AI Critical to Making Business Payments Faster and Safer

“Real-time payments processing is becoming a reality in B2B,” Manish Jaiswal, chief product and technology officer at Corcentric, told PYMNTS.
But as payments get faster, enterprises large and small will need to confront inefficiencies in accounts receivables and payables processes.
Most companies, no matter the business vertical, have issues processing payments — where the challenges are tied to data quality or actual execution of the transaction itself, he said.
Fraud remains an ever-present concern, he added, especially as data breaches and social engineering scams become more sophisticated, targeting an enterprise’s employees into unwittingly sending payments to fraudsters’ accounts.
“People can be the most vulnerable link in the ‘security chain’ of payment processing,” Jaiswal remarked. One of the most important functions of payments — making sure that the person you’re paying is who they say they are — is becoming harder to satisfy than ever.
Merchants and financial institutions can address those challenges by embracing artificial intelligence (AI) to streamline operations and beef up anti-fraud efforts. AI, in combination with machine learning, can analyze large data sets in real time, giving firms the information they need to safely execute payments or stop them.
As Jaiswal said, “there are several areas where AI can and will help make real-time processing a reality.”

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