Paywhere Launches AI Banking Platform for Financial Institutions
Paywhere has launched its AI Banking Storefront, a programmable banking platform that allows banks and credit unions to serve customers within the AI tools they already use. The solution acts as a secure connective layer between financial institutions and platforms like ChatGPT or Copilot, enabling customer interactions while maintaining institutional control over branding, permissions, and data. The company highlights a growing shift in how small businesses manage their finances using AI assistants for tasks such as cash flow management and bookkeeping. Paywhere aims to bridge the gap by integrating banking services directly into these tools without requiring institutions to develop their own AI systems. This approach is intended to help banks retain customer relationships amid increasing competition from fintechs, which have drawn over $3 trillion in financial activity away from traditional institutions. According to industry research cited by Paywhere, only a small percentage of banks and credit unions currently use AI. The platform allows them to connect with the tools their customers already trust without disrupting existing systems or requiring internal engineering teams.
Topics: AI Banking Platform Fintech Innovation