The theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making and translation between languages.

Machine learning, and the power of prediction that it provides, can enable financial institutions to redefine their processes, their products and services and, ultimately, their business models. The pace of change, as it relates to AI, is quickening. As costs to entry continue to converge with technological capability and computing power, businesses of all sizes, even the smallest of our credit unions, can capitalize on the power of AI. Advanced analytics provide business managers with data-driven insights to better understand their business processes and anticipate future needs.

The U.S. Faster Payments Council defines faster payments as “payments in which the transmission of the payment message and the availability of final funds to the payee occur in real time or near-real time, and on as near to a 24-hour and 7-day basis as possible.” Faster payments are credit push only and the transaction must originate from the funding source.

Real-time payments are one of the types of payments that fall under the definition of faster payments. It is currently the fastest-growing segment in the payments space. This growth comes from the increasing number of use cases companies are finding that can take advantage of immediate settlement.

Any account-to-account transfer that would benefit the sender or the receiver by having settlement for the payment take place instantly. On-demand payroll, account-to-account transfer, P2P and adding an option to existing billpay for immediate payments are just some of the use cases taking place. Small businesses can also benefit from real-time payments by receiving payments in seconds versus several days, and by being able to control the timing of outgoing payments.