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December 18, 2019

Integration biggest challenge to embracing AI in payments

A survey by Bottomline Technologies reveals that even with consumers believing in the potential of AI technology in payments and banking, adoption is hindered due to integration challenges with existing technologies.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
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Of the 160 individuals polled in the study, 65% of financial and treasury professionals believed in the shift to AI in payments and banking.

Forty-one percent of those surveyed (41%) said that greater efficiency is the biggest benefit of the technology for these two sectors.

Besides, 20% of the respondents said that the technology will lower payments fraud.

Despite a positive stance on the technology, 45% of the respondents noted that integration with existing technologies is the biggest impediment that hampers its large-scale adoption in these two industries.

Regarding adoption of corporate Real-Time Payments (RTP) in the US, 40% of the respondents cite accounting and ERP integration as the key challenge.

When asked about the outlook for 2020, 37% of the respondents expect more importance on fighting payments fraud and financial crimes.

Bottomline Technologies vice president of Product Management and Strategic Solutions Jessica Cheney said: “While we’ve seen new technology change the banking and payments landscape, focusing on integration will be key for banks and corporates looking to maintain their competitive advantage and operate ahead of the curve.

“When it comes to increasing adoption of RTP in the U.S., integration will be key component.”

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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