According to a recent press release, “Net Element, Inc., a global technology and value-added solutions group that supports electronic payments acceptance in a multichannel environment including point-of-sale (POS), e-commerce and mobile devices, today announces that it has launched Blade, its proprietary, fully-automated, artificial intelligence-powered underwriting solution with predictive scoring. Blade is a software built for underwriting and on-boarding of new merchants, reducing potential risks and decision-making time while improving the customer experience. The system works by compiling and analyzing data points that are automatically evaluated in accordance with the pre-set and dynamic parameters using proprietary algorithms.  Blade is a smart system, which continually adapts and improves the artificial intelligence as tens of thousands of datasets evolve to further enhance real time decisioning.”

The release goes on, “Financial services companies will spend $11 billion on AI in 2020 according to an analysis by International Data Corporation (IDC), more than any other industry cited.  According to PwC estimates, financial services companies stand to make a nice return on their investment as well. In North America alone, AI is projected to increase the GDP of the financial and professional services industry as much as 10 percent by 2030, driven by increases in both productivity and consumption. Intelligent data analysis and advanced machine learning algorithms provide actionable insights based on tens of thousands of datasets in order to reduce potential losses attributable to chargebacks or fraud, at a speed and scale unlike any other product in the market.”

Read more at Nasdaq.

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