Research predicts the global market for AI in fintech will be worth USD$46.9 billion by 2030
LONDON, Feb. 3, 2022 /PRNewswire/ -- 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.
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."
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."
About Buckzy Payments Inc.
Buckzy Payments Inc. is a cross-border payments network and embedded finance platform enabler for leading financial institutions and fintechs worldwide, delivering a modernized and proprietary real-time cross-border payment settlement network.
This press release may contain forward-looking statements that involve risks, uncertainties, and assumptions. All statements other than statements of historical fact could be deemed forward-looking statements, including any projections of revenues, gross margins, earnings, or other financial items; statements regarding strategies or plans for future operations; statements concerning new features, enhancements, or upgrades to our existing applications or plans for future applications; statements relating to the expected performance or benefits of our offerings; statements about current or future economic conditions or related regulatory governance; and any other statements of expectation or belief.
Buckzy Payments Inc. assumes no obligation for, and does not intend to update, any forward-looking statements.
Any unreleased services, features, functionality, or enhancements referenced in a Buckzy document, roadmap, blog, website, press release, or public statement that are not currently available are subject to change at Buckzy's discretion and may not be delivered as planned or at all. Customers who purchase our applications should make their purchase decisions based upon features and functions that are currently available.
