iWallet’s new AI-based system is a PCI-compliant solution. Credit: TStudious/ Shutterstock.

Digital payment solutions provider iWallet has brought Voice AI technology to payments, with an aim to improve payment security.  

This new system is designed to process telephone orders (TO) using voice recognition, to meet the demand for secure and user-friendly payment methods. 

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The most of traditional systems rely on interactive voice response (IVR) and dual-tone multi-frequency (DTMF) signals, which are often said to be not fully compliant with payment card industry (PCI) standards. 

iWallet claimed that its new AI-based system is a PCI-compliant solution.  

This technology provides an alternative to manual DTMF signal entry, enhancing transaction security and reducing the risk of errors and fraud. 

iWallet Founder and CEO Jim Kolchin stated: “Adding the ability for businesses to use AI for payments saves them a lot of time and money. iWallet Voice AI also improves customer satisfaction and keeps the phone calls PCI-compliant and is a leap forward from the traditional automated systems.” 

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The company’s solutions include its patented one-sided check deposit system, which simplifies manual payment processes. It also offers integrations with platforms such as Venmo, PayPal, and Zelle for invoicing. 

In September 2024, iWallet expanded its services to include Zelle invoicing, allowing small and medium-sized enterprises (SMEs) to use the platform for business transactions.  

Operated by Early Warning Services, Zelle is typically used for peer-to-peer transfers, has had limited adoption among SMEs until now. 

Based in San Francisco, iWallet is a fintech startup focused on payment solutions for businesses of all sizes.