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2024 Total Economic Impact Study discovered a 182% ROI and $13.4 million additional revenue with Checkout.com

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Checkout.com’s customers saw payments performance generating an additional $13.4 million in revenue with a 2.1% acceptance rate uplift for the composite. For commerce and fintech enterprises, working with Checkout.com represented a $12.4 million net present value over three years.Customers experienced full payback within the first six months achieving an additional return of 182% within three years.  

LONDON, July 25, 2024 /PRNewswire/ — Checkout.com, a leading global digital payments provider, today announces the results of its commissioned 2024 Total Economic Impact™ (TEI) study conducted by Forrester Consulting. The independent study outlines a three-year, risk-adjusted present value and ROI for a composite organization comprised of interviewees with significant experience working with Checkout.com.

Forrester’s cost-benefit analysis revealed that Checkout.com delivered an 182% return on investment (ROI) to customers over three-years. The study indicated a full return on investment could be achieved within the first six months. Additionally, the net present value (NPV), or the total value of an investment opportunity for Checkout.com customers over three-year engagements, stood at $12.4 million, underscoring, in our opinion, the profitability of long-term collaboration with Checkout.com. Because payments acceptance rates translate directly into revenue, leading businesses are always chasing ever better rates and the study shows that high-performing enterprises achieve even higher performance when they work with Checkout.com.

The study, based on customer interviews and aggregated data, included customer testimonials emphasizing the high-performance payments achieved when working with Checkout.com. All customers interviewed were large enterprise consumer businesses that were already working with other modern digital payments providers and achieving above industry benchmark acceptance rates.

Improving performance with $13.4 Million in additional revenue and $1 Million in avoided scheme and gateway fees

The study showed a 2.1% uplift in acceptance rates by working with Checkout.com. For the composite, the benefits of this uplift resulted in an additional $13.4 million in revenue within the first 3 years of onboarding Checkout.com.

Additionally, payment retries, which correlate with significant drops in conversion, were reduced by 7% thanks to Checkout.com’s ‘Intelligent Acceptance’ feature, which uses machine learning to continuously improve payments performance. As well as improving conversion this reduction in retries additionally yielded $1M in cost savings in avoided scheme and gateway fees.

Checkout.com called out for machine learning fraud protection that does not sacrifice performance

The study finds that Checkout.com helped the composite build effective and tailored risk strategies. Customers said they appreciated the velocity with which Checkout.com’s Fraud Detection Pro flags suspicious activities, detects new fraudulent trends, and updates criteria into its fraud engine using machine learning. Customers were impressed that Checkout.com’s delivery of reduced chargeback rates had no negative impact on their payments performance – bucking a long held belief that there is an inevitable trade-off between performance and protection in payments. 

As Black Friday and Cyber Monday fast approach it is notable that the study finds improved reliability during volume surges for the composite. According to the study, Checkout.com can support large surges in volumes, which enabled the composite to handle seasonal spikes in payments (e.g., during Black Friday, the Christmas shopping season, or product launches). The composite improved its customer service by leveraging the uptime of Checkout.com and its customer-first support team which is available around the clock. Interviewees described those two factors as crucial, especially for agile businesses.

According to the study, Checkout.com has a deep understanding of the composite’s payment needs in its service provision. Because of this, the composite can count on a team of experts across multiple areas such as integration, customer success, and solutions engineering.

“As digital technology continues to transform the experience consumers have with brands, the payment process becomes increasingly important to driving conversion and loyalty.  We are proud that the independent proof points in the Forrester TEI findings show that customers that work with us thrive in the digital economy, that’s what keeps us obsessed with delivering high performance payments,” Rory O’Neill, CMO, Checkout.com

About Checkout.com
Checkout.com processes payments for thousands of companies that shape the digital economy. Our global digital payments network supports over 145 currencies and delivers high-performance payment solutions across the world, processing billions of transactions annually.

With flexible and scalable technology, we help enterprise merchants boost acceptance rates, reduce processing costs, combat fraud, and turn payments into a major revenue driver. Headquartered in London and with 16 offices worldwide, Checkout.com is trusted by leading brands such as Sony, Shein, Sainsbury’s, Wise, GE Healthcare, and The Financial Times.

Checkout.com. Where the world checks out.

Notes to editors
Checkout.com’s Total Economic Impact™ (TEI) study constitutes the most up to date research on return on investment (ROI) in the payments sector and illustrates the significant impact Checkout.com has in a mature and competitive market. Findings are based on market-leading large enterprise companies in Fintech, E-commerce, Digital Consumer Goods, Food and Beverage and Remittances. These businesses all worked with leading modern PSPs before onboarding Checkout.com and yet still saw payments performance. 

In digital payments failed payments and retries correlate heavily with costly conversion drop off. Working with Checkout.com, businesses saw a 7% decrease in payment retries leading to an additional $1 Million benefit for the composite. Customers called out the positive impact of this benefit for their consumers and their own customer satisfaction. Using machine learning, Checkout.com’s products such as Intelligent Acceptance and Fraud Detection Pro are delivering improved payments performance alongside improved fraud protection for global businesses. Businesses emphasized Checkout.com’s ability to deliver a reliable service which can support volume surges throughout the year including during Black Friday, Cyber Monday and the Christmas shopping season. That Checkout.com can deliver improvement in up-time to the sophisticated composite indicates this is less of a ‘table-stakes’ commodity than many assume.

View original content:https://www.prnewswire.co.uk/news-releases/2024-total-economic-impact-study-discovered-a-182-roi-and-13-4-million-additional-revenue-with-checkoutcom-302205784.html

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The pioneered intelligent airborne detection technology by State Grid Zaozhuang Power Supply Company

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ZAOZHUANG, China, Sept. 29, 2024 /PRNewswire/ — The traditional manual detection is likely to be made towards the phase A in the lower layer; while the intelligent airborne detection is actually made towards the phase A in the upper layer. This represents the comparison result for the discharge hidden danger of the No. 23 tower insulator of the 10 kV cement plant line in the 110 kV Tendong Substation outgoing line by different detection methods, yet the accurate judgment brought by the innovative application of unmanned aerial vehicle airborne ultrasonic partial discharge detection technology.

By the end of August 12, the application of the self-developed UAV airborne ultrasonic partial discharge detection technology by State Grid Zaozhuang Power Supply Company has reached a year, during which, a total of 450 unmanned aerial vehicles were detected, 63 hidden hazards of partial discharge were identified, leading to a reduction of 37 equipment failures, the reduction of the power distribution network fault outage rate by 68%, and improving the power supply reliability rate to 99.982%.

According to Zhang Jianhua, Director of the Operation and Maintenance Department of Zaozhuang Power Supply Company, this technology is initiated in China, rewriting the tradition and passivity of power distribution network partial discharge fault investigation by hearing voice manually over a long time, and leaping into the era of intelligent imaging diagnosis. As the capillaries of the large power grid connecting thousands of households, the current average height of the distribution network tower is 15 to 18 meters, and both the insulators and cable heads on the top of these towers are important detection parts, the improvement in traditional manual detection methods is badly needed. To this end, they, by boldly integrating UAV with local imaging inspection technology, used the advantages of UAV multi-angle close-range inspection to carry out partial discharge inspection, innovated and broadened the technical dimension of aerial patrol, took the lead in enabling accurate collection of voiceprint local release data, and completed demonstration of putting the technology into practical application.

Innovation is not as simple as one plus one, the technology research took a year. Since June 2022, by means of hardware structure transformation and multi-algorithm fusion optimization, they have successively overcome a range of problems such as the inability of traditionally partial discharge inspection to lock the discharge part, the partial discharge detection of UAV propeller noise interference, and the geographical conditions of inspection, and enabled the high-quality and efficient partial discharge imaging detection of the power distribution network. In July 2023, the technology was put into trial use, and later in December of the same year, it was inspected and accepted by the State Grid Shandong Electric Power Company.

During the trial use, the Zao Zhuang Power Supply Company, by giving full play to its advantages as being directly managed and operated by State Grid Corporation of China, coordinated 162 power distribution network lines, and allocated 35 UAVs for the seven power supply centers affiliated to it in a unified manner, and trained 26 drone pilots. Beyond that, it repeatedly carried out technical verification and optimization in the trial use, reducing the time to inspect the base tower 1 from 25 minutes to 15 minutes, indicating an efficiency improvement by 1.8 times compared to the traditional manual inspection, making the accuracy reach 100%.

Instead of revolving around the tower, staring at the equipment for a long time, and being anxious but unable to do anything, Li Yanlin, the specialist staff from Operation and Maintenance Department of Zaozhuang Power Supply Company expressed the pleasure that thanks to the intelligent airborne detection technology, the partial discharge failures found in the power distribution network could be eliminated as soon as they are identified, leading to the great transformation of the operation and maintenance of distribution network from “eliminating present problems” to “preventing them before they are present”, and the formation of a sound situation of intelligent operation and maintenance.

View original content:https://www.prnewswire.com/apac/news-releases/the-pioneered-intelligent-airborne-detection-technology-by-state-grid-zaozhuang-power-supply-company-302261739.html

SOURCE State Grid Zaozhuang Power Supply Company

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KT Corporation and Microsoft Take ‘Giant Step’ to Accelerate AI Innovation in Korea

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Five-year, multi-billion-dollar strategic partnership to drive AI transformation for more than 650 thousand businesses and 17 million consumers across Korea 

Korea-customized AI model collaboration, including OpenAI’s GPT-4o through Azure OpenAI Service, to enable emerging AI use cases for different industry verticals   

KT and Microsoft collaborate on Korean sovereign cloud solution development and market launch to drive cloud and AI innovation for the public sector and regulated industries 

KT will launch a new AX-specialized service company delivering Microsoft-powered AI transformation service to enterprise customers  

KT and Microsoft to further partner for AI ecosystem development and joint R&D, through initiatives including an AX co-innovation center and a Microsoft Research collaboration  

SEOUL, South Korea and REDMOND, Wash., Sept. 29, 2024 /PRNewswire/ — KT Corporation and Microsoft today unveiled a five-year multibillion-dollar partnership, which includes an investment from KT in the areas of Artificial Intelligence (AI), cloud technologies, and IT business, and a resource commitment from Microsoft in the areas of infrastructure and people. Through this partnership, the companies will propel KT’s AI and ICT (AICT) transformation, and accelerate the advancement of AI services and innovation in Korea. 

Following the agreement in June, KT and Microsoft have engaged in ongoing discussions to strengthen ties and outline key areas of collaboration and support. This strategic partnership is expected to drive progress in five pivotal areas: Development of customized AI solutions for Korea, delivering Korean sovereign cloud solutions, the establishment of an AI transformation (AX)-specialized service company, AI R&D capabilities advancement across Korea and KT’s AICT transformation. 

Developing Customized AI Solutions for Korea
KT and Microsoft will engage in engineering collaboration to develop a customized version of GPT-4o and explore developing a customized version of Microsoft’s Phi family of small language models, with KT’s extensive set of high-quality data around Korean culture and industries. These models will be used for both KT’s internal and consumer-facing applications such as customer service chatbots, and also for building industry-specific AI solutions for B2B customers across industry verticals to best serve the needs of Korean consumers and businesses. KT will leverage Microsoft Copilot Studio and Azure AI Studio to develop custom AI agents aimed at differentiating customer experiences. KT plans to expand the development and utilization of KT-custom AI agents not only for consumer use cases in education, healthcare, and in-vehicle infotainment, but also for business applications. Importantly, Microsoft and KT will collaborate closely on further evolving KT’s Responsible AI framework to help ensure the delivery of safe AI services for the Korea market. 

“We are delighted with the partnership between KT and Microsoft, which presents a valuable opportunity to enhance our digital competitiveness,” said Shinhan Bank, a leading financial group in Korea. “By utilizing the KT GPT model, specialized in Korean language and financial services, we aim to deliver innovative AI-driven services to the domestic financial consumers.” 

Delivering Korean sovereign cloud solutions
KT and Microsoft are partnering to develop and launch Secure Public Cloud services, which is KT’s sovereign cloud solution built on Microsoft Cloud for Sovereignty for Korean-regulated industries. KT will drive its Secure Public Cloud business with support from Microsoft, enabling public sector and regulated industry customers to use new platform capabilities for securing data and workloads, providing access to the latest cloud and AI features available on Azure and helping them comply with local privacy and regulatory requirements. 

Accelerating AI transformation through AX-Specialized service company 
KT will establish a new AX-specialized service company to help businesses in Korea transform with the latest AI innovation. The forthcoming KT’s AX-specialized service company will provide advanced Microsoft Cloud and AI expertise and solutions to the Korean market, with plans to expand to broader markets, including ASEAN. Microsoft will support this initiative over the next three years with professional consulting resources to build core practices and capabilities for the new entity. 

Advancing AI R&D capabilities across Korea
Microsoft will support KT in establishing a co-innovation center aimed at accelerating Microsoft technology-driven AI transformation in the Korean market. This center will help businesses build, develop and prototype new AI solutions with Microsoft technology and KT’s AI specialists. Furthermore, KT will invest in fostering new AI startups and developing a partner ecosystem to support nationwide AI transformation. Microsoft will support this initiative by providing Azure credits and technical expertise. For the future of technology collaboration, KT and Microsoft Research (MSR)’s research leaders and business visionaries will explore high-impact research initiatives in network modernization, AI for healthcare, and industry AI adoption and further collaborate with leading academic institutions partnering with KT. 

Accelerating KT’s AICT Transformation with organization-wide upskilling
KT will migrate and modernize existing IT workloads including mission-critical applications, to Microsoft Azure while developing a new data platform and AI services powered by Microsoft Fabric and Azure OpenAI Service. This collaboration will enhance KT’s overall IT infrastructure, making it more agile, resilient, and secure, driving innovation and elevating the customer experience through intelligent automation. KT also intends to deploy Microsoft 365 Copilot and GitHub Copilot, for all KT employees and developers to supercharge productivity of the entire business. Microsoft will assist KT in equipping more than 19,000 employees with cloud and AI skills and enabling more than 5,800 AX specialists to lead a successful transformation through KT group-wide skilling and co-engineering support. 

“The partnership with Microsoft presents a pivotal opportunity, not only for technological collaboration but also for expanding Korea’s AI foundation and driving transformative innovation across industries and daily life,” said KT CEO Young-Shub Kim. “Leveraging this strategic partnership, we aim to rapidly evolve into an AICT company with unparalleled competitiveness in domestic and global markets.”  

“Our strategic partnership brings together KT’s industry expertise with the power of our entire tech stack, from Azure AI to Microsoft 365 Copilot,” said Satya Nadella, Chairman and CEO of Microsoft. “Together, we will help accelerate the AI transformation of Korean organizations across the private and public sector and build new AI-powered experiences for millions of consumers.”

About KT Corporation
KT Corporation is a leading company in Korea’s telecommunications and ICT industries. By building an AX innovation platform based on differentiated AI, Big Data and Cloud competitiveness, and offering it with outstanding network infrastructure, KT is driving evolution into an AICT (AI and ICT) company.

About Microsoft 
Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more. 

For more information, press only:
Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rapidresponse@we-worldwide.com

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/kt-corporation-and-microsoft-take-giant-step-to-accelerate-ai-innovation-in-korea-302261688.html

SOURCE Microsoft Asia

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Siemon Validates Interoperability of AI-Ready Fiber Cabling with NVIDIA™ InfiniBand™ Hardware at IBTA Plugfest

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Siemon is pleased to announce that its AI Ready fiber optic cabling solutions passed all system interoperability tests with NVIDIA InfiniBand hardware.

WATERTOWN, Conn., Sept. 28, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, successfully participated in the 41st InfiniBand Trade Association (IBTA) Plugfest for InfiniBand and RoCE, held at The University of New Hampshire – Interoperability Lab from April 15th to May 3rd. This year’s Plugfest marked a significant milestone with the IBTA introducing new system interoperability testing that included optical transceivers and fiber cabling from various manufacturers for the first time. This rigorous testing program establishes compliance to industry specifications and real-world interoperability, ensuring a robust ecosystem of InfiniBand and RoCE products.

“These test results provide assurance to our customers that Siemon’s AI Ready fiber cabling performs flawlessly within NVIDIA AI network designs, supporting both switch-to-switch and switch-to-server applications”

Siemon is pleased to announce that its AI Ready fiber optic cabling solutions passed all system interoperability tests with NVIDIA InfiniBand hardware.

“These test results provide assurance to our customers that Siemon’s AI Ready fiber cabling performs flawlessly within NVIDIA AI network designs, supporting both switch-to-switch and switch-to-server applications,” stated Gary Bernstein, Siemon’s Sr. Director of Global Data Center Sales.

The System testing was done with NDR 400G and NDR 200G traffic using NVIDIA switches, ConnectX-7 adapter cards, multimode and singlemode transceivers, and Siemon’s multimode and singlemode MTP fiber cabling solutions, including trunks, jumpers, and patch panels.

The IBTA will publish their InfiniBand Integrator’s list soon, listing specific hardware and Siemon components used in various configurations.

For inquiries regarding this testing or Siemon’s AI-Ready solutions, please contact your local Siemon representative.

For more information on Siemon Generative AI Solutions, please visit www.siemon.com/ai.

Media Contact

Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com 

View original content:https://www.prweb.com/releases/siemon-validates-interoperability-of-ai-ready-fiber-cabling-with-nvidia-infiniband-hardware-at-ibta-plugfest-302260679.html

SOURCE Siemon

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