In my role as Product Director at AccessPay, I have a front-row seat to the major developments that unfurl throughout each year.
As we get ready for 2025, I wanted to share my thoughts on 2024 – a year that has seen AI’s role in finance become more visible and the challenges in achieving seamless bank connectivity remain.
AI’s potential and connectivity challenges in finance
As it is in many industries across the world, AI is the current buzzword in finance, but it’s still in the early stages. While tools like co-pilot models and generative AI are helping in areas such as fraud detection, the real value of AI has yet to be fully realised.
To me, the most exciting potential for AI lies in its ability to recognise patterns in large data sets, which could prove to be transformative for fraud prevention.
From what I’ve seen, people are still figuring out how to make AI work to deliver real value, but all the signs are pointing to that day coming sooner rather than later.
One area that remains a stubborn challenge is connectivity, specifically APIs. APIs were originally expected to simplify connectivity, but in many ways, they’ve added complexity.
More and more we find that the diverse skillsets, technical demands, and resources needed for API integration mean that banks and businesses continue to face hurdles in achieving smooth, reliable connections.
AI in fraud detection and the role of instant payments in 2025
As we prepare for 2025, I see several key trends gathering on the horizon, including the potential for AI in fraud detection and the growing influence of instant payments.
AI holds enormous potential for fraud detection. In 2025, I expect its role to deepen. With the capability to analyse data on a massive scale, AI can proactively identify suspicious patterns and prevent fraud before it happens.
Yet, it will require careful implementation to ensure seamless integration with existing systems and a clear understanding of AI’s limitations as well as its strengths.
Meanwhile, driven by consumer expectations for speed and convenience, instant payments are becoming normalised, but the immediacy of these transactions introduces new risks. Once a payment has been submitted, the money is gone, and this finality underscores the need for strong security measures at the front end.
As the appeal of instant payments is set to rise throughout 2025, it will be essential for financial institutions to protect both businesses and consumers while meeting the demand for real-time transactions.
Ultimately, 2025 will see the financial industry embracing AI for advanced fraud prevention and adapting to the challenges of instant payments.
For us at AccessPay, it’s all about finding the right balance—embracing innovation while ensuring we maintain the security and trust that our clients rely on.
