How AI and faster payments are shaping the future

Key Takeaways from TRANSACT Tech — Atlanta 2024:

The payments industry is undergoing a seismic transformation, and TRANSACT Tech — Atlanta 2024, hosted by the Electronic Transactions Association (ETA), stood at the forefront of these changes. Qubika’s Managing Director, Manny Calderón, was on the ground, engaging with industry leaders and exploring breakthrough innovations poised to shape the future of payments.

From AI powered fraud detection to the acceleration of real-time payment solutions, the event delivered critical insights into the opportunities and challenges redefining the payments landscape. Here’s a closer look at the key takeaways and their implications for payments technology.

1. Artificial Intelligence (AI): The Game-Changer

AI is revolutionizing payments by offering:

Smarter Fraud Prevention: Minimizing risks while maintaining seamless user experiences.
Operational Efficiency: Streamlining tasks like compliance checks to save time and resources.
Customer Personalization: Delivering tailored recommendations and user interfaces.
For companies aiming to stay competitive, adopting AI-driven tools is no longer optional—it’s essential.

2. Faster Payments: A New Standard

Technologies like FedNow and tap-on-phone solutions are setting new expectations for speed and convenience:

Real-Time Payments (RTP) improve cash flow for businesses.
Tap-on-Phone Technology enables small businesses to adopt digital payments effortlessly.
As instant transactions become the norm, businesses must invest in robust, low-latency infrastructures.

3. B2B Payments: Simplifying Complexity

Long-standing challenges in B2B payments, such as cross-border transactions and compliance, are being tackled with innovative solutions:

Blockchain is reducing friction in cross-border payments.
Automated Compliance Tools are streamlining regulatory requirements like GDPR and AML.

4. Enhancing B2C Payments

Consumers demand frictionless, secure, and omnichannel payment experiences:

Digital wallets and biometric authentication improve convenience.
Loyalty-integrated payments build stronger customer relationships.
Businesses must prepare for scalability and seamless integration across channels to meet growing expectations.

5. The Impact of Policy and Regulation

Regulatory trends, including Open Banking and FedNow, are reshaping the competitive landscape. Companies must stay agile to adapt to these shifts and innovate within compliance frameworks.

Looking Ahead: Stay Connected

TRANSACT Tech 2024 showcased the incredible potential of the payments industry.

Whether it’s leveraging AI, adopting faster payment technologies, or navigating regulatory changes, the future of payments is fast, secure, and customer-centric.

If you’re interested in expanding your understanding of the Fintech industry, consider attending some of the most anticipated events in 2025, where these discussions will continue to evolve and inspire.