Payment Asia has launched a new AI-powered processing service including automated merchant onboarding and assignment of merchant accounts, AI customer service, and an auto accounting system.
According to the firm, the services are the first of its kind in Hong Kong and include non-face-to-face client identification and internal vetting methodology for new customers. The fully automated merchant onboarding process is a key focus for the company. By using AI and machine learning algorithms, Payment Asia said it can analyse customer data and verify their identities in real-time allowing merchants to shorten their onboarding time and reduce the risk of fraud.
In addition to ChatGPT, which is embedded in Payment Asia’s daily customer service, the company alsoautomates its accounting process with a cloud-enabled platform. By issuing corporate cards to all staff, the company said it uses AI to analyse transaction data and categorise expenses. The auto approval expense platform also generates reports for each department to track their spending, while giving guidance for cost management.
“We are thrilled to be the first in Hong Kong to offer such a comprehensive suite of automated payment services,” said Paul Tang, COO of Payment Asia.
He added: “The use of AI can help multiply the efficiency of fintech companies. Our goal is to provide our customers with the best all-in-one experience. Adapting AI in our daily operation helps us to boost efficiency and turn our intentions for ESG into a workable reality.”
Photo by Nic Low via Unsplash
