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BNY's Barker on what really concerns clients about AI and payments

AI-driven 'intelligent routing' aims to automate payment selection to ensure the best cost and speed for every transaction.

This news highlights a shift in how payment processing will soon look for your business. Large banks like BNY are moving toward 'intelligent routing' driven by AI. For a retailer, this means you may no longer need to manually choose between different payment rails or providers to find the lowest fee or the fastest settlement. The system will automatically select the best option for every transaction behind the scenes. For operators, the focus is shifting from the 'how' to the 'outcome.' Customers and merchants don't care about the technical plumbing of a transaction; they care that the payment is secure, successful, and cost-effective. AI is being positioned as the tool to handle this complexity. As a business owner, this could eventually lead to lower processing overhead and fewer failed transactions. You won't have to be a payments expert to ensure your store is using the most efficient financial tech. The goal is a 'frictionless' experience where the back-end technology works harder so your front-end staff can focus on the sale.

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