Using Cloud-Based, GPU-Accelerated AI for Payments

July 20, 2022

Business-to-business (B2B) payments power the global economy. The business-to-business (B2B) payments ecosystem is massive, with $25 trillion in payments flowing between businesses each year.

Traditional B2B transactions were processed by banks sending customer payment transactions through the automated clearing house computer service which could take up to three days to clear and be processed. When a customer uses a credit card, merchants must pay fees, and it can take anywhere from 24 hours to three days to show up in the merchant account. Card-not-present payments, such as those made online or over the phone, are costly for merchants, requiring manual entry and approval. All of these payment methods have disadvantages for the customer, financial institution, or merchant.

Digital disruption in the financial services industry is a having major impact on both payment systems and customer expectations. The swift rise in technologies such as mobile banking apps, online payment systems, and non-traditional FinTech companies has changed what customers expect. Financial institutions and merchants want to speed up the payment process to meet customer expectations.

According to a McKinsey study, “More than three-quarters of Americans use some form of digital payment, which we define as any of the following: browser-based and in-app online purchases, in-store checkout using a mobile phone and/or QR code, and person-to-person payments.”

The digital age requires a real-time payment solution where payments are processed instantaneously and safely. Process automation using GPU-based cloud solutions along with artificial intelligence (AI) and machine learning (ML) solutions have the potential to power a real-time payment processing system to meet the payment needs of customers, merchants, and the financial services industry.

Financial services challenges in implementing real-time payment processing

Over the next few years, banks are looking to automate up to 25% of their processes to remain competitive and free employees to focus on more high-value efforts. A Gartner Market Guide for Digital Commerce Payment Vendors noted that, “B2B merchants have moved quickly toward digital commerce and are increasingly embracing the need for a more consumer-like, truly omnichannel, digital buying experience.”

Financial institutions face challenges in moving to a real-time payment processing solution. Many traditional banks rely on legacy systems using central processing units (CPUs) and their infrastructure cannot support the massive processing and storage requirements of processing high volumes of payment data in real-time. Financial information on checks and other financial forms must be manually reviewed and processed by staff. Payments made online or over the phone are costly for merchants requiring manual entry and approval.

Moving toward a real-time payment solution

According to this Forrester report, 84% of technical decision makers see significant opportunities with Al and believe they must implement Al to maintain a competitive advantage in their industry. However, 51% of the business leaders indicate their organization does not have the right resources to add AI capabilities.

Using cloud-based, GPU accelerated AI and ML solutions for payment processing removes barriers financial service institutions face in moving toward real-time payments systems. Training ML models and running AI in running payment transactions require huge computational resources, and processing transaction data is significantly faster on GPUs.

The Forrester survey found that “What organizations need are prebuilt, configurable AI cloud services. Cloud AI services allow developers to access a depth of AI capabilities via APIs for fueling application innovation without requiring data science experience.” Cloud AI services include prebuilt AI models, faster deployment time and greater scale of implementation across multiple applications.

AI and ML models automate many of the processes used in payment processing. ML models can extract information from financial documents that contain both unstructured and semi-structured data. By leveraging Al, machine learning, and analytics, even large amounts of fast-moving payment data can be interpreted in context.

The data created by the  real-time payment (RTP) process can be pulled into a single view on cloud-based systems. AI analysis on the data can yield valuable insights on client payments and buying behavior. Organizations can use the RTP data analysis to make personalized offers of products or services. AI and ML analysis on a cloud-based GPU-accelerated platform can also be used to find the opportunities most likely to create differentiation, generate revenue, and drive growth.

Technology partners provide cloud-based, GPU-accelerated AI payment solutions

Microsoft and NVIDIA have a long history of working together to support financial institutions in meeting challenges such as supporting real-time payments. Using the Microsoft Azure cloud in conjunction with NVIDIA AI solutions provide scalable, accelerated resources needed to run AI/ML algorithms, routines, and libraries.

The partnership between Microsoft and NVIDIA makes NVIDIA’s powerful GPU acceleration available to financial institutions. Azure Machine Learning integrates the NVIDIA open-source RAPIDS software library that allows machine learning users to accelerate their pipelines with NVIDIA GPUs. The NVIDIA TensorRT acceleration library was added to ONNX Runtime to speed deep learning inferencing. Azure supports NVIDIA’s T4 Tensor Core Graphics Processing Units (GPUs), which are optimized for the cost-effective deployment of machine learning inferencing or analytical workloads.

For example, GPU-accelerated computing deep learning applications trained on  NVIDIA V100s, provided 55x faster performance than CPU servers and 24x faster performance during inference for one financial processing firm.

How cloud-based solutions aid real-time payments

Many banks still use batch processing and older mainframe systems which can be complicated to update and maintain. Moving to the Microsoft Azure cloud solution provides financial institutions with a complete set of computing, networking, and storage resources integrated with workload orchestration services to aid in integrating a real-time processing solution. Microsoft Azure allows developers to build and train new AI models faster with automated machine learning, autoscaling cloud compute, and built-in DevOps.

Microsoft solutions provide fast and affordable payment processing. For example, Clearent provides global credit card processing services for merchants of all sizes and wanted a data solution that could meet its ever-increasing demand. Clearent chose the Microsoft Azure SQL Database hyperscale service tier to support its workload of dozens of microservices, manage real-time data ingestion, and process millions of credit card transaction records every month. Clearent integrates data from dozens of different sources into an operational data store and enterprise data warehouse within Azure before it analyzes the information using Microsoft Power BI.

Summary

Payment transactions power the global economy but traditional payment processing methods can’t meet processing requirements due to a delay in processing time and many manual human intervention steps.

Customers now expect digital payment transactions to be processed instantaneously and securely. Real-time payment process automation supported by GPU-based cloud solutions along with AI and ML solutions can meet the payment needs of customers, merchants, and the financial services industry.

Return to Solution Channel Homepage
Subscribe to HPCwire's Weekly Update!

Be the most informed person in the room! Stay ahead of the tech trends with industy updates delivered to you every week!

12 Midwestern Universities Team to Boost Semiconductor Supply Chain

August 8, 2022

The combined stressors of Covid-19 and the invasion of Ukraine have sent every major nation scrambling to reinforce its mission-critical supply chains — including and in particular the semiconductor supply chain. In th Read more…

Quantum Pioneer D-Wave Rings NYSE Bell, Begins Life as Public Company

August 8, 2022

D-Wave Systems, one of the early quantum computing pioneers, has completed its SPAC deal to go public. Its merger with DPCM Capital was completed last Friday, and today, D-Wave management rang the bell on the New York St Read more…

Supercomputer Models Explosives Critical for Nuclear Weapons

August 6, 2022

Lawrence Livermore National Laboratory (LLNL) is one of the laboratories that operates under the auspices of the National Nuclear Security Administration (NNSA), which manages the United States’ stockpile of nuclear we Read more…

SEA Changes: How EuroHPC Is Preparing for Exascale

August 5, 2022

Back in June, the EuroHPC Joint Undertaking — which serves as the EU’s concerted supercomputing play — announced its first exascale system: JUPITER, set to be installed by the Jülich Supercomputing Centre (FZJ) in 2023. But EuroHPC has been preparing for the exascale era for a much longer time: eight months before... Read more…

HPC Career Notes: August 2022 Edition

August 5, 2022

In this monthly feature, we’ll keep you up-to-date on the latest career developments for individuals in the high-performance computing community. Whether it’s a promotion, new company hire, or even an accolade, we’ Read more…

AWS Solution Channel

Shutterstock 1590905653

Expanded filesystems support in AWS ParallelCluster 3.2

Data is critical to HPC, and ensuring your simulations have the data they need — when they need it — is essential. However, data can originate from many sources and need to be consumed by diverse resources. Read more…

Microsoft/NVIDIA Solution Channel

Shutterstock 1731567844

Using Cloud-Based, GPU-Accelerated Systems for AML Fraud Detection

A major issue facing financial services organizations is tracking fraud due to money laundering. Trying to track money laundering is an expensive and time-consuming process due to the large volumes of financial data which must be analyzed. Read more…

Sniff Test: Supercomputer Research Investigates Odor Neutralizers

August 4, 2022

Factories, farms and landfills are functionally essential to our daily lives, but the less-than-desirable smells they often produce may be somewhat less necessary. Researchers from the University of New Orleans, the Louisiana Department of Environmental Quality, and the Jefferson Parish Department of Environmental Affairs in Jefferson, Louisiana... Read more…

SEA Changes: How EuroHPC Is Preparing for Exascale

August 5, 2022

Back in June, the EuroHPC Joint Undertaking — which serves as the EU’s concerted supercomputing play — announced its first exascale system: JUPITER, set to be installed by the Jülich Supercomputing Centre (FZJ) in 2023. But EuroHPC has been preparing for the exascale era for a much longer time: eight months before... Read more…

Not Just Cash for Chips – The New Chips and Science Act Boosts NSF, DOE, NIST

August 3, 2022

After two-plus years of contentious debate, several different names, and final passage by the House (243-187) and Senate (64-33) last week, the Chips and Science Act will soon become law. Besides the $54.2 billion provided to boost US-based chip manufacturing, the act reshapes US science policy in meaningful ways. NSF’s proposed budget... Read more…

CXL Brings Datacenter-sized Computing with 3.0 Standard, Thinks Ahead to 4.0

August 2, 2022

A new version of a standard backed by major cloud providers and chip companies could change the way some of the world's largest datacenters and fastest supercomputers are built. The CXL Consortium on Tuesday announced a new specification called CXL 3.0 – also known as Compute Express Link 3.0... Read more…

Inside an Ambitious Play to Shake Up HPC and the Texas Grid

August 2, 2022

With HPC demand ballooning and Moore’s law slowing down, modern supercomputers often undergo exhaustive efficiency efforts aimed at ameliorating exorbitant energy bills and correspondingly large carbon footprints. Others, meanwhile, are asking: is min-maxing the best option, or are there easier paths to reducing the bills and emissions of... Read more…

UCIe Consortium Incorporates, Nvidia and Alibaba Round Out Board

August 2, 2022

The Universal Chiplet Interconnect Express (UCIe) consortium is moving ahead with its effort to standardize a universal interconnect at the package level. The c Read more…

OpenCAPI to Be Folded into CXL

August 1, 2022

As the need for speed drives computational workloads, more standards organizations are coalescing around a standard called Compute Express Link – also known a Read more…

US CHIPS Act Close to Being Signed into Law

July 28, 2022

The U.S. House today passed the CHIPS and Science Act of 2022, which authorizes $280 billion in funding to boost semiconductor research and production in the country. The passage of the bill paves the way for U.S. president Joe Biden to sign the legislation into law, which would officially open up funding... Read more…

GE Research Enters the Exascale Era

July 28, 2022

The pitch for GE Research is easy, as Richard Arthur, senior director of computational methods research for GE Research, explained at the latest meeting of the DOE’s Advanced Scientific Computing Advisory Committee (ASCAC): a third of the electrons in the world that flow through devices are generated on GE equipment; every two seconds... Read more…

Nvidia R&D Chief on How AI is Improving Chip Design

April 18, 2022

Getting a glimpse into Nvidia’s R&D has become a regular feature of the spring GTC conference with Bill Dally, chief scientist and senior vice president of research, providing an overview of Nvidia’s R&D organization and a few details on current priorities. This year, Dally focused mostly on AI tools that Nvidia is both developing and using in-house to improve... Read more…

Royalty-free stock illustration ID: 1919750255

Intel Says UCIe to Outpace PCIe in Speed Race

May 11, 2022

Intel has shared more details on a new interconnect that is the foundation of the company’s long-term plan for x86, Arm and RISC-V architectures to co-exist in a single chip package. The semiconductor company is taking a modular approach to chip design with the option for customers to cram computing blocks such as CPUs, GPUs and AI accelerators inside a single chip package. Read more…

The Final Frontier: US Has Its First Exascale Supercomputer

May 30, 2022

In April 2018, the U.S. Department of Energy announced plans to procure a trio of exascale supercomputers at a total cost of up to $1.8 billion dollars. Over the ensuing four years, many announcements were made, many deadlines were missed, and a pandemic threw the world into disarray. Now, at long last, HPE and Oak Ridge National Laboratory (ORNL) have announced that the first of those... Read more…

US Senate Passes CHIPS Act Temperature Check, but Challenges Linger

July 19, 2022

The U.S. Senate on Tuesday passed a major hurdle that will open up close to $52 billion in grants for the semiconductor industry to boost manufacturing, supply chain and research and development. U.S. senators voted 64-34 in favor of advancing the CHIPS Act, which sets the stage for the final consideration... Read more…

Top500: Exascale Is Officially Here with Debut of Frontier

May 30, 2022

The 59th installment of the Top500 list, issued today from ISC 2022 in Hamburg, Germany, officially marks a new era in supercomputing with the debut of the first-ever exascale system on the list. Frontier, deployed at the Department of Energy’s Oak Ridge National Laboratory, achieved 1.102 exaflops in its fastest High Performance Linpack run, which was completed... Read more…

Newly-Observed Higgs Mode Holds Promise in Quantum Computing

June 8, 2022

The first-ever appearance of a previously undetectable quantum excitation known as the axial Higgs mode – exciting in its own right – also holds promise for developing and manipulating higher temperature quantum materials... Read more…

AMD’s MI300 APUs to Power Exascale El Capitan Supercomputer

June 21, 2022

Additional details of the architecture of the exascale El Capitan supercomputer were disclosed today by Lawrence Livermore National Laboratory’s (LLNL) Terri Read more…

PsiQuantum’s Path to 1 Million Qubits

April 21, 2022

PsiQuantum, founded in 2016 by four researchers with roots at Bristol University, Stanford University, and York University, is one of a few quantum computing startups that’s kept a moderately low PR profile. (That’s if you disregard the roughly $700 million in funding it has attracted.) The main reason is PsiQuantum has eschewed the clamorous public chase for... Read more…

Leading Solution Providers

Contributors

ISC 2022 Booth Video Tours

AMD
AWS
DDN
Dell
Intel
Lenovo
Microsoft
PENGUIN SOLUTIONS

Exclusive Inside Look at First US Exascale Supercomputer

July 1, 2022

HPCwire takes you inside the Frontier datacenter at DOE's Oak Ridge National Laboratory (ORNL) in Oak Ridge, Tenn., for an interview with Frontier Project Direc Read more…

AMD Opens Up Chip Design to the Outside for Custom Future

June 15, 2022

AMD is getting personal with chips as it sets sail to make products more to the liking of its customers. The chipmaker detailed a modular chip future in which customers can mix and match non-AMD processors in a custom chip package. "We are focused on making it easier to implement chips with more flexibility," said Mark Papermaster, chief technology officer at AMD during the analyst day meeting late last week. Read more…

Intel Reiterates Plans to Merge CPU, GPU High-performance Chip Roadmaps

May 31, 2022

Intel reiterated it is well on its way to merging its roadmap of high-performance CPUs and GPUs as it shifts over to newer manufacturing processes and packaging technologies in the coming years. The company is merging the CPU and GPU lineups into a chip (codenamed Falcon Shores) which Intel has dubbed an XPU. Falcon Shores... Read more…

Nvidia, Intel to Power Atos-Built MareNostrum 5 Supercomputer

June 16, 2022

The long-troubled, hotly anticipated MareNostrum 5 supercomputer finally has a vendor: Atos, which will be supplying a system that includes both Nvidia and Inte Read more…

India Launches Petascale ‘PARAM Ganga’ Supercomputer

March 8, 2022

Just a couple of weeks ago, the Indian government promised that it had five HPC systems in the final stages of installation and would launch nine new supercomputers this year. Now, it appears to be making good on that promise: the country’s National Supercomputing Mission (NSM) has announced the deployment of “PARAM Ganga” petascale supercomputer at Indian Institute of Technology (IIT)... Read more…

Is Time Running Out for Compromise on America COMPETES/USICA Act?

June 22, 2022

You may recall that efforts proposed in 2020 to remake the National Science Foundation (Endless Frontier Act) have since expanded and morphed into two gigantic bills, the America COMPETES Act in the U.S. House of Representatives and the U.S. Innovation and Competition Act in the U.S. Senate. So far, efforts to reconcile the two pieces of legislation have snagged and recent reports... Read more…

AMD Lines Up Alternate Chips as It Eyes a ‘Post-exaflops’ Future

June 10, 2022

Close to a decade ago, AMD was in turmoil. The company was playing second fiddle to Intel in PCs and datacenters, and its road to profitability hinged mostly on Read more…

Exascale Watch: Aurora Installation Underway, Now Open for Reservations

May 10, 2022

Installation has begun on the Aurora supercomputer, Rick Stevens (associate director of Argonne National Laboratory) revealed today during the Intel Vision event keynote taking place in Dallas, Texas, and online. Joining Intel exec Raja Koduri on stage, Stevens confirmed that the Aurora build is underway – a major development for a system that is projected to deliver more... Read more…

  • arrow
  • Click Here for More Headlines
  • arrow
HPCwire