Back to the Future - Voice-Driven Payments

As the tech world is constantly evolving, new opportunities are arising for many corporations, including financial service corporations.  One of those new opportunities is how individuals are using voice-driven digital assistants, such as Apple Siri, Amazon Alexa, Microsoft Cortana, etc. to make voice payments.

Currently, these assistants are primarily used as smartphone or home-based assistants to perform basic functions - set calendar reminders, notify you of the weather, etc. However, as this technology evolves, these voice-driven digital assistants will be able to deliver personalized and detailed responses that will make the consumer’s life even easier.  Examples include paying your bills or making purchases just by using your voice. 

Several large financial service companies have already noticed the trend and have committed to introducing conversational interfaces with their customers to allow for voice payments.   More financial service companies are expected to follow.

Now with this evolving technology, there are also risks to allowing voice payments through these digital assistants such as:

  • Lack of Security – companies should use authentication, including biometric options
  • Ensuring compliance with PCI DSS (Payment Card Industry Data Security Standard) standards, NACHA (National Automated Clearinghouse Association standards, and the Dodd-Frank Act
  • Ensuring compliance with various bank regulations as they apply to voice payments (for example: Americans with Disabilities Act - ADA)

As the technology around voice payments is so new and the market is growing by the day, new regulations and standards will be on the horizon.  Therefore, companies moving into this market need to consider the risks and rewards it brings.  

For similar articles, please visit the Our Thoughts On...blog.  

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2020 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on

ProLock Ransomware Attacks Overview and Mitigation Strategies
Data and Technology Research Project Spotlight
Audit, SOC, Technology BY Troy Fine
Amazon Web Services (AWS) Best Practices For a Successful SOC 2 Examination
CARES Act Includes Relief from CECL
Zoom ... Goes the Dynamite!
Virtual NFL Draft is Raising Teleconferencing Security Concerns

Register to receive our weekly newsletter with our most recent columns and insights.

Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us

contact us

Map of Pittsburgh Office
Pittsburgh

One PPG Place, Suite 1700
Pittsburgh, PA 15222

contactsd@schneiderdowns.com
p:412.261.3644     f:412.261.4876

Map of Columbus Office
Columbus

65 East State Street, Suite 2000
Columbus, OH 43215

contactsd@schneiderdowns.com
p:614.621.4060     f:614.621.4062

Map of Washington Office
Washington, D.C.

1660 International Drive, Suite 600
McLean, VA 22102