#Fintech / #ArtificialIntelligence #Stock News (OTC: $GTCH) (NYSE: $V)
(NASDAQ: $PYPL) (TSXV: $MTRX.V) (OTCQB: $RACMF)- the future of #payments; @Visa
@PayPal @LoopInsights
Point
Roberts WA, Vancouver BC – April 29, 2021 – Investorideas.com (https://www.investorideas.com), a global investor
news source covering Artificial Intelligence (AI) and Fintech issues a sector snapshot looking at how AI will
play a leading role in the future growth of the credit card/payment industry,
featuring emerging technology company, GBT Technologies Inc. (OTCPINK:GTCH).
Read this article, featuring GTCH in full at https://www.investorideas.com/news/2021/artificial-intelligence/04291Fintech-Stocks.asp
According to Fortune Business Insights, “The
global payment processing solutions market size is expected to showcase
exponential growth by reaching USD 116.17 billion by 2027. This is attributable
to the increasing adoption of value-added services by major fintech firms,
along with the growing demand for payments through credit & debit cards
that is leading the developers to introduce advanced payment solutions
globally.”
“The emergence of advanced technologies has
led to a massive overhaul in the operations of several fintech firms and major
banks globally. They are adopting modern technologies such as artificial
intelligence (AI) and machine learning to provide their customers with
contextual and customized payment solutions. This is driving the demand for
advanced payment solutions to enable fast, simple, and secure business
transactions. Furthermore, the surging use of credit and debit cards over cash
is likely to boost the global payment processing solutions market growth in the
forthcoming years.”
Having
previously announced several patent filings in the AI space, GBT
Technologies Inc.
(OTCPINK:GTCH), a development stage company for Internet of Things (IoT), Artificial
Intelligence (AI) and Enabled Mobile Technology Platforms, recently announced
applications for the fintech payment space.
The Company announced it had filed with the US Patent and Trademark
Office (“USPTO”), a provisional patent for systems and methods of a financial
software application to prioritize and consolidate credit cards charge system.
The system will be offered as a web-based and mobile application. The system is
targeted to use GBT’s patented database management technology and empowered by
its Artificial Intelligence technology. The software design contemplates an
automatic, characterized, and prioritized consolidation of different credit
cards into one card method, point of sale, smartphone applications and computer
software.
When a credit card user is using his/her
account, in most instances the selection of the card is done arbitrarily or by
credit availability. In many cases the credit card user is not utilizing
his/her other cards lower interests and benefits. The patent protects an
automated software tool and method that would combine all of his/hers credits
cards accounts into one credit facilitate account. This one credit system,
automatically prioritize and charges according to the user’s best interest.
Furthermore, it will “consolidate” all the line of credits from his/her differ
credit cards into one “large” line of credit. The one credit system accumulates
the users’ credit cards available credit into one account. When a transaction
is made, the system searches the user’s most beneficial credit account and
charges or allocates the amount to it.
The system will be managed by GBT’s Artificial
Intelligence technology and use it’s patented, database sharing method to
enable high performance and security. The system will consider the best
financial aspects of all credit card account, automatically selecting the
user’s best interest one. Among these aspects are lowest interest rates,
membership fees, cash advanced, line of credit, benefits like mileage, gift
certificates, and similar. The assigned application number is 63175564 and the
filing date is April 16, 2021. The company intends to file a nonprovisional
application during the next few months.
“We are excited to start another activity of
implementing our technology in wide variety of domains. This one is in the
financial arena. This patent aims to protect a prioritized, characterized
credit card system to automatically enable making the best financial decision
with user’s credit cards. The technology covered by the patent application
contemplates the automatic ranking of the user’s credit card benefits like
interest rate, reward programs and similar and use the one with the highest
rank to execute charges. In this way users will be always using their best
interest financial credit account. The system will combine all user’s credit
accounts and will enable consolidation of all credit lines into one account.
Our Artificial Intelligence technology will be the brain to empower the entire
system and we’ll be implementing our patented database management technology
for fast performance and high security. Our AI system will enable a personal
“credit advisor” that helps with all credit lines financial decisions, always
keeping in mind the user’s best interest. This is the first time that we will
be using our technology in the financial arena and we look forward for further
future expansion in this domain,” stated Danny Rittman, the Company’s CTO.
In February, Visa Inc. (NYSE: V ) announced VisaNet +AI, a suite of AI-powered services
that address long-standing challenges and pain points for banks, merchants and
consumers - including delays and confusion with managing account balances and
the unpredictability of daily settlement for financial institutions. VisaNet
+AI comprises several innovative concepts and new value-added services,
including Visa Smarter Posting and Visa Smarter Settlement Forecast, as well as
Visa Smarter Stand-In Processing (Smarter STIP), a capability announced in
August of last year. These innovations harness Visa’s high-performance AI
platform to help make payments more predictable, transparent, and speedy.
"Our clients, partners and cardholders
look to us for actionable data-driven insights to better manage their
businesses and financial lives, especially during these unprecedented times.
Today we’re announcing a set of services that use AI to make it easier for consumers
to manage their accounts, and for financial institutions to manage their
business," said Jack Forestell, Executive Vice President and Chief Product
Officer at Visa. "With our investment in AI infrastructure, we’re
unlocking novel, real-time solutions to complex problems. This is just the
beginning of what we can do with the predictive power of AI."
PayPal Holdings, Inc. (NASDAQ: PYPL) talks about how they are using “ Machine Learning and
Artificial Intelligence Lead to Higher Authorization Rates.”
“Optimizing the payment experience: Ensuring
high probability of approval & decline prediction We’ve all been there. We are ready to make a
high-value purchase that we’ve spent weeks thinking about, maybe a new gaming
console, a designer handbag or a vacation rental. And surprise, surprise, the
transaction is declined, even though we are well below the card limit.”
“But now, by combining historical trends and
transaction variables, PayPal’s machine learning models can help predict in
advance if a user’s card will be declined for a transaction and prevent the
purchase from being completed. If a decline is predicted, we can create a
custom experience for the user that will ensure a valid purchase goes through,
which has resulted in improvement of auth rates between 60-240 bps for certain
merchants. For example, we can surface a different payment method within a
user's PayPal wallet that has been successful in the past. We can also prompt a
secondary form of authentication using 3D-secure or request a CVV to make sure
the user is who they say they are.”
Another smaller player in the sector, Loop
Insights Inc. (TSXV:: MTRX) (OTCQB: RACMF), a provider of contactless solutions and
artificial intelligence (“AI”) to drive real-time insights, also uses AI and
IoT saying, “Like the internet connects websites, Loop connects physical
locations – providing the data connectivity that will level the playing field
between brick and mortar retailers and online giants.“
One of their technologies, SmarTap, “infuses
Loop’s cloud-based artificial intelligence with an NFC (Near Field
Communication) reader to create a smart engagement platform suitable for a
multitude of applications, including check-in processes, venue tracing, loyalty
programs, and marketing. Users simply tap their mobile device to access a
streamlined, contactless experience—which is more important than ever before.”
Looking at the sector, innovation through AI
to simplify the payment process for both consumers and retailers is coming from
both small and large corporations. The future is clearly one of contactless
payments and has been even further accelerated by the Covid-19 pandemic.
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