Latest news with #HarmonyGap
Business Wire
15-05-2025
- Business
- Business Wire
Harmony Gap Research from FIS and Oxford Economics Reveals 78% of Global Businesses Leaning into AI to Combat Fraud
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Global business and technology leaders are already seeing benefits from the use of AI and automation, with over three-quarters (78%) reporting measurable improvements in the ability to detect fraud and manage risk after their organization's integration of the technology. This is according to ' The Harmony Gap: Finding the Financial Upside in Uncertainty ' report, published in full today by global financial technology leader FIS ® (NYSE: FIS) in collaboration with Oxford Economics. With a preview of the findings released on April 10, the full report delves further into the use of AI by businesses to combat the sources of financial, operational and technological disharmony, defined as disruptions and inefficiencies across the money lifecycle. To combat this disharmony, businesses across a range of industries are adopting AI, with 56% of the leaders surveyed reporting that their firms are either scaling or fully implementing AI to support financial processes. Encouraged by early results, particularly in fraud mitigation, nearly half of the businesses surveyed are planning to double down: 45% of respondents say their firm intends to increase their investment in AI over the next two years, signaling strong, long-term confidence in the technology's value. Yet barriers to AI adoption remain. High implementation and maintenance costs are the top concern, cited by 73% of respondents, while 64% say there is a lack of in-house expertise and a further 58% report difficulty integrating the technology with existing systems. These financial and strategic challenges are preventing broader integration of AI across organizations, despite interest in using AI and growing awareness of its potential, according to the study. Firdaus Bhathena, chief technology officer at FIS, commented: "As threat actors adopt AI to commit fraud, it becomes increasingly important for businesses to employ AI to combat these sophisticated threats across the money lifecycle to help drive efficiency and bolster security. While AI can have benefits, challenges in adoption such as financial and leadership hurdles are slowing down scalability despite optimism, based upon early uses in areas like fraud detection.' 'Ultimately, overcoming these barriers and harnessing AI's potential requires strategic investment, rigorous cybersecurity, empowered employees and strong leadership,' added Bhathena. 'It's about moving from acknowledging AI's value to embedding it into the fabric of daily business operations.' Learn More The Harmony Gap report can be found here. About the Research In partnership with FIS, Oxford Economics conducted two separate surveys, each involving 501 C-suite executives and business leaders at organizations directly involved in financial technology decision-making in the U.S., the U.K., and Singapore, spanning the financial services, technology, fintech, insurance, government and other sectors. A pulse survey was conducted in October and November 2024 to identify tensions – 'disharmony' – stemming from issues such as fraud, cyberthreats, human errors, operational inefficiencies and regulatory complexities, while also exploring the potential growth opportunities these challenges might present. The second survey, conducted in November and December 2024, collected detailed insights into how organizations are implementing strategies to mitigate disharmony. Data for both surveys was collected using computer-assisted telephone interviewing (CATI) and online methodologies. About FIS FIS is a financial technology company providing solutions to financial institutions, businesses, and developers. We unlock financial technology to the world across the money lifecycle underpinning the world's financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor's 500® Index. To learn more, visit Follow FIS on LinkedIn, Facebook and X.
Business Wire
01-05-2025
- Business
- Business Wire
FIS Harmonizes Payments With Launch of Unified Money Movement Hub
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Global financial technology leader FIS ® (NYSE: FIS) has announced the launch of its Money Movement Hub, an innovative payments solution that helps to simplify the back-end infrastructure of financial institutions by enabling them to connect to multiple payment networks and process payments in one place. Designed as a turnkey solution for a wide range of institutions – from super regional banks to community banks – the Money Movement Hub supports a modernized payments journey that can change with each client's needs. The flexible, cloud-native platform is core-agnostic and allows banks to start with the payment types they need today, then add new capabilities over time through a 'pay-as-you-grow' model. It delivers unified and secure money movement experiences that can be embedded across a variety of customer channels, helping institutions meet digital demands quickly and efficiently. While consumers' expectations for payment ease and efficiency have increased, many institutions are struggling to meet these demands using dated and disparate technology, leaving them exposed to settlement delays and security vulnerabilities. In fact, 57% of organizations that participated in the FIS Harmony Gap survey reported experiencing friction in payments processing, or when money is in motion, at least once a week. The FIS Money Movement Hub helps to harmonize the payments ecosystem within a financial institution by facilitating the integration of major payment networks within one solution, via a single API. As well as helping to reduce complexity for organizations, the solution can increase the accuracy of payments, improve liquidity, and help to quickly remediate security risks. This innovative payments hub responds to evolving consumer demands for faster and more efficient payments, as well as regulatory changes, and aims to transform financial institutions' money movement capabilities. Gareth Lodge, principal analyst at Celent commented, 'Payments are the one thing that unite every customer at every bank, and as their expectations continue to change, they expect more. While our Dimensions research found that 45% of U.S. banks have major payments modernization plans in the next 18 months, these banks need to ensure that they choose a solution that doesn't just meet the needs of today, but also tomorrow.' Jim Johnson, co-president, Banking Solutions at FIS, commented, 'This new solution is a testament to FIS' dedication to unlocking financial technology that efficiently moves money between the world's banks, consumers and businesses. Our new Money Movement Hub can help to reduce the complexity and costs associated with managing multiple payment channels, enabling funds to flow with speed, accuracy and security throughout the money lifecycle.' Features of the FIS Money Movement Hub Unified integration – The FIS Money Movement Hub is designed to integrate with major payment networks, including instant, ACH and wires. Cloud-native - The solution is hosted in FIS' dedicated Amazon Web Services Cloud environment, helping to increase scalability, cost-efficiency, reliability and security. Built-in fraud controls – Real-time in-line transaction and OFAC monitoring, fraud detection, and risk scoring are available within the FIS Money Movement Hub, helping to make payments processing more secure and efficient. Learn More Learn more about the FIS Money Movement Hub. About FIS FIS is a financial technology company providing solutions to financial institutions, businesses, and developers. We unlock financial technology to the world across the money lifecycle underpinning the world's financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor's 500® Index. To learn more, visit Follow FIS on LinkedIn, Facebook and X.
