Digital Payments News

AI Is Now Critical To Cross-border Payments, According To Buckzy Payments Inc.

AI Is Now Critical To Cross-border Payments, According To Buckzy Payments Inc.

As global business expands, so too does the volume of international cross-border payments: $120 trillion in global B2B payments is processed annually according to research by McKinsey and Visa.

Latest Fintech Insights: Paysend Expands Reach Of Cross Border Money Transfers For Customers With Visa Direct

And according to Abdul Naushad, President and CEO, Buckzy, Artificial Intelligence (AI) is playing a decisive role in processing these cross-border payments.

“Tech advancements and competitive challenges have transformed the payments industry and together have combined to meet both consumer demand and standard banking regulations,” said Naushad.

A significant part of AI’s value in cross-border payments lies in how it substantially improves security.

“AI’s ability to distinguish patterns and suspicious behaviours is invaluable for identifying fraud and suspicious transactions, and also safely and securely processing sensitive financial documentation,” continued Naushad.

But AI’s value to the financial sector doesn’t end there. It improves operational performance and efficiencies and delivers value in other key processes.

“Using AI, it’s possible to generate expenditure reports faster than humans and with far fewer errors,” said Naushad. “Furthermore, AI can automate repetitive tasks such as data entry and leverage pattern recognition for key activities like fraud monitoring, security and compliance, alerting human staff to potential concerns and allowing them to focus on high-value activities.”

Browse The Complete News About Fintech : From Customer Service To Complex Banking Tasks” DeepBrain AI Implements AI Human Technology Into KB Kookmin Bank

Creditworthiness is another important area in finance where AI delivers value. “Banks and financial institutions are businesses that need customers in order to make money. However, some potential customers are ignored or rejected by existing credit-rating processes. Using AI-driven processes to assess a person’s creditworthiness according to their personal information can help a bank calculate the cost and risk of accepting that person as a customer more accurately and effectively,” explained Naushad.

AI-powered solutions are an integral part of banks’ strategies, helping them to remain competitive in the market. AI minimizes operating costs, automates processes, and improves the customer experience.

Naushad concluded, “In finance, there is no future without AI. Our financial lives are becoming more complex, and it’s incumbent upon banks and fintechs to equip their human workforce with the necessary tools to keep pace with this complexity. Cross-border payments are increasingly important for economic prosperity, international trade, global financial stability, continuing growth in international eCommerce and especially in poverty reduction. Having a frictionless solution based on AI for cross-border payments is therefore essential.”

Read More About Fintech News Fiserv Certified as a Great Place To Work Across Latin America

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

NearPay Launches Virtual Crypto Cards and Wallet Apps for iOS and Android

Fintech News Desk

Zappix Deploys Self-Service Payment Solution with the National Recovery Agency

Fintech News Desk

TD Bank Group Creates South Florida Tech Hub to Accelerate Digital Transformation

Fintech News Desk
1