PAYMENT SOLUTIONS
“ We are already seeing retail stores with no cashiers . Shoppers can just grab and go ”
RON DE BOS
DIGITAL RIVER applied to transaction monitoring and screening , it can handle requests at scale , and at pace , and is more efficient than other processes in significantly reducing error .
“ Finally , the method in which fintechs connect to payment systems has been underpinned by automation . Thanks to open banking , fintechs can plug-in-and-play with different APIs in one automated , secure process . Information is exchanged in realtime between different financial providers or intermediaries , enabling the user to enjoy a range of benefits including faster and more secure payments .”
Ron De Bos , Director Products Management – Payments for the global ecommerce enabler , Digital River , the global ecommerce enabler , agrees . He says , “ AI in the payments industry can enhance customer service , by providing hyperpersonalised credit scores and offers . It can also drive new forms of transactions – we are already seeing retail stores with no cashiers – shoppers can just grab and go .
De Bos also points out that AI is responsible for big advances in the areas of payment orchestration , billing optimisation ( DCA , TOD submission of renewals optimisation ), customer identification and authentication based on multiple data sources , fraud detection , payment optimisation , credit scoring , monitoring , and alerting .
A driver of digital currencies Automated transactions and the development of the space are also set to change the financial markets as we know them . Cryptocurrency and Central Bank Digital Currency ( CBDC ) are being driven forward at an extraordinary rate because technology is enabling their usage in more and more marketplaces .
Indeed , recently the
Bank of England issued a warning that cryptocurrency could even lead to another large-scale financial crash that damages the global economic