Payment Asia launches AI-powered processing service

Monday 10 July 2023 12:55 CET | News

Payment solutions provider Payment Asia has announced the launch of an AI-powered processing service set to raise ESG standards for payment solutions in Hong Kong.


The processing service seeks to promote ESG awareness, and it includes automated merchant onboarding and assignment of merchant accounts, AI customer service, and an auto accounting system. Per the press release, this marks the first time such an extensive suite of automated services is made available in Hong Kong alongside AI developments and is thought to help further merchants’ sales.

Payment Asia and capabilities of the AI-powered processing service

Following the launch of these new services, Payment Asia looks to raise ESG standards for payment solutions in Hong Kong. The AI customer service and big data will offer clients a simplified and personalised experience while helping to better the entire onboarding process, including non-face-to-face client identification and internal vetting methodology for new customers. Internally, the company stopped paper submission of expense claims and accounting, leveraging AI for automatic approval, and generating reports to all relevant departments for daily monitoring, furthering ESG and sustainability in financial services.

When commenting on the launch, Paul Tang, COO of Payment Asia advised that the company is looking forward to being among the first in Hong Kong to provide such an extensive suite of automated payment services. Per their statement, using AI can help improve the efficiency of fintech companies, and the company aims to offer customers the best all-in-one experience. The spokesperson believes the adaption of AI into their daily operations to help boost efficiency and turn ESG-related initiatives into a workable reality.

Payment Asia launches AI powered processing service

Payment Asia has been activating within the fully automated merchant onboarding process space. Making use of AI and machine learning algorithms, the company is enabled to analyse customer data and verify their identities in real-time, free of bureaucratic delay and complex email correspondence. This is believed to help merchants expedite their onboarding time and decrease fraud risk. Following the growing importance of data privacy and security, e-KYC processes are increasingly critical, and Payment Asia seeks to assist businesses in addressing these challenges without compromising security risks.

What is more, Payment Asia is leveraging ChatGPT to embed in daily customer service as a tool to offer comprehensive answers in all fields, as by analysing customer inquiries and offering relevant responses., the tool can help businesses in bettering their customer satisfaction and retention rates. Per the announcement, due to the growing demand for online customer service, more AI services are believed to become essential for companies looking to remain competitive.

Additionally, Payment Asia automates its accounting process with a cloud-enabled platform so as to include ESG in financial services, in addition to utilising AI to analyse transaction data and categorize expenses – enabled by issuing corporate cards to all staff. The auto approval expense platform also generated reports for each department to track their spending, while offering guidance for cost management. Furthermore, AI is considered critical in promoting sustainability, as the company can reduce environmental impact, better efficiency, and minimise paper usage.

Based on the press release information, Payment Asia is looking to raise the standard for payment solutions in Hong Kong and digitise the entire business model while offering an efficient and environmentally friendly solution. As it is committed to customer satisfaction, the company is looking to launch more services and tech innovation in the years to come.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: product launch, payments , artificial intelligence, machine learning, LLM, ESG, payment processing, fintech, paytech, automation, digitalisation, cloud services, merchants, ecommerce, merchant onboarding, eKYC
Categories: Payments & Commerce
Companies: Payment Asia
Countries: Hong Kong
This article is part of category

Payments & Commerce

Payment Asia

Discover all the Company news on Payment Asia and other articles related to Payment Asia in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events