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How AI and Blockchain Innovations Are Reshaping Cross-Border Commerce
- Technological innovations, particularly those in artificial intelligence and blockchain, are helping make cross-border commerce leaner, more efficient and more transparent for growing businesses.
- Amazon is adding a fully managed global supply chain option to its lineup of supply chain services for sellers to make e-commerce more efficient.
- The Bank for International Settlements, along with other businesses such as J.P. Morgan Chase, Deutsche Bank, UBS, Visa and Mastercard, is working on a blockchain-based cross-border payments pilot as international transactions accelerate.
- Apple is expanding its Apple Intelligence services, including AI translation, to more languages to help businesses engage in the global marketplace more effectively.
- Advances in payments automation, robotic process automation (RPA) and AI hold the potential to reduce the complexities and costs associated with international transactions.
- Next-generation payments systems can automatically match invoices to payments, reconcile financial discrepancies, and flag unusual activity that might suggest fraud or payment errors.
- Cryptocurrencies are increasingly being considered as a viable payment method in cross-border commerce.
- Embracing cross-border blockchain solutions enables near-instantaneous transactions at a fraction of the cost, making them particularly attractive for businesses that operate with unstable currencies or high inflation.
- Concerns around blockchain’s regulatory uncertainty, especially cryptocurrency payments and the use of blockchain in legal agreements, remain a risk to be mitigated.
- The rise of AI-powered translation tools is increasingly offering businesses a faster and more scalable option to overcome language barriers in cross-border transactions.
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