Net Element’s Blade unlocks the power of artificial intelligence
MIAMI, FL, June 03, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE --Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a global technology and value-added solutions group that supports electronic payments acceptance in a multichannel environment including point-of-sale (POS), e-commerce and mobile devices, today announces that it has launched Blade, its proprietary, fully-automated, artificial intelligence (“AI”)-powered underwriting solution with predictive scoring.
Blade is a software built for underwriting and on-boarding of new merchants, reducing potential risks and decision-making time while improving the customer experience. The system works by compiling and analyzing data points that are automatically evaluated in accordance with the pre-set and dynamic parameters using proprietary algorithms. Blade is a smart system, which continually adapts and improves the artificial intelligence as tens of thousands of datasets evolve to further enhance real time decisioning.
Financial services companies will spend $11 billion on AI in 2020 according to an analysis by International Data Corporation (IDC), more than any other industry cited. According to PwC estimates, financial services companies stand to make a nice return on their investment as well. In North America alone, AI is projected to increase the GDP of the financial and professional services industry as much as 10 percent by 2030, driven by increases in both productivity and consumption.
Intelligent data analysis and advanced machine learning algorithms provide actionable insights based on tens of thousands of datasets in order to reduce potential losses attributable to chargebacks or fraud, at a speed and scale unlike any other product in the market. Blade’s AI-based scoring engine provides a faster, more accurate assessment of risk during the on-boarding process, at less cost, and accounts for a wider variety of factors which leads to better, data-backed decision making. The continuous updates from the system enrich the AI-powered decision-making process. This information can then be used in predicting outcomes to improve customer support, risk management, client retention and collections.
An average account review takes 15 minutes in a semi-automated environment. This standard review includes KYC, AML, OFAC and many other requirements designed for full regulatory compliance and to mitigate losses. Blade completes this review in less than a minute. If the account fails, it provides a detailed description of the problem and suggested solutions. It filters, categorizes and classifies approvals for post underwriting merchant reviews resulting in risk mitigation and a better customer experience for the merchant.
“AI and machine learning are quickly becoming valuable tools for decision making in the payments ecosystem, particularly in securing e-commerce transactions,” commented Shawn Brown, Vice President of Risk for Net Element. “As we continue to grow, we will rely more on AI-powered technologies to assist us with day to day departmental functions and decision making.”
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omnichannel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte's 2017 Technology Fast 500™. In 2017, Net Element was recognized by South Florida Business Journal as one of 2016's fastest growing technology companies. Further information is available at www.NetElement.com.
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include whether ongoing reliance on artificial intelligence platforms to assist with day to day Company functions will materialize or whether the Blade software will yield any benefits to the Company. Additional examples of such risks and uncertainties include, but are not limited to: (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Elementwith the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
Net Element, Inc.
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