Identity Automation Moves Up the Payments Agenda
Payments modernization budgets are lining up behind identity, reconciliation and automation, providing a clearer picture of what businesses intend to build next. PYMNTS Intelligence data, in collaboration with Plaid, shows 65% of firms plan to adopt or expand identity verification and know-your-customer (KYC) automation within the next 12 months, putting it ahead of secure bank […] The post…
A recent survey indicates that identity verification and know-your-customer (KYC) automation is emerging as a top priority in the payments industry, surpassing secure bank connectivity and AI-based fraud detection. PYMNTS Intelligence, in collaboration with Plaid, found that 65% of firms plan to adopt or expand identity verification and KYC automation within the next year, making it the most broadly planned capability.
Reconciliation automation, matching and clearing payments against invoices, ledgers, and bank statements, is also highly anticipated, with 70% of firms planning to adopt or expand this automation. AI fraud detection and open banking are tied at 59%, reflecting a significant, yet less prioritized, investment in these technologies.
The report also highlights that 51% of firms plan to allocate resources to maintain legacy infrastructure within the next 12 months, while 41% have this planned for later. Thus, the modernization agenda for payments technology appears to be spreading across various layers of the payments operation, rather than being concentrated in a single new technology.
Written by urgent.news from PYMNTS's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
