Global FinTech Awards: Chaser Wins AI in FinTech

Chaser has won the AI in FinTech Award at The Global FinTech Awards 2024.

Chaser has integrated cutting-edge AI technology into its platform to address one of the most pressing issues facing small and medium-sized enterprises (SMEs) today: late payments. SMEs often struggle to manage receivables due to limited resources and this inefficiency can disrupt cash flow, hinder growth and add to operational burdens.

Chaser’s AI-driven features—late payment predictor, payer rating and recommended chasing times—are designed to alleviate these pain points by streamlining credit control processes.

The late payment predictor helps SMEs forecast the likelihood of an invoice being paid late, providing a percentage score that allows businesses to prioritise collections and make informed decisions on credit limits.

Payer ratings, based on historical payment behaviour, categorise customers into groups such as “good” or “bad” payers, optimising follow-up strategies and allowing companies to allocate their time more efficiently.

Finally, the recommended chasing times feature uses AI to determine the optimal day and time to send payment reminders, increasing the likelihood of timely payments.

Together, these features have reduced the average days sales outstanding (DSO) for businesses like Notion Media and Glevum Security by as much as 76% and 20 days, respectively.

Chaser’s innovations not only save SMEs hundreds of hours annually but also help them recover significant sums in overdue payments. For example, Cambridge Econometrics recovered $620,000 in overdue payments within a month of adopting Chaser’s AI tools.

By reducing the time between sending reminders and receiving payments by over 50%, Chaser has helped SMEs protect its revenue streams in an increasingly challenging economic environment.

The company’s AI tools are designed with transparency and ethical standards in mind, ensuring that users fully understand how the algorithms function. Chaser’s commitment to responsible AI development is further supported by its upcoming SOC2 compliance and its ongoing efforts to eliminate bias from AI-driven processes.

The awards

Launched in 2024, The Global FinTech Awards 2024 debuted at FinTech LIVE London Global Summit 2024.

Across 14 categories, the awards celebrated those companies, professionals and projects that consistently ensure that excellence and innovation lie at the forefront of their work. 

The awards set a benchmark for excellence across the industry and drive innovation in payment technology, digital banking, fraud verification and more.

“It was an honour to spotlight such a wide range of incredible companies at the inaugural FinTech  Awards,” said Glen White, CEO of BizClik, FinTech Magazine.

“At a time where digital inclusion and easy access to finance is crucial for fostering economic growth, reducing poverty, and promoting social equity, it is important to celebrate the success of those in the fintech industry that are revolutionising traditional financial services through the integration of technology. 

“To host the awards during FinTech LIVE London is an incredible moment for the sector to celebrate, we encourage many more companies to enter our Awards for 2025. 

“Thanks to every company that entered - it's important that you stay focused, motivated and continuously innovate and I am excited to see so much more of Generative AI when we meet again in a year’s time.

And a Big Congratulations to every company who entered, those that are highly commended and of course to our 14 winners – we appreciate your input more than you know.”

The AI in FinTech Award

The AI in FinTech Award highlights companies that are excelling in innovative artificial intelligence solutions.

• How does your AI technology enhance customer experience and streamline financial services? 
• What unique AI algorithms or models does your company use to optimise financial decision-making processes? 
• Can you showcase real-world applications where your AI solutions have led to significant cost savings or revenue growth? 
• How does your company ensure data privacy and maintain ethical standards in AI-driven FinTech developments?

Shortlisted companies included-

• Accedia
• AML RightSource
• Chaser
• Pairpoint by Vodafone
• Trading Centra

Highly Commended: Accedia & Pairpoint by Vodafone

Accedia and Pairpoint by Vodafone are both harnessing the power of artificial intelligence (AI) to drive innovation in fintech, offering solutions that enhance financial services and customer experience while maintaining strict data privacy standards.

Accedia’s AI Capability Center (AICC) is central to its fintech offering, providing tailored AI models that optimise decision-making processes for banks and fintech startups.

The AICC's proprietary machine learning models are designed for real-world financial applications, such as fraud detection and creditworthiness assessments. This enables clients to process vast volumes of credit applications daily.

Accedia’s predictive models also support marketing and customer retention, with clients seeing improved customer value and reduced marketing losses. For instance, a European bank reduced potential marketing budget losses by over USD$2 million and saw a 30% increase in average customer value through Accedia’s AI-driven segmentation and targeting. Beyond cost savings, the company’s commitment to data privacy and regulatory compliance is evident, with stringent encryption protocols and certifications, such as ISO/IEC 27001, in place to safeguard customer data.

Meanwhile, Pairpoint by Vodafone is revolutionising automated payments through AI and Internet of Things (IoT) technology.

By integrating AI with SIM card-based cryptography and Web3 smart contracts, Pairpoint enables seamless, automated financial transactions for IoT devices.

One standout use case is in electric vehicle (EV) charging, where Pairpoint’s AI agent identifies the best charging locations and tariffs, while payments are handled automatically via open banking APIs.

This solution demonstrates the scalability of AI in fintech, with Pairpoint’s technology poised to activate over 450,000 EV chargers across Europe. The company’s focus on data security is reinforced by its use of zero-knowledge proofs and SIM-based encryption to ensure privacy in all transactions.

Both Accedia and Pairpoint are setting new standards for AI-driven fintech solutions, enhancing efficiency, scalability and security while driving cost savings and revenue growth for their clients.

The Global FinTech Awards 2024

Thanks to our esteemed panel of industry leaders who judged the awards:

• Stephen Roche, President and Co-Founder of Saphyre
• Nick Levy, Partner at IBM Consulting
• Daniel Yubi, Chief Executive Officer at Payable
• Jaideep Pawar, Founder & CEO of GRAMePAY
• Steve Suarez, External Advisor at Bain & Company
• Georgios Samakovitis, Professor of FinTech at University of Greenwich
• David Palmer, Blockchain Lead Vodafone Business IoT at Vodafone Business 
• Russell Fisher, COO Admiral Pioneer at Admiral Group
• Jsmeet Narang, Chief Transformation Officer and Director of Financial Crime at Santander

The full list of awards categories for 2024 is:

• Digital Banking Award
• Payment Technology Award
• Financial Services Award
• AI in FinTech Award
• Fraud & ID Verification Award
• Sustainable FinTech Award
• Finance Technology Award
• FinTech Consultancy Award
• Future Leader Award
• Executive of the Year Award
• Project of the Year Award
• Lifetime Achievement Award
• Social Enterprise Award
• Start-Up Award

Essential diary dates for 2025

FinTech LIVE continues to expand its LIVE events with more to come in 2025 - discover the essential diary dates below.

2025:

• FinTech LIVE Singapore | 25 February 
• InsurTech LIVE | 1 May
• FinTech LIVE Dubai | 6 May
• FinTech LIVE New York | 17 June
• FinTech LIVE London | 7-8 October
• FinTech Awards | 7 October

Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024.

FinTech Magazine is a BizClik brand