Insights on Technologies in Cross-Border Payments
During a recent discussion, JPMorgan’s Naveen Mallela and Gayathri Vasudev shared valuable insights regarding the role of advancing technologies such as artificial intelligence (AI), blockchain, and application programming interfaces (APIs) in enhancing cross-border payment flows. These technologies are becoming essential for businesses, particularly as the demand for high-volume, low-value payments increases.
Real-Time FX Rates and Payment Tracking
Vasudev highlighted the use of APIs for providing real-time foreign exchange rates and payment tracking, emphasizing the potential to completely transform the cross-border payment experience.
Cash Flow and Liquidity Forecasting
Mallela discussed the relevance of AI and machine learning in cash flow and liquidity forecasting, emphasizing the importance of developing event-driven infrastructure that dynamically responds to real-time events.
Blockchain’s Role in FX Settlement
Mallela highlighted blockchain’s potential in cross-border payments and FX settlement processes, emphasizing its ability to streamline operations, enhance transparency, trust, and security, and accommodate more emerging market currencies.
The Future of Embedded Payments
Mallela and Vasudev shared their visions for the future of cross-border payments, including the integration of digital currencies, digital identity solutions, and a shift towards embedded payments seamlessly integrated into various business operations, effectively acting as payments without borders.
Hot Take
Advancing technologies such as AI, blockchain, and APIs are shaping the future of cross-border payments, enhancing efficiency, security, and user experience in international transactions. The integration of digital currencies and the shift towards embedded payments represent the next wave of innovation in the cross-border payments landscape, offering a seamless and borderless payment experience for businesses.
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