AI is powering innovation in the correspondent banking industry. Historically, it has enabled auto-correction in payments processing — in particular complex cross-border payments — which are prone to errors and manual intervention. Banks routinely deal with a variety of errors made by customers when they initiate payments from typos in routing numbers and misplaced IBANs to the selection of an incorrect payment rail. As a result, payment repairs and investigations typically account for 75% to 80% of the labor- intensive part of a payment processing operation. Recently, advanced AI is enabling banks to differentiate themselves in terms of time to market, correspondent bank selection, and customized pricing.
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