Payarc has announced a collaboration with Amazon Web Services (AWS) in a move to enhance its payment processing operations through artificial intelligence and advanced analytics. This partnership involves the integration of AWS’s AI technologies to improve fraud detection, customer retention, and revenue opportunities.
At the center of this initiative is Pie, Payarc’s new tool, which utilizes AWS’s analytics and AI prowess, particularly through Amazon SageMaker and Amazon Redshift. Pie is designed to provide real-time insights and automation, assisting businesses in staying competitive.
A notable feature of Pie is its predictive capabilities, with an ability to forecast merchant churn with up to 85% accuracy. These insights enable Payarc’s support teams to address potential issues proactively, fostering stability and growth.
Pie also aims to improve risk management by predicting ACH payment failures and reducing disruptions. The improved processes claim to reduce onboarding times by 95% and manual processing by 90%. Additionally, Pie uses AI to refine reserve management, aiming to adjust funds with over 80% accuracy.
“Integrating AWS’s advanced AI and data infrastructure enables us to scale intelligent decision-making across our entire ecosystem, especially within our Pie artificial intelligence tools,” said Zachary Martinez, CEO of Payarc. He emphasized that Pie is designed for greater precision, efficiency, and confidence in payment processes.
Rich Geraffo, AWS North America’s vice president, added, “AWS is committed to helping innovative companies like Payarc transform their industries through the power of AI and advanced analytics.” He acknowledged the alliance’s effort to streamline payment operations while maintaining necessary security and compliance.
In addition to Pie, Payarc plans to introduce an Agent Pricing Advisor tool, which uses AI to simplify payment data into actionable insights. This initiative aims to help businesses optimize costs, reinforcing Payarc’s commitment to partner support.
Payarc’s AI framework is supported by AWS infrastructure. The use of various AWS services like Amazon SageMaker, Amazon Redshift, and others ensure seamless data management and operational transparency. The collaboration emphasizes fairness and transparency in AI applications, bolstered by Amazon SageMaker Clarify to mitigate biases.
The partnership between Payarc and AWS seeks to revolutionize payment processing through improved efficiency, security, and fairness, ultimately offering businesses smarter tools for enhanced decision-making and growth.
