Canada-based payments company Buckzy Payments has said that Artificial Intelligence (AI) is important in the efficiency and security of cross border transactions.
Buckzy Payments’ officials commented on AI’s capabilities in the payments space in January 2022, when they 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.
Recent research by IBM shows global uptake of AI is becoming more prevalent across all industries, with over a third (35%) of businesses reporting its use in 2022, a four-point increase from the previous year. Another study by Nvidia has found that 37% of financial services companies plan to use AI in order to gain a competitive advantage. What’s clear from these figures is how AI has spread across multiple business practices, with fintechs investing time and resources in AI as a means to differentiate themselves from competitors.
In the cross-border payments space, AI is accelerating the resolution of transactions by accurately predicting FX rates. Predictive analysis can arrive at a predetermined FX rate, meaning transactions can be processed in real-time and costs remain transparent for all parties involved, as per the press release.
Company officials concluded that AI is now established as an essential component for financial services and the companies that provide them. Companies that downplay AI’s significance will quickly be left behind by more enlightened, forward-thinking competitors who have taken the time and the effort to invest in and integrate AI into both their customer-facing products and services and their back-end systems.
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