NPST, a major digital banking and payments technology company unveiled a range of cutting-edge AI-enabled digital payment solutions at the Global Fintech Fest 2024.
UPI rails are driving the exponential growth of India’s fintech sector. These solutions are intended to help banks and payment aggregators benefit from the current momentum by utilising cutting-edge technologies such as artificial intelligence and machine learning.
The solutions include:
Risk Intelligence Decision-Making Platform: The Risk Insight Decisioning Platform learns and analyses transaction patterns by combining insight from numerous data sources. By forecasting and mitigating new threats, the platform allows merchant acquirers to efficiently foresee and prevent fraud, resulting in a strong security foundation for person-to-merchant transactions.
The major use cases are merchant trust score, customer transaction score, and chargeback fraud prevention, which will aid in compliance and security and reduce the financial effect of fraud on merchant acquirers and aggregators.
EVOK 3.0 Payments Platform as a Service (PPaaS): EVOK 3.0 is an enhanced version of the EvoK platform that provides a complete payment solution for payment aggregators, payment gateway service providers, and retailers. This comprehensive solution addresses all aspects of the payment lifecycle, including end-to-end transaction processing, risk and fraud management, reconciliation, dispute and chargeback management, and analytics. EVOK 3.0 features advanced transaction processing capabilities such as multi-bank intelligent routing and shadow ledger capabilities that are intended to offload transaction authorization from Core Banking Systems. The platform, which is powered by artificial intelligence and machine learning algorithms, offers predictive fraud intelligence and seamless processing, allowing organizations to manage large transaction volumes effectively while assuring security and accuracy.
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Commenting on the launch, Deepak Chand Thakur, Co-founder and CEO of NPST, said, “NPST‘s vision is to bring digital payment technology to every entity in the financial value chain, driving the next decade of innovation in the payments industry. With UPI’s unstoppable growth, it has evolved from a simple transaction mechanism into a comprehensive ecosystem, enabling a range of consumer-centric use cases. Our expanded payment portfolio, now enhanced with cutting-edge AI capabilities, aligns with NPCI’s vision, empowering banks and payment aggregators stay ahead of this evolution with relevant solutions while unlocking new monetization opportunities.”
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