How Predictive, Prescriptive, and Generative AI are Shaping the World
The Artificial Intelligence Revolution is changing the modern face of doing business globally. Among its leading technologies are predictive, prescriptive, and generative AI, which transform processes, decision-making, and creativity. In this article, we'll explore how these three forms of AI are reshaping the world and impacting various sectors. Predictive AI: Powering Insights and Forecasting Predictive AI uses machine learning algorithms to analyze past trends and predict future outcomes. It's highly valuable in industries such as finance, healthcare, and retail, as it improves decision-making and resource allocation through accurate forecasts. Businesses use predictive AI to anticipate customer behavior, optimize supply chains, and mitigate risks by understanding future trends. In healthcare, predictive AI analyzes patient data to forecast disease outbreaks, predict patient needs, and identify high-risk groups that require immediate intervention. In finance, it helps identify market trends, detect fraud, and forecast economic conditions. Prescriptive AI: Guiding the Best Decisions While predictive AI focuses on forecasting, prescriptive
How Raast facilitates cross border digital payments
State Bank of Pakistan Governor Jameel Ahmed recently announced that Pakistan has reached a significant milestone by enabling cross-border payments in Pakistani rupees between Pakistan and Arab countries. This has been achieved by integrating the country's Raast instant payment system with the Buna platform of the Arab Monetary Fund. Moreover, Pakistan's central bank is working towards allowing e-wallet holders in the country to make direct payments in China via online banking, as part of its broader initiative to enhance regional financial connectivity and promote digitalization. The SBP also unveiled plans to launch the third National Financial Inclusion Strategy (NFIS) 2028 during the fiscal year 2024-25. This strategy aims to expand banking services to 75% of the adult population, up from the current 60%, with the goal that by 2028, 25% of these users will be women. Raast is Pakistan's first instant payment platform which enables end-to-end digital payments between individuals, businesses and government
Cross-Country Payments: How They Work
In an increasingly globalized world, cross-country payments play a crucial role in facilitating trade, investment, and remittances between individuals, businesses, and governments across borders. These payments are essentially financial transactions made from one country to another, involving the transfer of money between parties using different currencies and banking systems. Understanding how these transactions work is essential for anyone engaged in international business, personal remittances, or trade. The Basics of Cross-Country Payments At the core of cross-country payments is the process of converting one currency into another. When an individual or business in one country needs to send money to another country, the currency they hold (e.g., U.S. dollars) must often be exchanged for the currency used in the recipient's country (e.g., euros or yen). This conversion is typically handled by banks, financial institutions, or online payment platforms, which charge fees for currency exchange and the transaction itself. Types of Cross-Country Payments Bank