Alpharetta, GA, January 15, 2024: AI technologies can add up to $1 trillion per year of value for the global banking industry, McKinsey says. However, not all AI solutions are tailored to the processes and have security standards required for the banking industry. These solutions may cause major disruptions without delivering benefits. Also, many financial institutions see that AI’s ROI is far away and struggle to navigate the hype and find practical, efficient solutions.

Being a leader in the banking and payments industry for nearly three decades and backed by deep domain knowledge and proven delivery processes, Opus Technologies has launched FinGeniusAI Solutions, an open innovation platform for the banking and payments industry. The platform invites partners, clients, and the ecosystem to collaborate with Opus, and leverage AI to address the most critical issues faced by financial institutions. It fosters a new kind of engagement, where Opus is not just a vendor but a co-creator and where everyone can contribute to the innovation and success of the solutions.

“The market is flooded with off-the-shelf solutions, making it a nightmare for financial institutions to navigate the labyrinth of technologies. At Opus, we understand the specific needs and challenges of the banking and payments industry. Years of experience in harnessing emerging technologies for banks and other financial institutions has helped us identify niche areas that offer the maximum benefits through a technology upgrade. This is why Opus is in a unique position to play a pivotal role in spearheading AI technology innovation and FinGeniusAI Solutions is our springboard to success,” says Opus CEO, Praveen TM.

Opus has earned the reputation of unlocking new horizons to drive innovation in the banking and payments industry. Continuing with this legacy and to share a glimpse of the technological capabilities of the platform, the company has launched FinGeniusAI Solutions with three niche use cases.

FinGeniusAI’s intelligent payment routing solution enables financial institutions to achieve high transaction acceptance rates. The payment engines of most banks and credit unions use rule-based logic for determining payment routing, making the process time-consuming and prone to errors. This makes payment failures rampant, costing the global economy an estimated $120 billion in fees, labor costs, and lost business. 

On the other hand, merchants suffer sales setbacks triggered by cart abandonments arising from limited payment methods and failed authorizations. To make matters worse, higher interchange fees pressure margins and profits.

FinGeniusAI’s intelligent payment routing solution can quickly identify the most efficient payment routing through diverse payment methods like RTP, RTGS, ACH, and SWIFT. With this, financial institutions can optimize their payment performance, curtail costs, and prevent transaction delays. Merchants can lower cart abandonments and boost revenues and customer loyalty.

This solution can be applied to different payment processors, acquirers, PSPs, and alternate payment methods.

FinGeniusAI’s cash flow forecasting solution helps banks and other businesses manage liquidity more efficiently and avoid both liquidity surplus and shortage. This keeps costs in check by avoiding the expenses associated with securing last-minute funds, while maximizing returns by investing excess funds for higher returns.

For over 85% of transactions, STP (straight-through processing) is done manually due to failures arising from faults in the source of data. With FinGeniusAI’s auto-repair solution, payment enrichment can help banks and other financial institutions benefit from faster payment processing speeds, lower costs, fewer errors, and improved customer service. 

"Being a pioneer in payments technology, Opus strives to make AI adoption easier for the industry players," says Praveen TM, Opus CEO. "FinGeniusAI Solutions breaks down barriers, inviting collective ingenuity to shape the future of payments and build future-ready solutions together."

These AI-powered solutions enable financial institutions to reduce human error and operational costs, optimize performance and prevent transaction delays, enhance customer experience and build loyalty, and position themselves as leaders in AI-led innovation. 

Opus is committed to continuous innovation, and FinGeniusAI Solutions is a critical step towards achieving that. The company plans to expand the platform with novel solutions, including Generative AI for creating synthetic data for testing and training purposes, further streamlining the development and validation process, and LLMs to automate tedious tasks and customer service interactions with natural language processing capabilities.

FinGeniusAI Solutions aims to address diverse needs across the payments ecosystem and harness the transformative power of AI to pave the way for a more efficient, robust future.