Payments fintech PayNearMe is piloting its AI-powered Intelligent Virtual Agent to reduce call center costs, improve self-service functions and streamline payments workflows. 

Intelligent Virtual Agent (IVA), expected to roll out in 2026, is embedded into the fintech’s payments platform PayXM, John Minor, chief product officer at Santa Clara, Calif.-based PayNearMe, told FinAi News. It uses natural language processing, machine learning and intelligent automation to improve customer interactions. 

For example, a borrower may call their lender’s payment line after receiving a payment notice. Instead of waiting on hold, the borrower can interact with IVA, which identifies their account, confirms the amount due and securely processes a payment, a PayNearMe spokesperson told FinAi News. 

“By embedding IVA directly into the PayXM platform, we’re helping lenders further reduce costs and increase customer satisfaction,” Minor said.  

The savings can add up for lenders. In 2019, inbound calls, emails or any live interaction to call center operators cost an average of $8, while self-service channels cost about $0.10, according to research and consulting firm Gartner. Now, the median call center cost is up to $15, Minor said.

PayNearMe’s agent, Minor said, also offers: 

• Automated routine inquiries and payment workflows; and 

• Reduced late or missed payments. 

PayNearMe clients include:  

• OneMain Financial;  

• Avid Acceptance; and  

• Santander Consumer USA. 

PayNearMe, which was founded in 2009 and has raised $168.2 million in funding, did not disclose which of its clients are piloting the agent. 

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