Ben Griefer, a veteran of the payments space, has identified a crucial factor limiting AI adoption in the industry: infrastructure. As the CEO of Maverick Payments, Griefer has a unique perspective on what’s next in the rapidly shifting landscape of digital transactions.
Infrastructure Hurdles
AI’s potential to revolutionize payments is vast, but its potential is being largely held back by the existing infrastructure. “As AI reshapes nearly every corner of financial services, the payments industry is confronting a question that extends beyond technology: Is AI primarily a tool for cutting costs, improving efficiency, or driving innovation?” Griefer asks.
The answer, according to Griefer, is all of the above – but also more. He points out that the current infrastructure, designed primarily with batch processing in mind, is struggling to keep up with the real-time demands of AI-powered payments. This is particularly true for edge cases, where AI models need to handle a wide range of variables and exceptions.
Firms Face a Dilemma
With the increasing adoption of AI in payments, firms are faced with a difficult decision: upgrade their infrastructure to accommodate the demands of AI, or risk being left behind. Griefer argues that this is not just a technical issue, but a strategic one as well. “Companies that fail to adapt their infrastructure will be unable to take full advantage of AI’s potential, and will ultimately lose out to competitors that do,” he warns.
So what’s next for payments? Griefer predicts that we’ll see a shift towards more distributed and cloud-based infrastructure, designed specifically with AI in mind. This will enable firms to handle the complex calculations and data processing required for AI-driven payments, while also providing the scalability and flexibility needed to keep up with changing market conditions.
A New Era for Payments
According to Griefer, the coming era of payments will be characterized by a seamless fusion of technology and infrastructure. “AI will no longer be seen as a separate entity, but as an integral part of the payments ecosystem,” he says.
This vision is already starting to take shape. Maverick Payments, under Griefer’s leadership, has been working on developing AI-powered payment solutions that take into account the complexities of real-world transactions. The result is a more efficient, more secure, and more user-friendly way of making payments – one that takes full advantage of AI’s potential.
For consumers, this means faster, more convenient, and more personalized payment experiences. For businesses, it means reduced costs, improved efficiency, and increased revenue opportunities. As the payments industry continues to evolve, one thing is clear: AI will play a central role in shaping the future of financial transactions.
