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AWS and J.P. Morgan Weigh In on the Cloud’s Role in Payments Modernization
- Migrating to the cloud brings lower costs, higher efficiencies and the ability to scale up and down depending on transaction volume and data complexities.
- The cloud's value proposition for banking has evolved from the basic scalability and efficiency phase to a richer, more complex set of advantages.
- JP Morgan Payments recognized the need to modernize its payments platform to stay ahead in a competitive market.
- Cloud-based payments platforms make it easy to manage and utilize vast amounts of data, ultimately delivering better outcomes for clients.
- AI is poised to play a transformative role in payments modernization, particularly in fraud prevention and customer experience.
- Fraud prevention is another area where AI is making strides.
- The intersection of cloud technology and payments will provide faster, more reliable, and more secure payments, with a lot more automation.
- Manual processes that have traditionally burdened payment customers will become increasingly automated, freeing up resources for innovation.
- As payment solutions become more integrated into client software, the demand for cloud-based infrastructure will increase.
- Overall, the future is bold, with the cloud and JP Morgan Payments excited to be on this journey!
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