An Overview of Corporate Payments in 2024: Examining APP Fraud, ISO 20022-readiness, and Generative AI
As technology continues to advance at an unprecedented pace, the landscape of corporate payments is also evolving rapidly. In 2024, several key trends are expected to shape the industry, including the rise of APP (Authorized Push Payment) fraud, the adoption of ISO 20022 standards, and the integration of generative AI into payment systems. This article provides an overview of these developments and their implications for businesses.
1. APP Fraud:
Authorized Push Payment fraud has become a significant concern for corporations in recent years. This type of fraud occurs when a fraudster convinces an individual or business to transfer money to an account controlled by the criminal, often through social engineering techniques. In 2024, APP fraud is expected to continue growing as criminals become more sophisticated in their methods.
To combat this threat, businesses must invest in robust security measures and educate their employees about the risks associated with fraudulent transactions. Implementing multi-factor authentication, conducting regular security audits, and staying updated on the latest fraud prevention technologies are crucial steps to mitigate the risk of APP fraud.
2. ISO 20022-readiness:
ISO 20022 is a global standard for financial messaging that aims to improve interoperability, data quality, and straight-through processing in payment systems. By 2024, many countries and financial institutions are expected to have fully adopted ISO 20022 standards for their payment processes.
The adoption of ISO 20022 brings several benefits, including enhanced data richness, improved end-to-end reconciliation, and increased automation. However, it also requires businesses to update their payment infrastructure and systems to ensure compatibility with the new standard. Organizations should start planning and implementing the necessary changes well in advance to avoid any disruptions in their payment operations.
3. Generative AI in Payments:
Generative Artificial Intelligence (AI) refers to AI systems that can create new content, such as text, images, or even entire payment transactions, based on patterns and training data. In 2024, generative AI is expected to play a significant role in streamlining and automating corporate payments.
By leveraging generative AI, businesses can automate repetitive payment processes, reduce manual errors, and improve efficiency. For example, AI-powered systems can analyze historical payment data to generate accurate and timely invoices, automate payment approvals, and even predict cash flow patterns. However, organizations must ensure that appropriate safeguards are in place to prevent misuse or unauthorized access to sensitive payment information.
In conclusion, the corporate payments landscape in 2024 will be shaped by the growing threat of APP fraud, the widespread adoption of ISO 20022 standards, and the integration of generative AI into payment systems. Businesses must remain vigilant against fraudsters, prepare for the transition to ISO 20022, and explore the potential benefits of generative AI in order to stay competitive and secure in the evolving world of corporate payments.
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- Source Link: https://zephyrnet.com/corporate-payments-in-2024-app-fraud-iso-20022-readiness-and-generative-ai/