Success Story
Next Gen Payments: Speed, Savings & Expansion
Match Identity for Payment Processing
The Impact
Match Identity for Payment Processing
25%
Decrease in labor costs
54%
Decrease in manual reviews, from 930 to 430
Driving Growth
Costs savings enabled new line of business focused on out-of-network 3rd party transfers
Customer Challenge
Reducing manual review of payee information
Understanding the Threat
Delays to payments marred customer experience
- KOHO processes tens of thousands of daily payment transfers between individuals via SMS and email, as well as batch payroll deposits
- Delayed payments deterred new customers
- Manual reviews and internal matching system was too complex to maintain and returned too many errors
The Solution
Fast and accurate matching increases customer satisfaction
Resolving Customer Challenges
Accurate fuzzy name matching halved manual review
- Match Identity delivers high accuracy and automates approval
- Real-time and batch name matching averages 2-3 milliseconds and under 200 milliseconds globally
How will you use Babel Street?
Let’s talk about how your organization can benefit from AI-powered data to mitigate risk and maximize your efficiency and decision-making.