Redefining Cross-Border Financial Flows

The global remittance sector and artificial intelligence (AI) work together in a way that is testament to the revolutionary force of innovation in the always changing financial and technology landscape. In this book readers will analyse how AI and other cutting edge technology affects the complex web of international financial transactions. As we stand at the threshold of a new age, this book aims to explore the layers of complexity underlying the confluence of AI and remittances. Our investigation goes beyond the current state of affairs and into the future, whereby predictive analytics and autonomous financial transactions will fundamentally alter the way that we send and receive money internationally. This investigation began with the realisation that remittances are more than just money transfers--they are vital links that maintain communities, bind families together, and promote economic development. This process's incorporation of AI technology represents a revolution rather than a simple progression, one that might improve millions of people's lives by streamlining, securing, and lowering the cost of financial transactions. In these pages, we break down the complex workings of artificial intelligence (AI) prediction models, reveal how blockchain integration may be used to facilitate safe and transparent transactions, and examine how biometric authentication can strengthen the security of financial transactions. We dive into the complexities of regulatory compliance, understanding the difficult balance between innovation and conformity to existing standards.

The author also asks you to consider a future in which AI governs autonomous financial transactions. When machines carry out transactions based on complex algorithms and current market circumstances, what does it entail for people and economies? What effect does this change have on how people make financial decisions? This book is an invitation to imagine a future in which financial systems are not just efficient but also naturally intelligent. It is a call to reflect on the moral ramifications, the effects on society, and the obligations that accompany the dawn of a new era of financial opportunity. The author challenges readers to think critically while exploring the revolutionary concepts introduced and to ask probing questions. Remittances are about to undergo a revolution, and readers of this book have a crucial role to play in determining how this will play out.

What readers will learn

Understand the Integration of AI and other technology in remittances to enhance efficiency, security, and cost-effectiveness of cross-border financial transactions. Examine the Impact of AI-driven cross border flows on global economic development, particularly in communities heavily reliant on remittances. Investigate the social benefits and potential challenges posed by AI in maintaining or altering familial and community ties through remittance flows Critically Evaluate Regulatory and Ethical Challenges while fostering innovation and adhering to existing financial laws and standards. Explore Future Scenarios where AI governs autonomous financial transactions and the role of humans in an AI-driven financial ecosystem, debating how such changes might redefine personal and communal financial interactions. Who is this book for?

FinTech practitioners, Finance students, professionals in working in Payments and/or Remittances