PYMNTS.com October 31, 2023
Businesses face uncertain times. High borrowing costs and late payments ignite an urgent need to reduce operating expenses and improve cash flow. One key solution is upgrading and streamlining costly legacy and manual methods that still comprise the bulk of business-to-business (B2B) payment processes. Against this backdrop, artificial intelligence (AI) technology has emerged as a virtual silver bullet. Potential payments applications range from enhancing transaction efficiency to improving fraud detection to personalizing the customer experience. And that’s just the beginning.
While it is tempting to view this technology as a one-size-fits-all solution to business payment problems, numerous caveats come with the technology’s use. Firms embarking on its implementation for payments must be conversant with its exact indications — as well...
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