We all have been reading about Blockchain, Artificial Intelligence, Robotic Process Automation, Contactless Payments, Real-time processing etc., the technologies that are shaping the payments trends in 2018. Let’s get to know what pain areas they address and what challenges they face as of 2018.
|Technology / Feature||Pain areas addressed||Challenges|
|Blockchain & Distributed Ledger Technology|
Long processing times, Intermediaries charging big fees, Frauds and errors in transactions
Lack of regulation and standardization
Inefficiencies in payment process, Issues in reconciliation, Late fraud detection
Lack of computing resources
|Robotic Process Automation|
Time and resources spent on routine and repetitive manual tasks
Risk of creating silos
Long waiting times
Long Processing times
Minimal Sanctions Screening Time, Weak customer authentication
Users restricted to avail services from one provider.
Consumer’s willingness to embrace
Security, can’t be a standalone solution