Personal Autopay System: A Comprehensive Framework for the Automation of Recurring Digital Payment Transactions
Keywords:
Compliance, Digital finance, Financial management, Fraud prevention, Mandate management, Operational efficiency, Predictive analytics, Reliability, Scalability, Security, Transaction lifecycleAbstract
The Personal Autopay System is a technology platform intended for the automation of financial transactions, which include the payment of bills, subscription services, insurance, and loan repayments. In today’s financial environment, it is common for individuals and organisations to have several financial transactions, which can be processed periodically. The use of autopayment systems has been a solution to the challenges associated with the processing of financial transactions. The system has been enhanced in recent times through the integration of Artificial Intelligence (AI) and blockchain technology. The integration of AI technology has enabled the prediction of potential failures in financial transactions. The autopayment system has also been enhanced through the integration of multiple financial instruments, which can be used in the processing of financial transactions. The paper will cover the architecture of the system, the workflow of the system, the main features of the system, security aspects of the system, advantages of the system, applications of the system in different industries such as banking, power, education, insurance services, etc., disadvantages of the system, and prospects of the system including aspects of AI, Cloud Computing, IoT, etc. It is to be noted that the use of Personal Autopay Systems will greatly benefit the overall efficiency of digital financial transactions.
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