In just a few years, artificial intelligence has gone from a promising technology that excelled in board games to creating real improvements in everyday life. During the fall and winter of 2018 Bambora and FCG launched a pilot to explore the possibilities of this technology in the world of payments. The results showed both a great potential for improvements in the short term and endless possibilities for the future.
Payments are in many ways the perfect application for AI. Every day, payment companies handle enormous amounts of structured data, surrounded by a strict regulatory system, just the type of data that AI is already great at analyzing and finding patterns in. Patterns that can then be used to reduce costs and prevent fraud.
At Bambora, this analytical approach isn’t new. Customer’s data and transaction patterns are already being analyzed to find new ways to optimize both transaction flows and costs through what is called Payment Performance. At the same time, AI is also seen as the natural next step when developing and streamlining the Payment Performance approach.