Artificial Intelligence (AI) is playing a crucial role in improving the efficiency and security of international cross border transactions in the payments industry, according to Buckzy Payments Inc. Once regarded as a futuristic technology confined to the realm of films and comic books, AI's science-fiction reputation has given way to practical usage in a fast-growing range of everyday business processes in the finance industry. This extends to cross-border payments, where AI is already automating processes to speed up transactions, strengthen security and improve the quality of service for customers. Abdul Naushad, President and CEO of Buckzy Payments first commented on AI's capabilities in the payments space in January of this year, when he explained its value in reducing human error and instantly calculating credit ratings for customers. But the rapid evolution of AI technology since then means that decision-makers in the payments space are now exploring how AI can help them solve other payment headaches.

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.