PAYMENTS TECHNOLOGY
For Fiserv ’ s O ’ Halloran , this is particularly true in areas of fraud detection and Know Your Customer ( KYC ) checks . “ The advance of generative models will further enhance these processes ,” he notes .
“ For example , in fraud detection , AI aids call centres in effectively identifying fraudsters through real-time voice tone and language analysis . Additionally , in regulatory compliance , AI streamlines time-sensitive tasks like audits and KYC assessments , reducing the potential for human error .”
Gen AI appeals to consumer preferences too , says Global Payments ’ Irwin . “ We ’ re seeing that our customers want less human contact when it comes to digital onboarding to make the process more automated and seamless .
“ They only want tailored assistance if an issue arises , and they ’ re not looking for lengthy and outdated help documents . AI ’ s ability to learn and adapt to specific situations makes it perfect for these circumstances .”
What ’ s more , the potential use cases for Gen AI in payments are only growing . Finastra ’ s Rodrigues tells us how it also automates and improves processes , “ for example , automating invoicebased payment initiation ”.
He continues : “ Paper invoices and email attachments are still widely used by billers to get paid by their customers which typically involves typing bank transfer details from scratch , causing payment delays and errors .
“ Powered by advanced Gen AI , solutions can automatically extract payment information from invoices , eliminating the need for manual data entry . Advanced machine learning algorithms are used to identify and correct errors in payments data .
“ The solution automates many of the manual tasks involved in payments processing , such as matching invoices to payments and reconciling accounts .”
As more and more FIs and fintechs onboard Gen AI , the technology ’ s potential for further application only grows . It ’ s worth remembering too , that we are just at the beginning of Gen AI ’ s association with payments technology .
86 January 2024