AI in Payments: Practical Applications and Legal Insights

In the latest episode of Payments Pros, host Carlin McCrory is joined by Jason Cover to discuss the role of artificial intelligence (AI) in the payments industry. They define AI and generative AI, highlighting its capabilities in generating text, images, and other data. Jason outlines four key considerations for using AI: ensuring data quality, adhering to applicable laws, understanding AI operations, and maintaining human oversight.Carlin and Jason explore practical applications of AI in the payments sector, such as customer service chatbots and automated dispute resolution. Jason emphasizes the importance of supervised AI use to avoid potential liabilities, citing recent Consumer Financial Protection Bureau guidance.The episode also covers the evolving regulatory landscape, including state-level initiatives like Colorado's statute on high-risk AI. Jason underscores the complexity of navigating these regulations and the need for companies to stay informed about state law changes. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.