Posted by Alison Arthur on 15 May 2019
Alacriti was honored to attend and speak at NACHA’s PAYMENTS 2019 annual conference. The event, hosted May 5-8 in Orlando, featured thought-provoking speakers and topics reflecting the latest trends in payments. Here are five takeaways we learned at the show.
There are many applications of AI in payments that can increase security and streamline operations throughout the industry. They include risk management, cash flow forecasting, digital assistant chatbots, fraud prevention, and AML screening, just to name a few. Most importantly, AI enhances their human counterparts rather than replacing them. The technology empowers staff to approach their jobs more quickly, accurately, and efficiently than possible without the help of AI.
Our head of product, Stuart Bain, co-presented with Jeff Pauly from Bank of America in a session titled, “What’s Next for Chatbots?” The speakers defined chatbots, presented current use cases, and speculated on what the future might hold. There are opportunities for chatbots to detect emotion using advanced natural language processing (NLP), leverage predictive behavior analysis, and mine data to streamline operations. But these opportunities come with threats like harvesting consumer data, injecting malicious code or commands, and/or chatbot impersonation. Businesses using chatbot technology will need to identify and thwart these security threats to keep their chatbot environments safe and secure.
Faces are the new fingerprints. Alipay’s “Smile-to-Pay” system continues to expand in China and NAB ATMs in Australia are leveraging the technology to authenticate users making withdrawals. This biometric data adds another layer of security in the fight against fraud.
It might sound counterintuitive, but paper check usage is going up for small businesses. The slower process of writing, sending, and waiting for paper checks to clear can create a financial advantage for small businesses. During this time, they can slow down the payables process and retain those funds for a few extra days to reap the benefits of their higher balances.
A session dedicated to the 2019 AFP Payments Fraud and Control Survey shared some alarming statistics related to payments fraud. A record-high 82% of organizations reported being subject to actual or attempted fraud in 2018. While almost 70% of fraud was discovered within two weeks, a delay of even one day can have significant negative consequences for an organization.
13 Oct 2020 Blog Alacriti Insurance Series Part III: How Digital Disbursements Extend a Lifeline While Controlling Costs Insurance companies looking to deliver fast and efficient payouts to policyholders should consider digital disbursements. This blog makes the case for why.
22 Sep 2020 Blog Shortening the Distance Between You and Your Customers Customer-centricity is a key tenet to any digital transformation project. But what does that actually mean? For us, it means meeting your customer, where and when they want to be met, with how they want to pay.
09 Sep 2020 Blog The Importance of System Integration to Drive Core Banking Transformation. What do the words "fully integrated" mean from an Electronic Bill Presentment and Payment (EBPP) perspective? Here's a list of seven questions and answers to help you get started.