The Payments Association

OCTOBER 3, 2024

According to the European Central Bank, over 126 billion cashless transactions were processed in the EU in 2022 , a significant increase from previous years. Sophisticated credit-scoring algorithms allow for more accurate risk assessment, enabling banks to extend credit responsibly and efficiently.

Payment APIs and Integration

The Fintech Times

MARCH 27, 2024

Transparency International counts over 2,250 shell companies that were used in corruption and money laundering schemes over the past 25 years (2022 report). Advanced AI technologies can help firms create knowledge graphs to build 360-degree client profiles for risk assessment.

Money Laundering

The Payments Association

MAY 16, 2025

A 2024 joint survey by the Bank of England (BoE) and the Financial Conduct Authority (FCA) found that 72% of UK-regulated firms are actively using or piloting AI and machine learning toolsan increase from 67% in 2022. This includes a high concentration in anti-money laundering (AML), fraud detection, and client onboarding.

Compliance

Nanonets

MAY 31, 2023

Seon reports that 22% of adults in the US were victims of this type of fraud in 2022, with average losses of around $12,000 per case. Vendor Fraud: Employees collude with external vendors to create fake invoices or overstate charges, leading to improper payments. Vendor fraud caused a total loss of $10.24

Fraud Detection

Seon

MAY 31, 2024

The advancements in AI, ML and automation transform fraud detection and protection by augmenting human capabilities with algorithmic precision and scalability. Such instances erode trust and undermine the perceived reliability of a company’s fraud detection systems.

Fraud Prevention

Nanonets

APRIL 5, 2023

In mid-2022, the rising delinquencies on subprime credit cards and personal loans, which are at least 60 days late, increased faster than normal , nearing their pre-pandemic levels. Increased accuracy - automation can eliminate the risk of human errors in data entry and processing, resulting in more accurate customer filtering.

Automation

The Fintech Times

DECEMBER 14, 2023

Take, as a few examples, the way AI is now used for risk-assessment purposes, analysing large amounts of data, and assessing creditworthiness quickly and effectively. Or in fraud detection , where it can recognise patterns, anomalies, and suspicious activities in real-time. per cent in 2022.

FinTech

Nanonets

AUGUST 1, 2023

The Institute of Internal Auditors' 2022 North American Pulse of Internal Audit reveals that if CAEs had additional funds, 48% would prioritize increasing staff, while 25% would focus on technology. Another key advantage of automation of internal audit is better risk assessment.

Audit

Nanonets

AUGUST 1, 2023

 According to TechNavio , the audit software market is poised for substantial growth, with an estimated Compound Annual Growth Rate (CAGR) of 13.36% anticipated between 2022 and 2027. Risk Assessment: Audit automation helps auditors assess risks more effectively by identifying potential red flags and areas of concern within the data.

Audit

Fintech Labs Insights

AUGUST 22, 2024

Fall 2022 (New York): Debbie: Raised $2.7M, continued expansion in automated financial services for personal finance management. Stratyfy: Raised $12M, decision intelligence technology gaining traction, particularly in risk management. Neener Analytics: Social media analytics for risk assessment, expanded into new financial markets.

Online and Mobile Banking

The Payments Association

MARCH 20, 2025

By analysing customer data in real-time, AI not only refines know your customer (KYC) processes and enhances fraud detection but also powers intuitive customer service through chatbots and virtual assistants to create seamless, tailored experiences that todays consumers demand. billion by 2028.

AI