Emerging trends in ePayments
By: Elisa Logan, Vice President Marketing
With the global market for ePayments continuing to grow at an astronomical rate, both in terms of dollar amount and share of overall payments solutions used, let’s look at some of the top trends fueling its growth:
- Artificial intelligence (AI):The latest advancements in AI and their benefits can be felt across all industries, including ePayments. AI will allow financial institutions to automate many basic tasks, such as providing account balances, transfers, and payment status to customers. It can also be used with Big Data to spot fraud patterns and trends, learn from them, and then deploy new security measures to prevent future attacks.
- Application programming interfaces (APIs): Many larger financial institutions are beginning to create and share APIs to create all kinds of new ePayment solutions. Doing so allows them to tap into a vibrant global development community to streamline business-to-business payments, especially across national borders.
- Connected/collaborative networks: Working in tandem with APIs, connected and collaborative financial the networks are emerging to increase the reach and capabilities of payment systems. Real-time payments can now be sent across large number of financial institutions to an untold amount of customers. Plus, the increased collaboration among institutions allows them to pool resources to build new services and solutions quickly and cost-effectively.
- Instant payments: In some industries—like insurance, for example—customers may have to wait days or even weeks for their claim payment check to arrive. Instant payments, though primarily used in retail, could shake things up elsewhere. Insurance companies could use instant payments to make batch claim payments, speeding up the process while boosting customer satisfaction. They could also be used as a value-added service for companies looking to set themselves apart from the competition.
VPay’s Preferred Expedited Payment (PEP) solution harnesses the power of the web and mobility, two factors in the trends mentioned above, to make claims payments quicker and easier. Policyholders can review their claims, pick their preferred method of payment, and get approval in as little as 15 minutes—right from their mobile device.
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