Payments News
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Tech

Bank of America’s Erica® Surpasses 10 Million Users, Introduces New Capabilities

“Bank of America today announced that its artificial intelligence (AI)-driven virtual financial assistant, Erica® , has surpassed 10 million users since its nationwide rollout in June 2018 and is on track to complete 100 million client requests in the coming weeks. These milestones coincide with the introduction of several new Erica insights within the bank’s […]

On The Web

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Tech

Visa to Test Advanced AI to Prevent Fraud

“Visa Inc. is rolling out a platform to help its engineers quickly test advanced artificial-intelligence algorithms aimed at detecting and preventing credit-card fraud. The platform, built in house and slated to be launched later this year, is an example of the broader financial-services industry trend of using AI to detect patterns in transactions that could signal […]
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Tech

Bill.com Launches AI Platform for Automated Payments Processing

“In an era of widespread automation, it’s hard to believe manual data entry still constitutes a sizeable chunk of employees’ chores. According to a recent Salesforce survey , people at small and medium-sized businesses spend 23% of their workday manually inputting data. Another study — this one conducted by SoftwareAdvice.com — found the time sink […]
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Tech

Cashierless Stores Make Inroads in U.S.

“The concept got a push from Amazon Go stores, which Amazon.com Inc. launched in early 2018 ; there are now 15 stores, with two opening last week, in New York and San Francisco. Amazon Go relies on hundreds of cameras and sensors in each store to identify products that customers take off the shelves. Shoppers […]
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Tech

Square’s New Assistant Is an AI Bot That Aims to Do One Thing Well

“It turns out that a lot of people will avoid picking up the phone to reschedule things, even if it means being a no-show for an upcoming haircut or nail appointment.   For that reason, Square is now letting business owners automate the rescheduling process with a chatbot called Square Assistant. Business owners that are […]
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Tech

New Ally Financial CIO Prioritizes AI

“Detroit-based Ally—formerly GMAC, the financing arm of General Motors Co.—has an online bank with no physical branches. The company offers mortgages, auto loans and investment tools… The company is using AI technologies such as Amazon.com Inc.’s Alexa for voice-enabled online banking and biometrics for customers to log into the mobile banking app.”
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Tech

The Future of Banking Is About Data-driven Services

“When it comes to banking, technology is helping people manage their finances when, where, and how they want. The bar has been raised when it comes to how fast consumers expect to be able to connect with their accounts, make transactions, and move on with their day. As TD looks for new ways to connect […]
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On The Wires

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Tech

Mastercard and ZIVELO Leverage Artificial Intelligence to Revamp the Ordering Experience at Quick Service Restaurants

Today, Mastercard announced a partnership with ZIVELO, a leader in self-service kiosk technology, to enhance the drive-in and drive-through ordering experience for quick service restaurants (QSRs) with a first-of-its-kind AI-powered voice assistant and personalized dynamic menu. Sonic Drive-In will be the first partner to pilot the new experience at selected Sonic locations in the U.S. […]
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Risk

Visa Prevents Approximately $25 Billion in Fraud Using Artificial Intelligence

“Visa Inc. (NYSE: V) today announced new analysis showing Visa Advanced Authorization (VAA) using artificial intelligence (AI) helped financial institutions prevent an estimated $25 billion in annual fraud—making the global payment ecosystem safer for retailers and consumers.i VAA is a comprehensive risk management tool that monitors and evaluates transaction authorizations on the Visa global payment network, […]