Machine Learning: Separating Fact from Fraud Fiction for Merchants

Machine learning is a broad discipline about which many claims, sometimes extravagant, are made. In recent years, it has often been hailed as the most effective answer to stopping payments fraud. At ACI, we’ve been working with machine learning models to prevent fraud for over two decades – and we know they can play a critical role in improving fraud detection accuracy. Here we bring together a few insights on how models can be used most effectively.

For Financial Institutions, Community Is Critical to Fighting Fraud With Machine Learning

In November 2019, our experts predicted that democratized machine learning and shared intelligence would be among the most important fraud prevention trends for financial institutions (FIs) in 2020.

Could the Right Use Case Push the U.S. Over the Edge of Real-Time Payments Adoption?

New York City, while a world leader in countless ways, has only just made it possible to access the subway with contactless technology. Something a commuter in London, for example, has taken for granted for many years. While America’s tech companies, manufacturers and retailers have been constantly modernizing, the country’s payment methods and habits lag behind much of the rest of the world.

Are Alternative Payment Methods the Future of Fuel and C-Store Payments?

Card payments are still king in many sectors, including fuel and convenience, where according to Mercator Advisory Group, 57 percent of U.S. drivers currently use a credit or debit card to pay. However, the rising adoption and associated benefits of mobile and other alternative payment methods (APMs) in many other sectors have put the topic of APMs on the radars of fuel merchants.

Why the COVID-19 Pandemic Makes Immediate Payments Growth Mission Critical

COVID-19 continues to shake the world, and the payments industry is playing a critical role in the response to, and recovery from, this pandemic. There has been a shift in preferred payment methods as many consumers seek to avoid cash and embrace modern, digital payments.

Scale, Speed and Differentiation – How Acquirers Can Thrive in the 2020s

New players, changing consumer behaviors and expectations, shrinking margins and more regulations – the world of acquiring is changing fast. How can acquirers thrive in the 2020s? ACI debated this question during a recent webinar, and I talked to the participating panellists – Carlos Perez Rubio, senior principal product manager, ACI Worldwide, George Peabody, partner, Glenbrook and David Gale, vice president – Technology, Moneris – and asked them how acquirers should prepare for the future.

Changes in Consumer Search Behavior in the Wake of COVID-19

It’s been several months since COVID-19 became a widespread pandemic and a central focus of every aspect of our lives. Businesses are evolving to meet demands and consumers are thinking about their personal finances very differently, especially when it comes to paying bills. Consumer search behavior has drastically changed during COVID and will continue to do so, especially as 1 in 4 consumers who pay a monthly bill have contacted their biller(s) for payment arrangements or deferrals during this time.

Will COVID-19 Accelerate Friction-Free Payments in the Fuel Sector?

Today’s consumers expect easier and more frictionless ways to pay. The upshot for merchants is that consumers who do receive convenient, friction-free experiences tend to spend more and show greater loyalty.

Fraud Prevention Is the Frontline of Customer Experience

Digital transformation has done more than disrupt business models. In almost every consumer-focused market – and most business-to-business ones, too – it has fundamentally re-oriented the competitive landscape around customer experience as a core differentiator.

Payments Modernization and Cross-Border Payment Corridors: How Nordics’ P27 Is Leading the Pack

The understandably large level of attention generated by the Nordic region’s P27 initiative is the antithesis of its relatively small place on the global map. Much of that is down to the impressive scope of its ambition: to build the world’s most cutting-edge, cross-border payments system, encompassing multiple currencies and payment types (including real-time), plus building out the services to sit on top of the rails, which will drive further value.

Going Digital at the Deadline: America’s Electronic Tax Revolution

The Beatles once famously sang, "I'm the taxman, and you’re working for no one but me.” Though the sentiment may be true, governments looking to drive more on-time collections must also accommodate shifting citizen tax and bill payment preferences.

Taking the Pulse of Biometric Authentication in 2020

Growing demand for digital payment methods in recent years, including a plethora of mobile payments and person-to-person payment applications, has already put biometric authentication firmly at the forefront of payments and fintech. Moreover, the COVID-19 global health crisis has introduced new norms that have discouraged non-essential physical interaction, which has further boosted the popularity of digital payment alternatives. Already in March, CNBC noted that there had been a surge in the number of Americans preferring ‘”tap and go” transactions through digital wallets, like Apple Pay or Google Pay, overwhelmingly secured with biometric (mainly fingerprint) authentication.