offer innovative payment options tailored to evolving customer needs. Marqeta currently supports Klarna in six countries, helping to drive global growth and deliver seamless, consumer-first experiences. "Through our continued partnership with Marqeta and Visa, we're evolving the Klarna Card into a truly dynamic and versatile payment experience,' said David Sandström, Chief Marketing Officer, Klarna. 'We're excited to continue innovating alongside Marqeta as we scale the Klarna Card to provide smart, seamless payments that empower smarter, more informed shoppers everywhere."
Business Wire
12-06-2025
- Business
- Business Wire
Marqeta to Power New Klarna Debit Card in the U.S.
OAKLAND, Calif.--(BUSINESS WIRE)--Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world's innovators, today announced it is working with Klarna, the global digital bank and flexible payments provider, to enable the Klarna Card: a new debit card powered by Visa Flexible Credential (VFC) that allows access to built-in flexible payment options. In July 2024, Marqeta became the first issuer processor in the U.S. certified for Visa Flexible Credential. With VFC, Marqeta will enable Klarna customers to pay immediately or pay later when needed, all on the same card. This milestone builds on years of collaboration between Marqeta and Klarna, including powering Klarna's virtual cards in the U.S. since 2018. The card is currently in a trial phase in the U.S., with a broader rollout in the U.S. expected later this year. 'The future of payments is flexible, and we're proud to enable this new offering together with Visa,' said Rahul Shah, Chief Product and Engineering Officer, Marqeta. 'Our ongoing partnership with Klarna is a true testament to what's possible with Marqeta's platform and how we enable our customers to grow and innovate at global scale.' With its modern, flexible card issuing platform, Marqeta makes it possible for global leaders like Klarna to expand to new markets and offer innovative payment options tailored to evolving customer needs. Marqeta currently supports Klarna in six countries, helping to drive global growth and deliver seamless, consumer-first experiences. "Through our continued partnership with Marqeta and Visa, we're evolving the Klarna Card into a truly dynamic and versatile payment experience,' said David Sandström, Chief Marketing Officer, Klarna. 'We're excited to continue innovating alongside Marqeta as we scale the Klarna Card to provide smart, seamless payments that empower smarter, more informed shoppers everywhere." About Marqeta Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta's platform has been proven at scale, processing nearly $300 billion in annual payments volume in 2024. Marqeta is certified to operate in more than 40 countries worldwide. Visit to learn more. About Klarna Klarna is a global digital bank and flexible payments provider. With over 100 million global active Klarna users and 2.9 million transactions per day, Klarna's AI-powered payments and commerce network is empowering people to pay smarter with a mission to be available everywhere for everything. Consumers can pay with Klarna online, in-store and through Apple Pay in the U.S., UK and Canada. More than 724,000 retailers trust Klarna's innovative solutions to drive growth and loyalty, including Uber, H&M, Saks, Sephora, Macy's, Ikea, Expedia Group, Nike and Airbnb. For more information, visit About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta's business; Marqeta's products and services; and statements made by Marqeta's senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the 'Risk Factors' disclosed in Marqeta's Annual Report on Form 10-K, as may be updated from time to time in Marqeta's periodic filings with the SEC, available at and Marqeta's website at The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
Associated Press
12-06-2025
- Business
- Associated Press
Marqeta to Power New Klarna Debit Card in the U.S.
OAKLAND, Calif.--(BUSINESS WIRE)--Jun 12, 2025-- Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world's innovators, today announced it is working with Klarna, the global digital bank and flexible payments provider, to enable the Klarna Card: a new debit card powered by Visa Flexible Credential (VFC) that allows access to built-in flexible payment options. In July 2024, Marqeta became the first issuer processor in the U.S. certified for Visa Flexible Credential. With VFC, Marqeta will enable Klarna customers to pay immediately or pay later when needed, all on the same card. This milestone builds on years of collaboration between Marqeta and Klarna, including powering Klarna's virtual cards in the U.S. since 2018. The card is currently in a trial phase in the U.S., with a broader rollout in the U.S. expected later this year. 'The future of payments is flexible, and we're proud to enable this new offering together with Visa,' said Rahul Shah, Chief Product and Engineering Officer, Marqeta. 'Our ongoing partnership with Klarna is a true testament to what's possible with Marqeta's platform and how we enable our customers to grow and innovate at global scale.' With its modern, flexible card issuing platform, Marqeta makes it possible for global leaders like Klarna to expand to new markets and offer innovative payment options tailored to evolving customer needs. Marqeta currently supports Klarna in six countries, helping to drive global growth and deliver seamless, consumer-first experiences. 'Through our continued partnership with Marqeta and Visa, we're evolving the Klarna Card into a truly dynamic and versatile payment experience,' said David Sandström, Chief Marketing Officer, Klarna. 'We're excited to continue innovating alongside Marqeta as we scale the Klarna Card to provide smart, seamless payments that empower smarter, more informed shoppers everywhere.' About Marqeta Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta's platform has been proven at scale, processing nearly $300 billion in annual payments volume in 2024. Marqeta is certified to operate in more than 40 countries worldwide. Visit to learn more. About Klarna Klarna is a global digital bank and flexible payments provider. With over 100 million global active Klarna users and 2.9 million transactions per day, Klarna's AI-powered payments and commerce network is empowering people to pay smarter with a mission to be available everywhere for everything. Consumers can pay with Klarna online, in-store and through Apple Pay in the U.S., UK and Canada. More than 724,000 retailers trust Klarna's innovative solutions to drive growth and loyalty, including Uber, H&M, Saks, Sephora, Macy's, Ikea, Expedia Group, Nike and Airbnb. For more information, visit About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta's business; Marqeta's products and services; and statements made by Marqeta's senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the 'Risk Factors' disclosed in Marqeta's Annual Report on Form 10-K, as may be updated from time to time in Marqeta's periodic filings with the SEC, available at and Marqeta's website at The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law . View source version on CONTACT: Kelly Kraft [email protected] 623-363-5007 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OHIO INDUSTRY KEYWORD: SOFTWARE PAYMENTS FINANCE ARTIFICIAL INTELLIGENCE BANKING DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY SOURCE: Marqeta Copyright Business Wire 2025. PUB: 06/12/2025 07:00 AM/DISC: 06/12/2025 07:01 AM
Mint
11-06-2025
- Business
- Mint
Sebi engages with venture capital funds directly to smoothen transition to AIF
The Securities and Exchange Board of India (Sebi) has extended a crucial deadline for older venture capital funds (VCFs) to wind up expired schemes, following direct engagement with the industry to smooth their transition to a new regulatory framework. The Sebi granted a one-year extension for liquidations, but maintained a firm stance on migration, requiring funds to apply to the Alternative Investment Fund (AIF) framework by 19 July 2025. People aware of the matter told Mint that Sebi's outreach—both independently and through industry associations such as the Indian Venture and Alternate Capital Association (IVCA) and the Private Equity and Venture Capital Chief Financial Officer Association (PEVCCFO)—helped clarify longstanding challenges and led to the extension for VCFs to wind up expired schemes. Sebi's engagement came amid concerns over a tepid response to its 2024 circular offering VCFs an opportunity to migrate under specified conditions. Many VCFs, some of which still operate despite the expiry of their scheme lifespans, have yet to begin the transition. Also read: IndusInd board says it didn't know. Sebi thinks it did. Now what? Through IVCA and directly, the regulator reached out to VCFs to find out why they are not doing the migration," said Rahul Shah, executive vice president at IVCA. He explained that in the meeting, IVCA's members clarified that they were trying to liquidate the balance investments and then apply for migration. 'They also wanted to see if they can liquidate and wind up the VCF, instead of undertaking the process of migration," Shah said. The VCF structure, governed by Sebi's 1996 regulations, was designed to promote early-stage and unlisted startups. However, with the rollout of the AIF Regulations in 2012, which offer broader coverage for private investment vehicles, Sebi has been steering the industry toward a single, modernized regime. Under the new framework, VCFs fall into Category I AIFs, alongside SME, social venture, and infrastructure funds. In its July 2024 circular, Sebi allowed eligible VCFs with unexpired or unwound schemes holding residual investments to migrate as 'Migrated VCFs". Those unwilling to migrate may continue operating under the old rules until their schemes close, or surrender registration if all activities are complete. However, industry feedback revealed outdated contact records and confusion around the regulatory shift. To address these issues, Sebi enlisted IVCA and PEVCCFO to help communicate the changes. Also read: Sebi to roll out new F&O risk measures in phases Sebi was told by the associations that even after migration, the liquidation of assets is still to be undertaken by funds, which has its own set of issues. 'The extension helps buy critical time to clean up without compromising on governance. For one, a rushed transition could have adverse effects on fund performance and investor returns," said Shruthi Cauvery, founder and managing partner of VAIA, a firm advising VCFs. She noted that fund managers and family offices were still grappling with the AIF regime's reporting and compliance requirements. 'There is some concern that this extension might lead to prolonged uncertainty, and I think that might lead to extended delays as well unless strict timelines are imposed." Shah emphasized that some VCFs continued operating well past their permitted tenure. 'Sebi overlooked then. But now you have time till July 19, 2025 (to migrate) without any penalty. If there are VCFs who will continue operating without the migration process, Sebi may not look at it nicely," he said. He added that Sebi is open to supporting compliant funds: 'If you first migrate and take your problem to Sebi, it will hear you." Not everyone in the industry supports a blanket migration approach. A VCF manager, speaking on condition of anonymity, questioned its necessity in certain cases. 'If they have a single investor, or if the promoter is missing, liquidation will be difficult. Why to migrate then?" the manager asked. Also read: Sebi's co-investment plan wins fund favour; lawyers warn of tax, legal cracks Still, most agree the move reflects Sebi's intent to bring all pooled investment vehicles under a unified regulatory framework. 'VCFs were born under a different regulatory mindset and AIFs represent the evolved, principles-based framework Sebi wants to standardize for all pooled investment vehicles going forward," said another fund manager, also speaking anonymously. Only VCFs with clean records and no pending investor complaints can opt for migration, Sebi has clarified. 'Sebi's extension of the additional liquidation period gives VCFs more room to transition into the AIF regime without triggering regulatory action. However, this opportunity is reserved for clean and compliant funds—those free from unresolved investor complaints or governance issues," said Venkatesh Chitla, client relationship manager at SBI-SG Global Securities Services Pvt. Ltd. Common disqualifiers, he added, include onboarding ineligible investors, incomplete know your customer (KYC) or anti-money laundering checks, side letters offering preferential terms, or breaches of investment conditions. 'For legacy funds nearing maturity or inactive, the compliance burden may outweigh the benefits of migration, leading to some consolidation in the space. But for institutional fund houses aiming to align with global best practices and continue raising capital, this is a strategic chance to clean up structures and reposition under a modern regulatory regime," Chitla said. Legal professionals also welcomed Sebi's move. 'The certainty that the recent extension circular provides particularly for funds in the process of seeking migration or awaiting Sebi's approval cannot be overstated," said Anita Jain, partner at IC Universal Legal. She noted that the extension gives managers sufficient time to plan asset liquidation in an orderly and investor-friendly manner. 'Without this extension, VCFs that had already migrated but whose liquidation period had expired prior to migration, were under pressure to make immediate decisions either to exit all underlying investments or undertake in-specie transfers and file for winding-up by July 19, 2025, or to finalize the dissolution plan with investors and file the dissolution plan application with Sebi within the same timeframe," Jain explained. 'The additional year offers much-needed flexibility, enabling fund managers to take well-considered, strategic decisions in the best interest of investors," she added. Even as the extended liquidation period is seen as a relief, Sebi has made its message clear: the VCF regime is being phased out. Only those willing to align with the AIF framework will be able to continue operations post-migration.
