The race is on to reduce fraud and continue improving payment flows. Artificial intelligence (AI) offers a winning strategy, says Chalapathy Neti, head, AI and machine learning platform, Swift.
AI is out of the lab and already well on its way to delivering smarter tech solutions in our daily lives. Just look at the way Amazon and Netflix use machine learning algorithms to continually serve us fresh content and products based on our previous behaviors. We get a better, more personalized experience while they strengthen their business models.
AI has the potential to deliver improvements in finance too, with huge opportunities in strengthening how we analyze and process transactions. As regulation becomes more complex and the fight against fraud continues, AI might be a key to unlocking a more efficient and secure global payments system.
The promise of AI
When sending cross-border transactions, financial institutions must ensure they comply with the different jurisdictional requirements that exist around the world. This can be complicated, and on top of this, it’s essential that they protect their customers against fraud and avoid processing errors that cause delays. As payment speeds get faster and faster, and fraudsters constantly evolve their tactics, the race is on for financial institutions to stay one step ahead.
So, what if errors in payment messages were automatically corrected without the need for manual repairs? Or fraudulent transactions could be spotted upfront as part of a payment’s pre-validation process? It’s a promise that AI and machine learning can deliver, and soon.
Continue reading: https://www.fintechfutures.com/2022/04/artificial-intelligence-a-winning-strategy-for-payments/
AI is out of the lab and already well on its way to delivering smarter tech solutions in our daily lives. Just look at the way Amazon and Netflix use machine learning algorithms to continually serve us fresh content and products based on our previous behaviors. We get a better, more personalized experience while they strengthen their business models.
AI has the potential to deliver improvements in finance too, with huge opportunities in strengthening how we analyze and process transactions. As regulation becomes more complex and the fight against fraud continues, AI might be a key to unlocking a more efficient and secure global payments system.
The promise of AI
When sending cross-border transactions, financial institutions must ensure they comply with the different jurisdictional requirements that exist around the world. This can be complicated, and on top of this, it’s essential that they protect their customers against fraud and avoid processing errors that cause delays. As payment speeds get faster and faster, and fraudsters constantly evolve their tactics, the race is on for financial institutions to stay one step ahead.
So, what if errors in payment messages were automatically corrected without the need for manual repairs? Or fraudulent transactions could be spotted upfront as part of a payment’s pre-validation process? It’s a promise that AI and machine learning can deliver, and soon.
Continue reading: https://www.fintechfutures.com/2022/04/artificial-intelligence-a-winning-strategy-for-payments/
