Flywire Adds Machine Learning

April 8, 2019         By: Michael Millington

Today, Flywire has announced that it is adding machine learning capabilities to its payment and receivables platform.

Artificial intelligence has always been the next wave on the payment industry docket. Knowing where to focus your efforts when dealing with payment variables can be taxing to do manually. Up until now, there have been programs in place to take care of the payments portion of the business model autonomously.

However, the payments landscape is constantly evolving. The additions of digital currencies, multiple types of collection methods available, and more make payments tricky to navigate.

Machine learning has great upside when being added to the Flywire payments platform. It allows for independent learning and payment method support without manual interference. Taking the process out of human hands saves on manual labor, only involving actual individuals when the machine learning capabilities don’t handle it all.

“Accepting payments across borders is a highly complex process that increases the cost of collecting monies, opens up FX and fraud risks, and requires enormous operational investment,” said Jason Moens, VP of Product at Flywire. “As more and more businesses and institutions leverage our platform to address these challenges, we continue to look for new ways to enhance its capabilities. The addition of advanced machine learning further streamlines our clients’ payment and receivable operations and removes more of the potential risks that can negatively impact fundamental parts of their business. This allows them to offer customized payment solutions to more of their customers — wherever they are in the world.”

While there will always be a bit of controversy around machine learning taking away positions from real people, the addition of artificial intelligence will always be helpful. Flywire has captured something that will ultimately help with the evolving payments landscape.