Following this announcement, the process of intensifying its integration of AI technologies will enable Ant International to optimise and secure cross-border transactions for merchants across over 200 global markets.
According to company officials, integrating AI into the processing of cross-border payments represents an important step to further strengthening worldwide trade and commerce, especially for SMEs that couldn’t afford real-time global settlement tools up until now. By deploying AI in merchant solutions, improving fraud detection, and preventing new scamming schemes, the company aims to increase operational efficiency and protect its customers.
The process of leveraging artificial intelligence will enable Ant International to predict currency exchange rates on an hourly, daily, and weekly basis. This model was developed in order to allow precise forecasts for both inbound and outbound transactions, which will help merchants reduce payment costs and enable them to allocate more resources toward business growth. The company also has safeguards in place to ensure human intervention in the case of discrepancies arising between the new and the old models, while also maintaining checks to uphold accuracy.
In addition, in order to counteract AI-assisted cyberattacks, Ant International also developed an anti-deepfake electronic KYC tool, which has been successful in protecting customers and their data.
According to the press release, Ant International also signed a Memorandum of Understanding (MoU) with OCBC in order to focus on achieving 24/7 real-time transactions between Singapore and Malaysia, through the use of Ant International’s Whale platform. This process will take place by using AI and innovations to improve efficiency, security, and transparency.
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