Modern deals online are shifting swiftly from money to digital forms of repayment that are user friendly, secure and convenient meant for both buyers and sellers. These types of changes possess led to the invention of a a comprehensive portfolio of FinTech applications for equally due diligence procedure one time vendor obligations and persistent payments. [1]

Ever more, B2B business-to-business (B2B) repayment transactions are usually conducted online using digital invoice presentment and payment technology (EBPP). In such a case, businesses commonly e-mail accounts with a link to a web payment company provider’s Website page to allow customers to view invoicing information and submit electronic payments. On the other hand, some B2C payment solutions allow customers to download their buys, such as software or airfare tickets, directly from the web page.

While credit and debit cards are the most commonly used consumer payment methods, a large number of B2C customers as well make purchases with bank accounts. These transactions, named direct debits, pull funds right from a customer’s account and transfer them to your business right away (like ACH) or over period. [2]

Additionally , newer payment methods just like mobile pay off and contactless payments allow consumers to wave their mobile phones over a card reader, similar to swiping a credit or debit card. These types of methods are convenient just for consumers, nevertheless they require improved security technology than classic credit or debit cards. To combat these types of new concerns, many banks now offer equipment learning and other artificial intelligence-based tools to detect fraud patterns in real-time. These tools are given with a huge volume of distinctive and exclusive transactions to allow them to learn to identify fraudulent tendencies and identify suspicious transactions as quickly as possible.