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Interactive GLOBALISATION AND LOCALISATION


In general, it’s our position that local licensing of the gambling market leads to fragmentation and increased costs of compliance. We’re therefore supportive of a European licencing regime that would allow for passporting or a single market for gambling. A single market approach would increase transparency around how decisions to blacklists are made. We endorse a formal process whereby a court proceeding allows both parties to be represented, and a ruling is made subject to repeal. Clarity can only help the consumers and the merchants that may be affected by these regulations.


To what level is AI currently being exploited within financial services? And what role will it play in the future, especially in terms of risk and fraud?


Te digitisation of commerce has been a catalyst for new capabilities, new technologies, and new thinking from the fintech industry. One such technology has been Artificial Intelligence (AI). Tere is still room for growth in how AI is used in the payments industry. It can be used to automate the last remaining elements of manual processing, and through that, bringing cost, efficiency and risk reduction benefits, as well as reducing expensive, time-consuming, and error- prone human intervention. It also plays a major role in some of the elements of real-time payments – such as compliance checks and various customer service-related activities.


On the risk front, there are two key drivers for AI P120 NEWSWIRE / INTERACTIVE / 247.COM


in payments: the increased risk of fraud generally, and financial services and online merchants being particularly susceptible to sophisticated attacks. Merchants saw over 600 attempts of fraud per month in 2016 – a third of which were successful, and the impact on the bottom line as well as brand reputation can be exponential. While AI can be used to try win the fight against fraud, it can also be used to authenticate genuine transactions that may otherwise be mistaken for fraud, and reduce genuine transactions being declined. One in six


Merchants saw over 600


attempts of fraud per month in 2016 – a third of which were


successful, and the impact on the bottom line as well as brand reputation can be


exponential. While AI can be used to try win the fight against fraud, it can also be


used to authenticate genuine transactions that may


otherwise be mistaken for fraud


shopping experiences are declined because of suspected fraud, and these false declines can lead to around $188 billion loss per year – 13 times the cost of actual fraud. In the online gaming and gambling industry, brand loyalty is key to success, and AI being used in this manner could potentially improve consumer experience without compromising safety.


It’s becoming increasingly difficult for a single provider to deliver universal payment solutions, so how are banks, fintech companies and payment networks repositioning themselves to provide customer value?


Providing customer value is more than simply processing a payment. PSPs such as Paysafe provide end-to-end payment solutions for businesses and consumers around the world. Providers must offer a suite of processing and acquiring solutions including access to a global payment network, best-in-class fraud and risk management tools, management of the burden and complexity of compliance, and frictionless payments for customer. Established PSPs, banks, and fintech companies that have been at the centre of innovation in payments understand how to stay ahead of the curve, by anticipating customer needs, reacting to regulatory changes and leveraging new technologies with a portfolio of products that is always growing. Tese benefits can be passed on to their customers and bring seamless transactions to merchants and customers alike.


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