Following the corona: Acceleration in the digital revolution in the world of payments

“It matters less if cash disappears, and more if consumers have access to payment anywhere and in any situation,” Mark Smith, head of payment development business at Amazon Web Service AWS, told Maariv.

“Our customers are increasingly focusing on providing secure and simple digital payment solutions, while leveraging our infrastructure and services. The Corona has rapidly and unprecedentedly changed the way consumers conduct operations with their financial institutions – leading to the rise in digital payments and transactions between people through payment apps “, He explains.

“For example, Melio, an Israeli company that provides a business-to-business payment (B2B) app that is changing the way small businesses in the U.S. make and receive payments, has experienced a 3,500% increase in the past 18 months. Such magnitude and speed have been made possible by AWS’s Serverless infrastructure. ”

Smith referred to the trends in the payments market: “As a result of social distance and other means of dealing with the epidemic, the digital transformation of the payment world has accelerated. As companies in the field promote digital initiatives in payment modernization, AWS technologies to increase processing capabilities, improve the customer experience, secure payment and expand the provision of credit to those who need it most. ”

“Financial services companies around the world, leading in payment transformation, have already adopted the cloud as their platform for innovation,” he adds. “By using cloud services, they can build real-time platforms that offer application interfaces (APIs), and can also integrate cloud-based fintech services.”

Smith addressed the change in customer experience following the new payment technologies that incorporate artificial intelligence. “We see customers integrating artificial intelligence through the use of new data sources for fraud prevention solutions and innovative credit underwriting models,” he stressed. AWS also helps customers prevent fraud while maintaining a simple purchasing experience through new authentication techniques.

“For example, MasterCard’s NuData uses passive biometric means to authenticate account holders by analyzing their digital profiles – behaviors that cannot be copied by another party. Financial institutions are looking for new ways to use real-time information analysis while leveraging updated or new algorithms to help provide New lines of credit, while balancing speed with security and the quality of underwriting decisions. ”

By Editor

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