BENEFITS AND USE CASES
BENEFITS AND USE CASES
For Ambrose , summarising the core benefits of automated payments is easy :
• Speed : “ More efficient processing of payments means that recipients get their money faster . For instance , Azimo is capable of delivering 80 % of our transfers in under an hour .”
• Accuracy : “ Machine learning allows us to run smarter compliance and reconciliation systems with fewer errors or false positives .”
• Scalability : “ Automated processes , like transaction reconciliation and contact handling , allow us to serve more customers with fewer people .
As a result , we can scale the business faster .”
From a client perspective , automation serves to make the transaction process as simple and fast as possible . This will provide the most overt benefit , however Menager points out that there is also a less obvious advantage : cybersecurity . “ When automated transactions are monitored , algorithms can check customer data and behaviour using pre-set rules and produce alerts . Usually information in the data set will be normal , but sometimes it will help you realise , ‘ Hey , there ' s something we should look at ’.”
39 “ THE AUTOMATION THAT WE ’ VE BUILT ALLOWS US TO HANDLE LARGE VOLUMES OF PAYMENTS VERY QUICKLY AND ACCURATELY WITH A MUCH SMALLER TEAM THAN A TRADITIONAL CROSS-BORDER PAYMENT BUSINESS WOULD NEED ”
— Richard Ambrose , CEO , Azimo
Joining Azimo in 2017 , first as COO and then attaining his current position as CEO in 2019 , Ambrose ’ s prior career included executive roles at PayPal and eBay . fintechmagazine . com