Payment Processing
The payments industry is transforming right before our eyes. In the past decade, we have seen an emergence of innovative technologies that are streamlining payments to meet customer expectations while increasing efficiencies for banks and financial institutions.
During this time, new payments have cropped up, forcing banks and financial institutions to modernizing their payments platforms to integrate these new payment methods into their ecosystem. However, banks and financial institutions are now realizing that to reap the most benefits from technology, they must invest in automating current payment methods that currently require manual intervention.
The ultimate target for the payments industry: fully automated payments ecosystem. And the technology is currently here to achieve this elusive goal!
OrboZone Payment Processing Experience
Experience two versions of the Payment Processing Experience video, each with its own genre soundtrack. Are you an innovation seeker for your organization?
Payment Processing Experience - Version 1
Soundtrack Genre: Dubstep
Payment Processing Experience - Version 2
Soundtrack Genre: Urban Flow
Payment Processing Powered by Artifical Intelligence
There is no question that AI & Deep Learning technologies are key for current and future advancements in Payments and Fintech. In a Blocktrade article, the author predicts that "Artificial intelligence (AI) adoption in fintech and payment will increase" and that "Artificial intelligence (AI) is expected to massively disrupt the financial industry in the coming years." The article ends with an apt conclusion for 2021:
“While Fintech investment was down in the Corona year 2020, the coming year 2021 will likely see a rapid evolution of the Fintech and payment industry. Emerging technologies, among them most prominently AI and Blockchain, will be both enablers and accelerators of this development."
The consensus amongst leaders in the payments industry is that Artificial Intelligence technologies are the key for automation. Check out these additional resources from these leaders:
White Paper:
A Bankers Official Guide to Artificial Intelligence
Infographic:
Intelligent Document Processing: Transform Traditional Workflows
Blog Post:
Best Practices for AI in fintech
Blog Post:
Improving the Efficiency of Your Core Banking Processes Is as Easy as 1, 2, 3…
Automation Key for Payment Processing
There are a plethora of innovative technologies available or being currently developed in Fintech. However, banks and financial institutions need to focus on one key factor: Automation.
The need for automation has never been more pressing. Clients want quick, efficient solutions that enable them to do more with less. From lending decisions to payments risk management, only technology can provide the necessary support that businesses need.
Breakthroughs in Artificial Intelligence and Deep Learning technologies are leading the way for automating payment processing. Banks and financial institutions deploying these technologies are seeing tangible benefits, particularly in payments that once required manual intervention like check processing.
If you are looking for hard evidence, then check out the chart below showing how integration of our OrbNet AI into our Anywhere Recognition solution has seen unprecedent automation rates of over 99% (see chart below).
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Photo Gallery: Payment Processing
Payments are represented graphically in many fascinating ways -- check some of them out in our visual gallery! (Hover over the image for description)
Representation of Payments.
Checks are still a major player in payments.
Word cloud depicting different aspects of payments.
Futuristic visual of banking.
Automation will be key for payments processing.
Banks and financial institutions migrating to the cloud.
Modernizing payments processing platform.
Artificial Intelligence technology is leading the way for automation.
Automating payments processing yield data that can be integrated into analytics platforms.
Artificial Intelligence meets Fintech.
