WEBVTT - ACI Worldwide Raises Guidance, Commits to Digital Assets 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>You're listening to Bloomberg BusinessWeek with Carol Masser and Tim

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<v Speaker 2>Stenoveek on Bloomberg Radio.

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<v Speaker 1>The season is underway. The global e commerce and payments

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<v Speaker 1>platform company ACI Worldwide says friendly fraud is expected to

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<v Speaker 1>increase twenty five percent between Thanksgiving and Cyber Monday. That's

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<v Speaker 1>according to an analysis of billions of transactions of global

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<v Speaker 1>e commerce businesses. That's what they do. They see a

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<v Speaker 1>lot titting us with more is and kind of on

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<v Speaker 1>that story as well as their business. In our latest

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<v Speaker 1>installment of CFO Briefing is Robert Leebrock. He is CFO

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<v Speaker 1>of the more than four point eight billion dollar market

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<v Speaker 1>cap company ACI Worldwide, the stock by the way down

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<v Speaker 1>about nine percent year today, and also with us here

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<v Speaker 1>in studio as Nina Trentman. She's Bloomberg News Senior editor.

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<v Speaker 1>She writes the CFO Briefing newsletter, which you can subscribe

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<v Speaker 1>to at Bloomberg dot com slash CFO Briefing. A new

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<v Speaker 1>one comes out every Sunday. Bobby, welcome, Welcome, Nice to

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<v Speaker 1>have you here with all of us. I'm not sure

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<v Speaker 1>everybody's familiar with what you do share with us a

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<v Speaker 1>bit on what the company does, who are your customers,

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<v Speaker 1>the type of categories, so that our investing audience has

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<v Speaker 1>a good picture of what your business is all about.

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<v Speaker 3>Yeah, that'd be great, and thank you for having me, Carol.

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<v Speaker 3>I think, as you described earlier, we're right at a

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<v Speaker 3>peak season for our company. We're right in the middle

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<v Speaker 3>of all of the payments that run through the economy,

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<v Speaker 3>not just here in the US, but around the world.

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<v Speaker 3>And as you think about what ACI does, it's the

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<v Speaker 3>infrastructure of payments. You know, we know around computing, there's cloud,

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<v Speaker 3>there's data centers, there's the edge around payments. We are

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<v Speaker 3>the infrastructure that does that across all the banks, all

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<v Speaker 3>top ten banks, sixty of the top one hundred banks.

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<v Speaker 3>Also across three thousand customers here in the US, they

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<v Speaker 3>need bill pay technologies. If you paid your US tax bill,

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<v Speaker 3>you've probably used our platform your insurance bill. And then

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<v Speaker 3>a big you know this weekend actually is when you

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<v Speaker 3>talk about friendly fraud and uptick. We're seeing there. We

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<v Speaker 3>service eighty thousand merchants globally with our technology around payments.

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<v Speaker 3>There and as you step back, you know what where

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<v Speaker 3>ACI really comes in is a mission critical layer of

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<v Speaker 3>software and as a service technology that allows them to scale,

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<v Speaker 3>provide the reliability, the fraud detection that you need across

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<v Speaker 3>those As you think about what we can do across

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<v Speaker 3>those platforms, it is it is perfect to come in,

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<v Speaker 3>you know, on the Wednesday here before Thanksgiving here in

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<v Speaker 3>the US. Like I said, it's a big peak season.

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<v Speaker 3>As we look at the transactions at this time of

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<v Speaker 3>the year, you know, they were up more than twenty

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<v Speaker 3>five percent last year. We're expecting that to happen again

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<v Speaker 3>this year. Through our platform. There's lots of fraud that

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<v Speaker 3>can come along with that. It's one of the areas

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<v Speaker 3>we're infusing AI into that for these merchant providers. As

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<v Speaker 3>you think across ACI, you mentioned almost five billion dollar

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<v Speaker 3>market cap, almost two billion in revenue. You know that

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<v Speaker 3>we have globally with a very healthy performance underneath about

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<v Speaker 3>five hundred million in aibita. You know, I joined just

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<v Speaker 3>under six months ago, so you know, relatively new to

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<v Speaker 3>the team here and think about what we do. It's

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<v Speaker 3>really a big reason on why I joined. I was

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<v Speaker 3>excited to come in the middle of a company that's

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<v Speaker 3>mission critical to everything we do around payments and the

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<v Speaker 3>ecosystem and the economy. But the other equally important part

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<v Speaker 3>of why I was excited to come was we're a

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<v Speaker 3>fifty year old company that's rapidly transforming. About two years

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<v Speaker 3>ago we had a new CEO come in Tom Moresop,

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<v Speaker 3>and he's really jolted the company. Increased our growth about

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<v Speaker 3>two actra grow ten percent last year, run track to

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<v Speaker 3>nine to ten percent growth this year. And as you

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<v Speaker 3>look at that, the other big jolt was innovation. We

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<v Speaker 3>have a new platform that we're bringing out around cloud Native.

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<v Speaker 3>It's our ACI Kinetic platform. And those were two big

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<v Speaker 3>things that I'm excited to join this team and the

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<v Speaker 3>transformation run.

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<v Speaker 4>Thanks Bobby for for joining us here. Nina here, just

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<v Speaker 4>wanted to actually follow up on the data that you

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<v Speaker 4>have from your businesusiness. We earlier talked here on the

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<v Speaker 4>program about the key shaped economy and the divergence between

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<v Speaker 4>sort of affluent spenders in the US and those with

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<v Speaker 4>lower incomes. Is that something that's reflected in your numbers,

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<v Speaker 4>and what are the trends telling you for this holiday season?

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<v Speaker 3>Yeah? I think good question and good to see you again, Nina.

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<v Speaker 3>I think the underneath of that and let me provide

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<v Speaker 3>the global scale of ACI. We operate in about ninety

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<v Speaker 3>countries globally, and our banking business is actually about seventy

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<v Speaker 3>five percent outside the US. And as you think on

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<v Speaker 3>how that's developed, a lot of it has to do

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<v Speaker 3>with Nina. How we're servicing economies that are either undercredited

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<v Speaker 3>or under banked and giving them the ability to do

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<v Speaker 3>digital payments through a debit transaction or other types of

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<v Speaker 3>electronic payments is really important to our culture and our mission.

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<v Speaker 3>So as we go do that, we're seeing good demand

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<v Speaker 3>across Asia, Latin America for these different payment schemes and

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<v Speaker 3>real time payments provide to those those folks. As you

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<v Speaker 3>think about you know this this season I mentioned, you know,

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<v Speaker 3>we're this is a peak season. We think the shift

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<v Speaker 3>more and more towards digital payments is continuing to happen.

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<v Speaker 3>We see that through our platform. When we last talk,

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<v Speaker 3>I mentioned on a year to date basis, we're going

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<v Speaker 3>twelve percent, so a really nice demand and that's across

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<v Speaker 3>both of our businesses here in the US or internationally

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<v Speaker 3>as well as you look across our payment software business.

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<v Speaker 4>Yeah, just curious, Actually do you see this growth in

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<v Speaker 4>and buy now pay later transactions that we've seen across

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<v Speaker 4>platforms is also that's showing in your business.

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<v Speaker 3>Yeah, and I will say, I mean our business is

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<v Speaker 3>largely agnostic to how you want to pay, but that

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<v Speaker 3>is a good reason why to use a digital electronic

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<v Speaker 3>payment versus let's say cash, and the ability to do that.

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<v Speaker 3>It's one of the reasons we're taking good market share

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<v Speaker 3>within our bill pay business. This is a business that

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<v Speaker 3>you know, we've we've gotten it from lower to mid

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<v Speaker 3>single up to market levels at growing twelve percent. And

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<v Speaker 3>to the point of your underlying up your question there,

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<v Speaker 3>that is providing more payment types is why a lot

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<v Speaker 3>of customers in this space are choosing to no longer

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<v Speaker 3>write their own bill pay technology and their app or

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<v Speaker 3>their website, but come to a leader like ACI to

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<v Speaker 3>do that for them. They can give them more options

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<v Speaker 3>around pay later, use credit, use other forms of payments

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<v Speaker 3>as well.

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<v Speaker 4>Well.

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<v Speaker 2>On that, Bobby, we actually had Tom Morse up on

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<v Speaker 2>Bloomberg Crypto just about five weeks ago, back in the

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<v Speaker 2>middle of October. He was here in the city to

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<v Speaker 2>talk a little bit about stable coins, speaking of different

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<v Speaker 2>types of payments, and I'm wondering how big of a

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<v Speaker 2>business at this point, you see that getting use of

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<v Speaker 2>stable coins, especially for cross border transactions. Do you see

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<v Speaker 2>it sticking?

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<v Speaker 3>Yeah? I think I remember. I think he said that,

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<v Speaker 3>you know, you and he were talking about the death

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<v Speaker 3>of cash is greatly exact rated right when he saw it.

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<v Speaker 3>And admittedly, what we were trying to you know, lean

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<v Speaker 3>into there was we don't see you know, any one

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<v Speaker 3>payment type really going away, and I think that's the

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<v Speaker 3>reason why there's such a need. You know, as stable

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<v Speaker 3>coin sees more adoption continues to ramp, you know, I

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<v Speaker 3>will know as you look underneath of that, it's it's

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<v Speaker 3>definitely an emerging payment type. Provides you know, faster, cheaper,

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<v Speaker 3>more transparent ways to transfer money, particularly cross borders like

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<v Speaker 3>you mentioned, but it adds a ton of complexity for

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<v Speaker 3>our customers to add this as an additional payment type.

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<v Speaker 3>It's one of the core reasons when we went out

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<v Speaker 3>and surveyed two hundred customers about two years ago, we

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<v Speaker 3>asked them, you know, where should we invest. You know,

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<v Speaker 3>it was a very customer oriented product, market fit for

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<v Speaker 3>our new platform ACI Kinetic, and this is a payment's hub.

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<v Speaker 3>It doesn't bias one payment type one rail. It can

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<v Speaker 3>lean across all these payment tups. It helps you orchestrate

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<v Speaker 3>them because the complexity of adopting stable coin. You see

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<v Speaker 3>a lot of banking announcements on either their own stable

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<v Speaker 3>coin or their ability for tokenized deposits. It's great optional

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<v Speaker 3>and in ACI, we love the idea of giving consumers

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<v Speaker 3>and more optionality and choice and flexibility, but that provides

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<v Speaker 3>a lot of complexity for our customers, which is where

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<v Speaker 3>they need our help and is right in our sweet spot.

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<v Speaker 4>Just wondering actually in terms of stable coin payments, is

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<v Speaker 4>that consumers using those on your platform? Is it business

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<v Speaker 4>to business? What is that looking like?

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<v Speaker 3>Yeah? I think so. As you think of our multiple

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<v Speaker 3>platforms within our bill pay, our merchant business, we've provided

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<v Speaker 3>the option ouity. We had a strategic partnership with BitPay

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<v Speaker 3>that we announced last quarter that unlocks the ability to

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<v Speaker 3>use those across those platforms. If you think of our

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<v Speaker 3>critical banking business, that's really a mission critical layer that

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<v Speaker 3>banking banks are using around the world that those volumes.

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<v Speaker 3>We have the capability there. You know, we have the

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<v Speaker 3>payment infrastructure, we support stable coins, tokenized deposits of the

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<v Speaker 3>new payment type, the interroperability, most of the volumes I

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<v Speaker 3>see their need are within the crypto universe themselves. It's

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<v Speaker 3>going from a highly volatile cryptocurrency and if you want

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<v Speaker 3>to get the stability to move that, you'll see a

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<v Speaker 3>transaction of going from you know, a bitcoin over to

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<v Speaker 3>a stable coin. There, we don't see a lot of

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<v Speaker 3>transactions that you know, you know, compared to the you know,

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<v Speaker 3>we do billions of transactions every single day with trillions

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<v Speaker 3>of dollars attached to those transactions. And within those there's

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<v Speaker 3>still more across the traditional payment types that we see

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<v Speaker 3>within our banking data.

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<v Speaker 1>Hey, you know we kicked off, Bobby, our introduction to

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<v Speaker 1>you talking about the so called friendly fraud expected this

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<v Speaker 1>holiday shopping season in particular, we're looking at the weekend

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<v Speaker 1>and all the way through. How much risk is there

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<v Speaker 1>from this and especially when compute customers dispute transactions following

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<v Speaker 1>a purchase.

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<v Speaker 3>Yeah, I think you know. The friendly fraud for you

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<v Speaker 3>know folks, this is a new term to This is

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<v Speaker 3>things like wardrobing, buying something, wearing it for a long time,

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<v Speaker 3>returning it or you know, stolen goods that you try

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<v Speaker 3>to return to the provider. And there's they're getting more

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<v Speaker 3>and more sophisticated and admitally is yeah, this is growing

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<v Speaker 3>upwards of twenty five percent. And if you think of

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<v Speaker 3>the average return, it was about one hundred and fifty dollars.

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<v Speaker 3>If I remember last year, it's up to about two

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<v Speaker 3>hundred dollars the average transaction that's going through these types

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<v Speaker 3>of friendly fraud. We have a platform, so I talked

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<v Speaker 3>about servicing eighty thousand merchant globally. You know, through our

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<v Speaker 3>product and our software there we have payment intelligence and

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<v Speaker 3>we can get up to ninety eight percent prevention within

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<v Speaker 3>that space. So it's really a big value add there.

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<v Speaker 3>And we talk about you know, I'm a I'm a

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<v Speaker 3>believer in you know, the use cases around AI, and

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<v Speaker 3>this is one of them that I love talking when

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<v Speaker 3>I'm meeting with investors because it shows them a real

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<v Speaker 3>life example around where our customers are seeing an ROI

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<v Speaker 3>on reducing this friendly fraud with the capabilities we have

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<v Speaker 3>on our.

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<v Speaker 1>Platform, maybe we shall all take an ethics lesson. I

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<v Speaker 1>don't know, I hadn't heard it.

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<v Speaker 2>I hadn't heard friendly fraud before.

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<v Speaker 1>Right, It's just, oh my gosh.

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<v Speaker 2>You know it when you see.

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<v Speaker 1>It, you know it apparently when you see it Hey, listen, Bobby,

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<v Speaker 1>thank you so much. We really appreciate it. Happy Thanksgiving

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<v Speaker 1>Bobby Lee Brock. He is CFO of ACI world Wide.

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<v Speaker 1>Nina Trentman, thank you always. Happy Holidays, Bloomberg News senior editor.

0:11:26.840 --> 0:11:29.079
<v Speaker 1>She writes the CFO Briefing newsletter. You can find it

0:11:29.120 --> 0:11:31.760
<v Speaker 1>at Bloomberg dot com slash CFO Briefing and for more

0:11:31.760 --> 0:11:34.199
<v Speaker 1>Bloomberg coverage of CFOs. Be sure to check out the

0:11:34.240 --> 0:11:37.600
<v Speaker 1>latest episode of the Chief Future Officers series. It features

0:11:37.600 --> 0:11:41.719
<v Speaker 1>the CFO of Standard Chartered Bank Diego Da Georgie on

0:11:41.760 --> 0:11:44.480
<v Speaker 1>his major role in the bank's expansion into digital assets

0:11:44.520 --> 0:11:46.880
<v Speaker 1>and how AI is changing the job of CFO. You

0:11:46.880 --> 0:11:50.160
<v Speaker 1>can watch Chief Future Officer right now I'm Bloomberg dot

0:11:50.160 --> 0:11:53.000
<v Speaker 1>Com and of course, on YouTube.