Inspiration
Did you know that: The electronic mail (or simply email) was invented by Ray Tomlinson in the 1960s. And speaking of emails, do you know how many emails are sent per day? 15 is the average number of emails per day a person sends for business purposes It is one of the most useful inventions for personal and business use. So why not use it to make payment? Email can be one of the methods of sending payments that can save both you and the financial institution time and money.
What it does
Email Pay is an artificial intelligence-based natural language processor program that parses, understands, and transforms a human-written text over email into a payment transaction and will initiate that payment for you. Email Pay understands various email requests, independent of templates and formats. Email Pay utilizes FusionFabric.cloud International Payment Initiation API
How we built it
In the era of machine learning and data science, computer programs are becoming more efficient in understanding humans in their own language. Using the advancement in natural language processing (NLP), our project transforms email requests to initiate transactions into FGPP using FFDC API. We combined Apache Camel and Spring boot to orchestrate the integration flow. To support NLP, we used python-on-flask to convert human language into a structured message (like JSON) We used libraries like SPACY and KERAS.
Challenges we ran into
To bring an idea so simple into reality we have to spend a huge amount of time understanding how to construct the human text and transform it into payments related information. To get this done we have to bundle a couple of technology stacks together and integrate this with FFDC to create a transaction in FGPP.
Accomplishments that we're proud of
Given the short amount of time for a broad topic and a complex one, we achieved something here which can help Financial institutions transform their customer propositions and drive efficiencies.
What we learned
Teamwork and potential of FusionFabric.cloud. On this open innovation platform and app marketplace, we can unlock innovation in financial services. Yes, we learned the Future of Finance is open.
What's next for Email Pay
Email Pay engine that understands documents and images attached in the email, extracts data, and synthesize it into actionable payment information. Financial Institutions will not invest in their form-based data collection method and will replace it with more human-understandable formats like chatbots and text-based messengers.
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