With this upgrade, the company aims to boost the payment-to-settlement time and the security, and to reduce costs for both payers and receivers by further automating and streamlining reconciliation of the growing number of international payments coming from different countries in different currencies.
The addition of machine learning-enabled deep neural networks and reinforcement learning techniques, has enhanced the company’s ability to streamline the identification and reconciliation of cross-border payments in real-time.
Users will be able to automate the matching of 90% or more of their cross-border transactions and gain additional improvements as the models learn. Furthermore, the machine learning algorithms require minimal supervision to learn and support new payment methods and can confirm payment sources, detect anomalous payments, and escalate these to Flywire’s Compliance and Operations teams for review.
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