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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 a SaaS Product company. Its Flagship product ELEMENT is a cognitive operating system that enables rapid development of Enterprise AI-Driven applications. ELEMENT is the foundation that can be used by enterprises across multiple industries to build robust AI applications, tools and workflows. With hundreds of pre-configured data fetchers, analytical functions, models and user interface components, element makes heavy use of knowledge graphs and a range of Machine Learning techniques to help companies improve outcomes and reduce costs.

BlackSwan ELEMENT is trusted by some of the largest, fastest, and most innovative companies in the world.