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Tag: White paper

Global Payments Innovation Playbook

Posted on by cuscal

The Global Payments Innovation Playbook is a collaboration between PYMNTS and Cuscal to examine the key pillars driving financial innovation in Australia, China, the European Union, India, the United Kingdom and the U.S. We have curated some of these regions’ most promising and impactful innovations in this report, all to disseminate the important lessons local success stories have to teach.

The playbook offers a glimpse into global innovators’ efforts to take eCommerce and mobile payments to new heights. This includes what they can show us about modern consumers’ shopping habits, and how businesses might incorporate other regions’ successes when looking to expand abroad.

Contents of playbook:

  • Executive summary
  • Rebirth: why European nations are adopting faster payments
  • North America finds its payments voice
  • China’s mobile banking system: All roads lead to Alibaba and Tencent
  • Thank India: a greenfield ripe for innovation
  • Australia’s new real-time payments environment

Fraud and AI: what you need to know

Posted on by Uberbrand

Artificial Intelligence (AI) is already having a significant impact on the way we do business today. From helpful chat bots guiding us through complex purchase journeys to detecting potentially fraudulent payments, AI has the potential to create seamless customer experiences while simultaneously processing large amounts of information.

Machine learning frees humans from the grunt work of data tracking and pattern analysis – it’s faster, more scalable and learns from past information. No wonder Gartner predicts that more than 40% of data science tasks will be automated by 2020.

So when it comes to balancing customer demand for real-time payments with secure fraud-mitigating authentication, AI is an effective enabling tool for fraud teams to focus their investigation skills in the best place to securely ensure the speed and rigour required for a real-time payment. And that’s why more organisations are exploring the use of AI, especially in the area of fraud.

What role could AI play in fraud prevention and detection?

Through machine learning, the complexity of big data really becomes useful. At Cuscal, we have partnered with Feedzai to provide an advanced risk management platform that will be core to protecting Cuscal clients from the evolving threat of fraud.

“When using Feedzai, banks have significantly improved fraud detection, reduced false positives and overall a better customer experience – outperforming leading non-AI solutions – that’s why banks like Citi and Capital One have backed Feedzai’s technology.” said Richard Harris, SVP Sales International from Feedzai.”

With so many more payment channels available – online, mobile, P2P – there are more points of vulnerability. More than ever, we need a complete view of customer activity across products, an integration of channels to improve the customer experience, and to make more data-backed business decisions.

How will AI strengthen existing fraud protection systems?

With AI’s ability to analyse complex data in real time, fraud teams are better equipped to predict fraud before it occurs and so minimise losses.  AI reduces some of the noise of large amounts of data to focus on the real threats.  As we prepare to launch the New Payments Platform (NPP) in Australia, we can expect to see digital transaction processing converge with analytics providing better insights. Machine learning will enable organisations to look at more data, from more sources, and make better predictions with less uncertainty.

Of course, bots could be working on both sides – and the next generation of AI-enabled fraud systems will also need to be prepared to tackle new and increasingly sophisticated fraud attempts and scams.

Every Australian financial institution connecting to the New Payments Platform (NPP) needs to consider their real-time fraud monitoring and ensure effective controls are in place. AI is likely to underpin best practice – checking every transaction in real time for anomalies and flagging suspicious activity for action by experienced fraud investigation teams.

Learn more about preventing fraud in a real-time world.

Fraud prevention: then and now

Fraud & AI Infographic

Learn more about preventing fraud in a real-time world.

By Michelle Trundle, Senior Manager, Fraud

Preventing fraud in a real-time world

Posted on by Uberbrand

People making instant payments with their phones

When the New Payments Platform (NPP) arrives, it will position Australia as a global leader in real-time payments. As exciting as that is, as a financial institution there are an array of practical considerations that you need to take into account. Key among them is managing the potential for fraud.

While fraud prevention may seem like a daunting task, in Australia we are well positioned to do so. Our existing services, such as “pay anyone,” are already well established, and we lead the world in smartphone adoption. That’s significant because smartphones offer greater opportunity for security and identification, including in-app messaging and biometrics.

We also have the benefit of being able to draw on key learnings from those who have gone before us in real-time payments. By studying the experiences of countries like the UK, for example, we can glean important insights and apply them here.

In this paper, we will outline the key considerations that you need to be aware of around fraud and explain what the NPP and Cuscal are doing to help prepare.

The reality is that although the NPP isn’t inherently riskier than our current payments system, you still need to be vigilant. Fraudsters are always looking for new opportunities to make money, so they could be waiting for the NPP to go live to try to test how secure it is.

To minimise that potential risk, it’s essential that you are ready when the NPP goes live.

Contents of the whitepaper:

  1. Lessons learned from the UK’s Faster Payments Service
  2. Understanding the threat
  3. Addressing the problem of fraud and real-time payments
  4. Spotlight on artificial intelligence and fraud prevention
  5. Moving ahead with the NPP with confidence

NPP: winning the war for customer relationships

Posted on by Uberbrand

Three young adults looking at a phone

Rapid innovation has made it an exciting time in the Australian banking industry. At the centre of that excitement is the forthcoming New Payments Platform (NPP), an important initiative that promises to not only position Australia as a global leader in real-time payments, but also help the banking industry address some of its greatest challenges. In the process, it will bring numerous benefits to financial institutions and other organisations, as well as to the customers they serve.

Moving money around in Australia has historically been a slow process fraught with pain points. Yet with the arrival of the NPP in 2017, many of the inefficiencies that encumber the current system will be removed. In their wake, Australians will be able to transfer funds quickly and easily, 24 hours a day, 7 days a week, for the very first time — even to accounts at other banks.

For consumers, the NPP is important not only because it will make sending and receiving payments simple and easy, but also because they’ll be able to enjoy the convenience of doing so from their mobile phones, tablets, or computers in just a matter of seconds. For the banking industry, the NPP represents an opportunity to create the back-office efficiencies necessary to deliver these and other services. Even more importantly, it will be essential ammunition in the war for retaining and acquiring new customers.

In the pages that follow, we outline four trends that are currently creating challenges in the banking industry and are therefore central to many companies’ strategies. We also describe what the NPP is and how it will help address those challenges, demonstrating the return on investment (ROI) it will generate along the way.

In addition, we explain why the NPP will become critically important to customer relationships and why, to reap all of its benefits, financial institutions need to start getting ready for it right away. The paper concludes with some practical advice about what financial institutions need to do now to start preparing for the NPP.