Federal Reserve Expects AI to Boost Cross-Border Payments Efficiency

Christopher Waller, a member of the Board of Governors of the Federal Reserve System, delivered a speech on artificial intelligence and banking at Sibos. He discussed the potential benefits and risks of AI in payments and highlighted two key areas where it could make a significant impact: cross-border payment efficiency and security, and agentic commerce.

Waller noted that AI agents could potentially excel at complex optimization problems in cross-border payments, improving their efficiency. In agentic commerce, AI could help negotiate terms with suppliers and develop payment strategies to optimize working capital.

The speech was accompanied by American Express' announcement of its next-generation corporate cards, which integrate expense management software, AI tools, and automation capabilities. The new offerings are designed to bring greater automation and efficiency to the corporate card experience.