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AI and the payments industry

With so much talk about Al in the news lately, we thought we would dive into how Al is changing the payments industry and how payment processors and payment gateways have been adopting Al. The payments industry has been changing at the speed of light with new technology and new payment options in the past 10 years, but Al seems to be the new frontier in how payment gateways will detect fraud, increase automation for better insights, and improve customer experience. Payment gateways are taking on Al to manage billions of digital transactions and for good reasons. Al is reducing payment processing by handling huge amount of data, with less room for human errors. Ai-powered gateways look at a range of factors, like the amount being spent, the location, and the merchant to determine if they align with a consumer's usual behavior in determining if a transaction may be fraudulent and provides the gateway with a risk score. Overall the payments industry will become more efficient with Al adoption, from underwriting approval process to credit card processing time. Al is helping businesses break down large chunks of data, generate valuable financial reports, and fulfill compliance requirements. As payment volumes increases in the digital arena, Al will for sure become a force in our industry, and we are keeping a close eye on how to adopt this technology in our business to help our customers continue to expand their payment options.

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