Flywire Joins The Growing Number of Financial Services Deploying Machine Learningby Fintech News Singapore April 24, 2019
Flywire a payments firm announced that they are deploying machine learning capabilities into its payments platform. The enhancements are geared towards improving payment to settlement time, increasing security, cost reduction and to streamline reconciliation of the growing number of international payments coming from different countries in different currencies.
Latest study by Refinitiv shows that majority of banks are looking towards deploying machine learning this year, therefore it is to be expected for companies like Flywire to also deploy machine learning into its payments platform to remain competitive.
With the addition of machine learning-enabled deep neural networks and reinforcement learning techniques, Flywire has enhanced its ability to streamline the identification and reconciliation of complex, cross-border payments in real-time. According to their press release, its platform is now able to automate the matching of 90% or more of cross-border transactions and gain additional improvements as the models learn.
Jason Moens, VP of Product at Flywire said,
“Accepting payments across borders is a highly complex process that increases the cost of collecting monies, opens up FX and fraud risks, and requires enormous operational investment,”
“As more and more businesses and institutions leverage our platform to address these challenges, we continue to look for new ways to enhance its capabilities. The addition of advanced machine learning further streamlines our clients’ payment and receivable operations and removes more of the potential risks that can negatively impact fundamental parts of their business. This allows them to offer customized payment solutions to more of their customers — wherever they are in the world.”
Flywire was a previous recipient of the Singapore Fintech Festival’s MAS Fintech Award.
Featured Image Via: Flywire