- Blade
is a brand new, artificial intelligence-powered underwriting and merchant
onboarding solution
- Due to
the learning capabilities of AI software, the new solution will gradually
become more effective, reducing decision-making time and bringing down the
risk of errors
- Demand
for artificial intelligence products for use in corporate environments is
anticipated to grow rapidly, with financial service companies expected to
spend over $11 billion on such products in 2020
Global technology and value-added solutions group Net Element Inc. (NASDAQ: NETE) is launching Blade –
an artificial intelligence-based, fully-automated underwriting solution with
predictive scoring, a company announcement noted (http://ibn.fm/rT3r4).
Blade is developed for underwriting and onboarding new
merchants. The use of such an AI-powered solution brings down potential risks
and decision-making time while also enhancing customer experience. The system
compiles and analyzes data gathered and assessed based on preset parameters
using proprietary algorithms. Additionally, Blade is a smart system that
constantly adapts, improving the artificial intelligence mechanism that powers
the solution.
The Blade AI scoring system is designed to provide a fast
and accurate assessment of risk during the onboarding process. It accounts for
a wide range of factors, enabling more effective and data-backed
decision-making processes.
Net Element’s system will benefit from continuous updates
that will enrich the AI-powered mechanism. This is expected to further speed up
decision-making and enhance customer service.
Artificial intelligence for data analysis and corporate use
is growing globally. Statistics suggest that financial services companies will
spend over $11 billion on AI-powered solutions in 2020 (http://ibn.fm/zSg1Y). These
companies can anticipate a high return on investment, since AI is projected to
boost GDP in the financial services industry in North America by as much as 10
percent by 2030.
There’s a simple reason why AI-powered solutions deliver
such impressive results. In a semi-automated environment, an average account
review requires 15 minutes. There are numerous requirements that have to be met
in order to ensure regulatory compliance. A review performed through the use of
an automated solution like Blade can often takes less than a minute to
complete.
Furthermore, whenever an account fails, Blade provides a
detailed report about the nature of the problem and the viable solutions.
“AI and machine learning are quickly becoming valuable tools
for decision making in the payments ecosystem, particularly in securing
e-commerce transactions,” Net Element Vice President of Risk Shawn Brown said
in a news release.
Net Element operates a payments-as-a-service transactional
and value-added solutions platform. It targets predominantly small and
medium-sized companies in the U.S., as well as within select emerging markets.
Through innovation, blockchain technology, cloud-based
solutions and productivity tools, Net Element aims to grow transactional value
for its clients. One of the primary developments in the Net Element portfolio
is Aptito – a
cloud-based restaurant and retail point-of-sale solution (http://ibn.fm/WqSaI).
Net Element utilizes an omni-channel platform to deliver
flexible services, regardless of the specific market’s regulatory, demographic
and banking framework. The strategy has proven to be successful; in 2017, Net
Element was included among the fastest-growing companies in North America on
Deloitte’s 2017 Technology Fast 500 list.
For more information, visit the company’s website at www.NetElement.com
NOTE TO INVESTORS: The latest news and updates
relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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