Consumers are coming to expect instant disbursements in all aspects of their financial lives, but some organizations are still facing logistical and technological barriers to making them a reality. How can automation and advanced technology such as AI help them streamline instant payments integration and implementation?
“Consumers routinely expect to pay and be paid across multiple accounts instantly and at just the press of a button. Offering this seamless capability can require a significant lift on the back end by providers. It also introduces risk for the provider in that once a payment is pushed, it is irrevocable. The trade-off is that the provider builds loyal customers and competitive differentiation through the process.
AI and machine learning increasingly have a role to play in these transactions, helping to ease the burden on providers and speed payments along. In particular, automation, AI and machine learning technologies can help providers securely capture, tokenize and vault payment account information; conduct risk and fraud management across devices, identities and accounts; and process outbound disbursements.
The challenge for most providers is having the tools and expertise needed to design and implement AI or machine learning-driven technologies. Fortunately, third-party tools and services can be used, or the disbursements process with embedded AI can be outsourced entirely to software-as-a-service providers — putting a safe, instant payments solution within reach for most companies.”
Drew Edwards
CEO at Ingo Money
