NovaPay Revolutionizes IBAN Transfers Using Artificial Intelligence
Ukrainian fintech service NovaPay has achieved a significant breakthrough in automating bank transfers by implementing artificial intelligence technologies for processing IBAN payments. The innovative system now processes almost 50% of all transfers, reducing transaction processing time from 153 to 12 seconds.
Artificial Intelligence Transforms Bank Transfers
Ukrainian fintech service NovaPay, part of the NOVA group, has made a significant breakthrough in automating bank transfers by integrating artificial intelligence technologies for processing IBAN payments. The innovative system now processes almost 50% of all transfers, reducing transaction processing time from 153 to 12 seconds.
According to NovaPay, over 20,000 users make approximately 85,000 automated transfers monthly through the intelligent requisite parsing function. The system offers users three ways to input payment information: copying and pasting requisites from any source, photographing payment documents, or uploading files from their device.
“This is not just following a fashionable trend, but a real tool for improving user experience,” emphasizes NovaPay’s Director of Innovation, Oleksiy Ruban. According to him, artificial intelligence is used not to replace humans but to optimize and protect financial processes.
The company is also expanding the use of AI technologies in other areas, including user verification, credit scoring, and customer support systems. Notably, NovaPay, which has been operating in the market for almost 13 years and has over 3,600 presence points, became the first non-banking financial institution in Ukraine to receive an extended NBU license for opening accounts and issuing cards.
The implementation of AI parsing is part of NovaPay’s strategic transformation from a traditional payment service into a next-generation technology platform focused on maximum speed and convenience of financial transactions.
NovaPay continues its transformation into an advanced technology platform where artificial intelligence not only accelerates processes but also makes them safer and more convenient for users. This is a prime example of how Ukrainian fintech companies are implementing world-class innovations.
