This week’s roundup will feature titles on digital euros, open banking and AI. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Spanish banks test digital euro on existing payment infrastructure [source: The Paypers]
The Spanish banking sector has made the case for using digital euros in existing payment infrastructures which will allow person-to-person transactions and payments in both online and physical commerce. Implementing the digital euro into existing mechanisms will leverage existing payment rails and bolster added-value services for users which can potentially boost Spanish payment and banking processes whilst growing rates of adoption and end-user understanding of the currency as it is used in solutions which are already regularly used to ensure comfortability. – Jovi
- NatWest is tapping into open banking for transaction categorisation services to businesses [source: FinTech Global]
Open banking is a phenomenal technology, bridging gaps between businesses and customers to grow understanding and improve customer satisfaction. The bank launching a categorisation service means that businesses can enrich their product offering with enriched transaction data which will build on brand loyalty and even help businesses to determine affordability with products such as loans. In the long run, this will shorten the timeframe of purchasing goods and services as open banking technology will save time and reduce the risk of manual error by smartly categorising transactional data. – Jovi
- Buy now, pay later provider Klarna launch an AI shopping feature [source: The Paypers]
Klarna’s new feature was developed using OpenAI technology that will enable users to shop using images of products they are seeking and then can purchase them through the Klarna mobile app. We are seeing numerous businesses turning to AI to improve business functionality and engage with a wider customer base. We are seeing growing competition among businesses to improve customer service and meet growing customer demands; and the AI feature will potentially draw in more business and build on brand loyalty as it allows customers to quickly, securely and manage their repayments steadily. – Jovi
See you next week, back in the blog for your next weekly news roundup.