AI, digital assets reshaping cross-border payments – Stanbic CEO

Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, has urged businesses to adapt to the rapidly evolving cross-border payments landscape by adopting more efficient and responsible financial technologies.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, September 22, Mr Asomaning said the future of international payments may not be defined by a single payment system, currency or transaction corridor.

According to him, businesses that understand how to select the most efficient payment route for each transaction will be better positioned to navigate the changing global financial landscape.

Artificial Intelligence, he added is already transforming key areas of financial services, including fraud detection, regulatory compliance, reconciliation, liquidity management and foreign exchange decision-making.

Mr Asomaning also noted that innovations such as stablecoins, tokenised deposits and other digital assets are challenging traditional approaches to how quickly and efficiently money can move across borders.

He, however, stressed that the focus should not be on adopting technology simply for its own sake, but on using such innovations responsibly to make international commerce simpler, safer and more efficient.

“The question for us is not technology for technology’s sake. It is how these innovations can be harnessed responsibly to make international commerce simpler, safer, and more efficient for businesses. This is where Stanbic Bank brings a distinctive perspective,” he stated.

He said the bank is also working to build an integrated payments ecosystem that will enable customers to transact across African, regional and global markets through a single banking relationship.

Source: Citi Business News