The financial industry is undergoing a digital transformation with the integration of artificial intelligence and authentication technologies. Companies such as Billtrust and Galileo Financial Technologies are leveraging AI to enhance security and efficiency in cross-border payments and real-time transactions. For instance, TerraPay's use of GenAI technology enables instant payment processing across borders. Meanwhile, Fiserv is working on Open Banking initiatives with Boost Payment Solutions to facilitate faster payments. However, this shift also raises concerns about identity verification and fraud prevention, prompting companies like Prove Identity to develop digital identity solutions.
https://www.pymnts.com/news/payments-innovation/2024/to-know-whats-next-in-payments-first-look-back/