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The fintech industry is leveraging recent technologies to provide innovative and efficient services to the customers. Robotic Process Automation (RPA) is one of the techniques that the fintechs are experimenting to use in their application and services. RPA is a business process automation technology which uses artificial intelligence based software robots.
Switch, Inc., a Seattle based finance technology infrastructure ecosystem company, which provides design, construction, and operation of data centers, released a white paper on the benefits of their latest application CardSavr. CardSavr uses RPA technology to provide an innovative service for cardholders, card issuers, and merchants. The CardSavr application can solve online card-on-file replacement and management issues, which will help the fintechs to yield higher transaction volumes and brand loyalty.
RPA tools automate the human user processes precisely the way a user does. The tools use software components or robots to interact and manage systems and applications. The Cardsavr tool uses these automated processes to automate the manual card updates without screen scrapping.
Chris Hopen, Co-founder and CEO of Switch, Inc. says, “Switch has designed a platform that uniquely combines our scalable RPA engine, multi-patent pending machine learning algorithms and our proprietary software to present a one-of-a-kind, easily integrated and secure API.” Hopen further adds,” Our system is smart, always learning and adapting to an ever-changing online world, while continually increasing its level of performance.”