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6 Fintech Startups In India That Are Making Use Of AI Technology

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To facilitate risk assessment and marketing, Capital Float combines AI technologies with human expertise. AI and machine learning algorithms assist the company in determining the creditworthiness of applicants, allowing them to select the appropriate form of loan for the individual. Capital Float also used AI models in its marketing campaigns to better target clients. In 2018, they bought Walnut, a popular personal finance management app, which pushed them even deeper into the credit-solutions business. They currently offer personal financing (via Walnut), business finance (including short-term loans for small enterprises), and their Buy Now Pay Later platform.


Stripe leaves Aussie non-profit platform chuffed

ZDNet

Not-for-profit crowdfunding platform Chuffed.org is an online space for socially-conscious global projects, allowing individuals, other not-for-profits, social enterprises, and community groups to run crowdfunding campaigns for free. The Victorian-based startup had the idea and the market, but their CEO Prashan Paramanathan said he was missing one thing: A merchant facility to be able to take and pay donations. Having previously approached the big four banks in Australia to implement a merchant facility, Paramanathan told ZDNet that none of them were willing to give Chuffed a go, as he said the banks saw marketplace models as "too risky". "Add to that that we were raising funds for charities -- which they see as a high risk sector -- and it became impossible," Paramanathan said. "The closest we came was one of the big banks that would only give us a facility with a AU 100,000 security deposit."


Preparing For The Next Wave Of Payments Innovation

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Digital payments innovation happens in 10-year cycles, and the next big wave is already here. It all started in the late 1990s when PayPal brought online payments to the masses. A decade later, in the late 2000s, Square and Stripe transformed the landscape by building professional payments tools for merchants. Now, with 2020 on the horizon, it's clear that we are in the early stages of the next cycle of payments innovation. Venture capital (VC) investment in financial technology is at an all-time high.


Eftpos rolls out digital payment service

ZDNet

Australian debit card company Eftpos has made its first play in the digital payment realm with the roll out of its digital payment service to banks and retailers. The service will allow merchants to process regular card-on-file payments, which is when a card is stored by the merchant or payment provider. Almost 40 Australian banks, including Suncorp, have already signed up for the service, which will mean their cards can be processed through Eftpos' digital payment system. Eftpos boss Stephen Benton boasted how dozens of Australian businesses, including Aussie Broadband and Cluey Learning, have also begun processing payments through the service. "Eftpos is synonymous with low cost debit card payments in-store at retailers across Australia, and we're excited to start making headway in the digital payment space," he said.


Deep Dive: Payment Service Providers Level Up Their KYC, AML Strategies

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Payments companies are stepping into increasingly important roles as the global payment processing solutions market is slated to hit $62.3 billion by 2024. Such firms cannot grow safely without robust security measures blocking fraud and other abuses from their offerings. Payment providers must ensure that their customers are genuine -- not fraudsters or shell companies for illicit actors -- and that users are not utilizing solutions to launder money. Regulators will be quick to crack down on companies that enable criminal activity, and merchants and consumers will depart if they cannot trust services with funds or data. Payment service providers (PSPs) must carefully attend to their know your customer (KYC) and know your customer's customer (KYCC) checks, anti-money laundering (AML) strategies and other fraud prevention approaches.