Global payment solutions provider, Opus has entered a partnership with Databricks, the data and AI company. This partnership is set to reshape and advance the payments landscape by harnessing the power of machine learning (ML) and artificial intelligence (AI).
Databricks’ Lakehouse Platform allows companies to unify all data, analytics, and AI on one platform. Being open source, it facilitates easy integration with other tools and platform-independent data sharing. Backed by this partnership, Opus will leverage Databricks’ Lakehouse Platform for creating AI-driven specialized use cases tailored for the payment industry. These use cases encompass a wide range of functionalities, including intelligent payment routing, smart payment reconciliation, real-time credit decisioning, hyper-personalization based on customer insights, the establishment of robust data governance models to meet stringent regulatory requirements, and the automation of core operations such as customer onboarding and customer service.
Praveen TM, CEO of Opus, said, “AI is a game changer in the financial industry, and its potential is vast and varied. Our partnership with Databricks can improve merchant experience through process automation, making even complex tasks like KYC, AML, and fraud detection a breeze. It can be leveraged to provide deep insights into consumer preferences and behaviors as well as sharpen predictive analytics. Offering cost reduction on one hand, our AI solutions can also boost revenue generation by allowing companies to personalize their offerings and increase customer retention through improved support.”
The partnership with Databricks signifies Opus Technologies’ aim to remain at the forefront of delivering cutting-edge solutions that enhance the payment experience for businesses and consumers.