CARMEL BY THE SEA, Calif., Aug. 30, 2022 (GLOBE NEWSWIRE) — Innovative Payment Solutions, Inc. (OTCQB:IPSI) (“IPSI” or the “Company”), a fintech provider of digital payment solutions to both business owners and consumers, announced today that it has partnered with DRUID to provide various conversational AI technology to be integrated into the IPSIPay App. The new collaboration will enable IPSIPay app users to conduct transactions and utilize other functions through voice command in addition to traditional touch screen interaction.
William Corbett, IPSI’s Chairman and Chief Executive Officer, commented, “We believe our new collaboration with DRUID will dramatically enhance the functionality of our IPSIPay App, enabling users to execute remittances and other transactions, as well as non-transactional functions such as balance inquiries, simply by providing voice commands through their phone. The artificial intelligence newly embedded into the app will improve the accuracy and quality of the platform as it is used, enhancing the user experience as it learns that individuals’ particular voice characteristics resulting in improved results and better experience by the user. The capability to translate multiple languages is particularly important as our target audience continues to be migrant workers speaking multiple different languages. As we focus our efforts on providing products and services to the unbanked and underserved, the DRUID conversational AI platform enables us to expand our capabilities enhancing the user experience, especially for this community.”
DRUID, based in Bucharest with growing presence around the world including in the U.S., is one of the leaders in the global conversational AI landscape with technology that helps companies build better user interactions. Its conversational AI platform provides a cutting-edge proprietary engine that provides 95% accuracy and interprets user intent, giving real-time contextual information based on behavior and preferences for the ultimate conversational experience. Included in the platform is the ability to build AI virtual assistants that instantly evaluate all possible intents and understand complex queries accurately, engaging in human-like interactions. In addition, DRUID’s AI platform has an interpreter mode that can translate conversations in over 100 language combinations.
Liviu Dragan, DRUID’s Chief Executive Officer, added, “We believe our collaboration with IPSI represents a fabulous opportunity to both improve the functionality of IPSIPay, and to potentially improve IPSI’s customer satisfaction by enhancing the interactive experience for their users to interact with IPSIPay.”
DRUID is a no-code Conversational AI platform that allows companies to design and deploy superior experiences for internal and external users using omnichannel interactions and business process automation. Powered by a proprietary NLP/NLU engine that truly understands human language, advanced analytics, evaluation, and no-code UI tools, DRUID provides a conversational UX layer to any enterprise system, enabling a revolutionary new way of working – the Conversational Business Apps. The platform uses state-of-the-art technologies provided by partners for cloud technology and artificial intelligence (Azure, Microsoft Cognitive Services, Bot Framework), as well as a series of widely used communication channels, complementary to any internal information system used by a company. To learn more about Druid, please visit www.druidai.com.
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. is a cutting-edge provider of digital payment solutions for consumers and service providers, focusing on the needs of the unbanked and underbanked. Through its IPSIPay app and Beyond Wallet offerings, IPSI facilitates instantaneous cross-border remittances by companies and individuals, using its robust technology platform to enable digital transactions that are convenient, cost effective, fast, and secure. IPSIPay, app users are able to acquire VISA debit cards, as well as obtain a bank account at a major U.S. institution, enabling them to execute financial transactions through the Company’s large, worldwide merchant network.
To learn more about Innovative Payment Solutions, Inc., please visit www.ipsipay.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 made by Company management and the Company’s commercial collaborators. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the or the negative of these terms or other comparable terminology. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to significant risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially and adversely from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others: (i) the Company’s ability to successfully roll out the new IPSIPay App and related capabilities, such as the Druid offering; (ii) the Company’s ability to increase its number of users; (iii) the Company’s ability to operate its platform without errors; (iv) the Company’s ability to operate its technology for use in all U.S. states and foreign countries; (v) the Company’s ability to generate revenue, positive cash flow or profitability; (vi) the duration and scope of the COVID-19 pandemic worldwide (which has delayed the launch of IPSIPay), including the impact to the economy in California and Mexico; and (vii) the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release. The Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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