Major card networks like Visa and Mastercard process half a billion transactions a day. With so many data points and variables across multiple parties in a transaction, orchestration is ripe for optimization with AI. And that’s just the beginning of how AI can transform operations in payments.
I spoke with experts inside and outside of Blankfactor to delve deeper into implementing AI in payments and software development approaches to consider as you roadmap your AI strategy.
Read the full article on Medium.
Highlights:
- With advancements like ChatGPT and OpenAI’s large language model interface, enterprise AI adoption is on the rise — and will soon see widespread adoption.
- The business case for AI in payments is undeniable: personalized customer experiences, smart payments orchestration, and even more advanced AI-powered fraud detection are among endless other use cases.
- Companies can pursue a few paths to AI software development, from building general-purpose models to business process models to proprietary models that leverage a company’s curated intellectual property.
- But implementing AI at an enterprise scale, especially in financial services and payments, remains a complex software challenge.
- AI innovation partners can bring the expertise you need to creatively take on these development complexities, including data availability and data cost challenges.
