Every second payment by IBAN in NovaPay is made with the help of artificial intelligence

In the NovaPay app, almost half of IBAN payments are made by customers using details parsing, a unique solution that allows them to quickly and accurately fill in payment data using artificial intelligence.

Parsing of details allows you to:

• copy absolutely all the details from the message and paste them into the IBAN field;
• take a photo of the details with a smartphone camera from a paper bill or the screen of another device;
• upload a file in any format from the gallery or smartphone memory, and the system recognizes the information and puts everything in its place.

“Artificial intelligence in finance is not just a trend, but a tool that changes the user experience. We are implementing AI not for the sake of fashion but to simplify financial transactions. Every month, 20,000 NovaPay customers make an average of 85,000 payments via parsing. This is another step towards convenience, security, and automation of routine processes, as it significantly speeds up the process: instead of 153 seconds of manual input, it takes only 12 seconds with parsing”, says Oleksii Ruban, Chief Innovation Officer at NovaPay.

Parsing of details is one of the examples of how artificial intelligence not only replaces human interaction but also helps automate and secure financial processes, making them faster and safer. NovaPay also uses AI in registration, verification, credit scoring, and support systems.

NovaPay is an international financial service that is part of the NOVA group of companies (Nova poshta). It has provided online and offline payment services in more than 3,600 Nova poshta branches for almost 13 years. NovaPay was the first non-bank financial institution in Ukraine to receive an extended NBU license, which allowed it to open accounts and issue cards.