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Payment Service Providers

As customers become increasingly more comfortable and reliant on electronic payment services,  payment service providers (PSPS) must find ways to increase convenience while ensuring flawless synchronicity in the flow of funds across multiple banking ecosystems. To add to this, PSPs must demonstrate proactivity and keep up with criminals as they exploit the hyper-paced and dynamic transactional environment.

At the frontend, chatbot and other interactive systems can work with a customer to lessen the time and effort associated with payment, while predictive systems can promote tailored products and services to customers in an effort to grow the relationship. At the backend, AI can be used to orchestrate vulnerability testing of platforms and systems in order to ensure all loopholes and entry points are identified and closed off before criminals can exploit.

As regulators struggle to keep pace with limitless way that funds can flow between entities, they are increasingly reliant on the PSPs to prove they are conducting thorough surveillance on every transaction and identifying emergent typologies that represent fraud, money laundering, and terrorist financing. Given unprecedented transaction volumes, this implies a sink or swim choice for PSPs: evolve from rule-based alerting towards intelligent monitoring, or risk drowning in false positive alerts or regulator fines. All in all, this implies increasing necessity for AI to innovate within the PSP space by seeking new opportunity and controlling risks.

 

About BlackSwan Technologies

BlackSwan Technologies is reinventing enterprise software through Agile Intelligence for the Enterprise – a fusion of data, artificial intelligence, and cloud technologies that provides unparalleled business value. Our multi-tiered enterprise offerings include the award-winning platform-as-a-service, ELEMENT™, which enables organizations to build enterprise AI applications at scale for any domain quickly and at a fraction of the cost of alternatives. BlackSwan and its global partners also provide industry-proven applications that are ready-made and fully customisable for rapid ROI. These offerings are generating billions of dollars in economic value through digital transformation at renowned global brands. The private company maintains gravity centers in the UK, Europe, Israel, the US, and Sri Lanka.