A recent press release states, “Flywire, a company that solves complex payment problems for leading businesses and institutions, announced the addition of powerful new machine learning capabilities to its cross-border payment and receivables platform. The enhancements improve the payment-to-settlement time, increase security, and reduce costs for both payers and receivers by further automating and streamlining reconciliation of the growing number of international payments coming from different countries in different currencies.”
The release goes on, “There is significant interest in expanding the application of artificial intelligence and machine learning in the financial services sector. Research advisory firm Autonomous NEXT estimates that financial firms globally can eliminate up to 20% of costs through the implementation of the technology while also improving service quality. In the area of middle office processes such as payments, the company’s analysts point to increasingly complex regulations and real-time processes which are making artificially intelligent oversight, risk-management and KYC systems very valuable.”
It adds, “Typical legacy payment platforms employ rigid, rules-based systems to perform ‘best effort’ reconciliation of invoices with monies received for businesses and institutions collecting payments. These platforms are limited in their ability to support the ever-evolving business requirements, multiple currencies, and myriad payment methods involved in collecting cross-border transactions. As a result, a significant manual effort is required to review transaction records and reconcile payments.”
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