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August 20, 2020
On the wires
NICE Actimize Unveils Xceed, a Next-Generation AI-Powered Financial Crime Risk Management Cloud Platform
“NICE Actimize announced the launch of its newest platform, NICE Actimize Xceed, which integrates best-in-class AI, data intelligence, behavioral analytics, and insights within a unified cloud platform designed to bring agility to financial institutions of all sizes, including community and regional banks, that are looking to modernize their financial crime risk management solutions.”
May 14, 2020
On the web
WeChat Launches Personal Credit Rating for 600m Users
Asia Financial Times
“WeChat Pay has announced a change to its 600 million users. It will now be giving them a credit rating – called “payment points.” These will be calculated by an artificial intelligence system based on consumers’ personal and credit records, plus habits and other factors said to represent users “credibility.” This system will also be applied to people who play online games. Tencent will give users a “trust” value. A high “payment points” score indicates “deep understanding” of users, and Tencent will nominate users as “trustworthy” or not.”
June 28, 2019
On the wires
Citi® Payment Outlier Detection Launches in 90 Countries
businesswire
“Citi’s Payment Outlier Detection solution has launched in 90 countries. Created by Citi’s Treasury and Trade Solutions business, it uses advanced analytics, Artificial Intelligence (AI) and Machine Learning (ML) to help proactively identify outlier payments — payments that do not conform to clients’ past patterns of payment activity – and allows clients to review and approve or reject such outlier payments via Citi’s institutional electronic banking platforms, CitiDirect BE and CitiConnect.”
December 19, 2018
On the wires
Citi Partners with Feedzai to Provide Machine Learning Payment Solutions
“Citi’s Treasury and Trade Solutions has entered into a strategic partnership with Feedzai, a leader in Artificial intelligence (AI) for real-time risk management across banking and commerce. Citi will be integrating Feedzai’s transaction monitoring platform powered by advanced machine learning technology, into its own proprietary services and platforms to provide clients with enhanced control and risk management for payments transactions. This collaboration follows a strategic investment made by Citi Ventures in Feedzai in 2016.”
July 24, 2018
On the web
Crunch Time: It’s Time For B2B Invoices To Be Paid Instantly
Financial Director
“In the B2B space, many of the inconveniences of paper cheques continue to plague businesses: lost time, wasted effort, and lack of certainty. B2B commerce relies on the use of payment terms, where goods or services are delivered but paid for at a later date. Imagine walking out of Starbucks with a coffee and saying, “I’ll pay you in three months”. This is what currently happens in B2B. This inefficiency is most extreme with sales from small suppliers to large buyers, where there is a very significant difference in the cost of capital and the negotiating position of each party. It is in neither party’s interest to participate in an inefficient transaction. At the heart of it, this echoes the pains of paper cheques for merchants – with no convenient alternative to turn to.”
SoftBank Plans Payments Service For Japan By Year-End
Bloomberg
“SoftBank Group Corp. plans to announce within days that it will start a mobile digital payments service in Japan by the end of 2018 as billionaire founder Masayoshi Son seeks to expand in the sector, people familiar with the matter said. The service, a collaboration with Indian startup Paytm, will make extensive use of artificial intelligence for mobile payments and other financial services, the people said, asking to not be identified as the plans are private. An announcement is imminent, they said. Dozens of Paytm employees are working in Tokyo on getting the service up and running, one of the people said.”
May 18, 2018
On the wires
Bank of America Delivers First Widely Available AI–Driven Virtual Financial Assistant
“Bank of America is rolling out the first widely available AI-driven virtual assistant of its kind in financial services, Erica, to its 25 million mobile clients. This latest innovation reflects the bank’s continued investment in digital capabilities as part of its high-tech, high-touch client experience, including the Digital Mortgage Experience, mobile car shopping tool, Merrill Edge Guided Investing, and Business Advantage.”
March 22, 2018
On the web
Understanding The Role Of Artificial Intelligence In Payments
Forbes
“Brands are just beginning to scratch the surface with conversational commerce, and the integration of AI will expand capabilities and increase automation. AI technology is currently used via chatbots to converse with shoppers, providing relevant content and suggestions and collecting valuable information. These smart chatbots elevate customer service and automate things on the back end, expanding retailers’ abilities to sell to anyone, anywhere in an intelligent way.”
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