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

Banks See Pressure in AI Race From Fintechs and Big Tech

“Fintech and big technology companies could outpace traditional banks in the race to develop AI tools that help personalize services, evaluate credit risk and more, analysts and industry executives say. While that could fuel new partnerships in banking, it also could lead to increased competition that eats into the business of more established financial institutions, […]
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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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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

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

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

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 […]

On The Wires

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Companies

Mastercard Launches Frictionless Retail Technology Solutions to Enable Touchless Economy

“Mastercard partners with Circle K, Delaware North, Dunkin’ and White Castle to reimagine the consumer shopping journey As merchants navigating the impacts of COVID-19 seek out enhanced technology for in-person engagement, Mastercard today announced a new suite of frictionless solutions for retailers to reimagine their physical shopping experience. Applicable and adaptable to any retail environment […]
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Companies

Visa Harnesses Real-Time Deep Learning to Enhance Transaction Processing

“Visa Inc. today announced Visa Smarter Stand-in Processing (Smarter STIP), a new capability that uses real-time artificial intelligence (AI) to help financial institutions manage transaction authorizations when service disruptions occur. Using deep learning to analyze past transactions, Smarter STIP generates informed decisions to approve or decline transactions on behalf of issuers in the event that […]