Fintech, Finance, Technology, Banking Highlights– 7 December 2017
Jaywing launches new AI risk technology product, Archetype
Risk and data science specialist Jaywing, has launched Archetype, a new risk technology product that uses Artificial Intelligence (AI), machine learning and deep neural nets to help lenders generate transparent statistical models and predict almost any outcome on almost any data set.
Archetype uses true AI to generate more powerful models, significantly reducing the time and effort needed to create them. It affords lenders the opportunity to fully redevelop models the moment they begin to deteriorate, without incurring the resource costs typically associated with model redevelopment. Archetype also overcomes transparency concerns that have until now hindered the use of AI in credit scoring.
Archetype uses deep neural networks, an advanced predictive modelling methodology and an intuitive user interface to create models that will radically improve the interpretability and predictability of the AI-driven scoring process. Archetype’s AI processing engine uses insights from deep within the data to generate its models, using techniques that far outstrip the capability of standard modelling tools. This typically drives up predictive power, resulting in greater risk or fraud detection at a lower cost, given the same data inputs.
ANZ bolsters wearable payment options with Garmin Pay
ANZ announced its customers could now use Garmin Pay to make purchases on the go after the bank signed a partnership with the global wearables brand.
From today, ANZ’s Australian customers can load their eligible Visa debit or credit cards through the Garmin app and start using their wearable device to make smooth and secure purchases anywhere contactless payments are accepted.
Commenting on the new partnership, ANZ Managing Director Products Bob Belan said: “At ANZ we are determined to bring our customers new payment experiences so they can pay the way they want to.
“We’re pleased to be partnering with Garmin to bring our customers a payment option with one of the world’s leading wearable device companies that has a proven track record in innovation.
“The wearables market continues to grow with more than 26 million devices shipped worldwide in the third quarter of 2017 alone, so we know our customers will appreciate the ability to pay on their Garmin device.”
Starling Bank partners with mobile invoice and expense platform Albert
Starling Bank, which was the first of the banking challengers to offer a mobile-only current account in the UK, has announced its latest partnership with mobile invoice and expense platform Albert.
Albert is the UK’s highest rated finance app for freelancers with over 1,000 five-star ratings in the Apple app store. By dramatically simplifying and automating daily bookkeeping tasks, it aims to take away stress and fear from business financial management.
The partnership with Albert follows Starling’s recent announcement that it will be offering business accounts to entrepreneurs, small businesses and sole traders in the early New Year. Registration has now opened for customers wishing to be early innovators (register at www.getalbert.com). Selected users will be able to connect Albert directly with their Starling account which they can use for business and benefit from an experience that will be years ahead of any existing solution in the market, and a precursor to the new Open Banking regulation.
The unique Albert-Starling experience will be publicly available with the business account launch early in the New Year.
Worldpay and Klarna team up on invoice and credit-based payments in 6 European markets
Worldpay has announced that it will partner with Klarna, a leader in invoice and credit based payments, to further enhance its product portfolio.
From today, Worldpay customers trading in Austria, Finland, Germany, the Netherlands, Norway, Sweden and the United Kingdom, and wishing to accept payments on invoice or instalments, will be able to use Klarna’s invoice and credit based payments from Worldpay. This will help eCommerce businesses to improve conversion rates by up to 20% and provide a fast and smooth checkout process.
These new payment options will allow consumers to decide when to pay for the items once they have received their goods. Instead of a request for credit or debit card details at the point of checkout, consumers are prompted for their email address and postcode, ensuring a quicker checkout process and leading to lower cart abandonment. The solution allows consumers to manage the terms of their payment, be it 14-day payment by invoice, by fixed or flexible instalments, spreading the cost over several months.
The move into credit and invoicing payments follows demand from customers wanting to expand the breadth of payment methods offered. Worldpay is one of the first payments companies to deploy this new payment integration, providing superior market coverage as well as faster time to market since there is no need for a new plug-in when legacy technology is updated.
