The new payments feature, coupled with Kyriba’s secure payments solutions, empowers joint clients with greater transparency, and faster confirmation of sent and received payments. Naval Group, an international high-tech company and leader in naval defense systems, was among the first to complete a payment through the SWIFT gpi early adopter program. SWIFT gpi offers yet another option for Kyriba clients to optimize their payments experience world-wide.

“Naval Group is committed to maintaining the highest standards in compliance, and the new Kyriba SWIFT gpi offering helps our team to strengthen payments transparency and traceability so we can expand our position as the European leader in naval defense,” said David Livi, vice president of treasury and financing at Naval Group.

According to Livi, the new service will also help protect payments for Naval Group’s clients and suppliers in the 18 countries where the company operates.

“We are proud to be the first high-tech company in naval defense to use the new SWIFT gpi feature powered by our Kyriba platform,” Livi said. “The first payment was successfully made with Société Générale.”

Kyriba delivers superior payments options and bank connectivity for more than 2,000 clients worldwide. Through its secure, highly scalable SaaS platform, Kyriba processes more than 83 million bank transactions, 30 million payments and 530 million ERP transactions on behalf of its clients each month.

“SWIFT gpi for Corporates delivers much needed payments efficiencies so our clients can improve their payments outcomes and reduce risk,” said Bob Stark, vice president of strategy for Kyriba. “Faster payments and transparency are central to mobilizing global liquidity for our clients. With SWIFT gpi, Kyriba clients will have access to an increased number of modern payment options.”

The SWIFT global payments innovation (SWIFT gpi) is the largest change in cross-border payments over the last 30 years and is the new standard. SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking. Hundreds of thousands of cross-border payments, totaling over $300bn, are sent every day using the new gpi standard.

In the first half of 2019, Kyriba launched APIs (application protocol interface) with Citi bank for faster payments and with JP Morgan bank to enable real-time payments; and in 2018, partnered with World First to increase the speed and transparency of cross-border payments and reduce transaction fees for its corporate clients in Europe. These new connectivity and payments options are part of Kyriba’s commitment to seamlessly bridge global financial systems so finance executives can better mobilize their liquidity and unlock value across their organization. 

In an interview with business and technology analyst Ben Thompson, quoted by CNBC, the VP of product for Calibra, Kevin Weil, says that if the wallet is a success, Facebook could move into other areas.

"If we are successful at providing a wallet that allows people to store money securely and send to anyone anywhere in the world, then over time we think there will be an opportunity to provide more financial services for people — you can imagine things like credit,” says Weil.

Weil also says that Libra and Calibra will boost Facebook's ecommerce position, making it easier for people to shop through Marketplace and Instagram Checkout. Meanwhile, advertising revenue could rise by enabling cash-dependent firms to sell to nearby customers more easily.

Kount’s AI emulates an experienced fraud analyst by taking into account both historical fraud patterns as well as anomalies. When fraud analysts consider historic data for known fraud patterns, they look at the company’s data and their own experience to identify whether or not the person or transaction can be trusted. When Kount’s AI considers historic data, it turns to supervised machine learning, which is trained on Kount’s universal data network that includes billions of transactions over 12 years, 6,500 customers, 180+ countries and territories, and multiple payment networks.

Then, fraud analysts look for anomalies—something in a transaction that doesn’t look right. This is where emerging fraud trends are detected. Kount’s AI uses unsupervised machine learning that employs advanced algorithms and models to detect anomalies much faster, more accurately, and on a more scalable basis than human judgment alone.

An experienced fraud analyst weighs the risk and safety of the transaction to make a decision based on the business’ risk tolerance, whether that be controlling chargeback rates, accept or declines rates, or manual reviews. Kount’s solution allows the analyst to set policies for these thresholds based on a new score: Omniscore. The new enhancement is twice as effective as existing models at detecting payments fraud, while maintaining Kount’s 250 millisecond response rate.

“The supervised machine learning aspect of Omniscore reflects the historical experience that seasoned fraud analysts possess, while the unsupervised features simulate the instinct or ‘spidey sense’ of the very best analysts to detect that a new type of attack is underway,” says Tricia Phillips, Kount’s SVP of Product and Strategy. “More than any other model we’ve seen, Omniscore truly behaves as a human would in the risk assessment of a payment transaction, which is the very definition of artificial intelligence.”

“The next generation of AI in fraud prevention is much more than machine learning - supervised or unsupervised. It is the ability to simulate, augment, and scale the decision process of an experienced fraud analyst to greatly increase the accuracy and effectiveness of fraud prevention and to deliver desired business outcomes,” stated Steven D’Alfonso, Research Director with IDC Financial Insights. “The ability to quickly identify complex and emerging fraud patterns by Kount’s new AI solution, along with customizable controls for the business, will play an important role in allowing businesses to achieve their financial goals without sacrificing customer experience.”

The next frontier in AI-driven fraud prevention, Kount’s AI quickly and accurately detects existing or emerging, automated, and complex fraud. Kount provides the customizable control companies need to protect against fraud and confidently achieve specific business objectives, such as balancing chargeback rates, decline rates, and operational costs.

The space has been occupied by a host of startups, cherry picking a market overlooked by the big incumbents and nibbling at the market share of giant card schemes.

Visa's new instalment APIs will make it easy for firms to give shoppers the ability to pay using Visa cards, splitting the purchase amount into smaller, equal payments over a defined time.

The suite is part of the new Visa Next platform, a site giving issuers and merchants access to a host of APIs and development tools for building and testing digital payment products.