AI is Now Critical to Cross-Border Payments - Business News Wales

Research predicts the global market for AI in fintech will be worth USD$46.9 billion by 2030 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. 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.