TL;DR: Get lifetime access to 2TB of secure FileJump cloud storage for just $69.97, complete with future updates and no recurring fees. For business owners and professionals, managing data securely and efficiently is critical. That’s where FileJump can really deliver — a powerful and affordable cloud storage solution that offers 2TB of lifetime access. Now, through December 8, at just $69.97 (reg. $467). What’s included With this one-time purchase, you’ll not only have a hearty cloud storage platform at your disposal but also benefit from future updates. This is a great way to ensure you always have the latest tools and features without ever paying a subscription fee. FileJump guarantees 256-bit AES encryption, providing the highest level of security for your data. Whether you’re on the go or working from your desk, you’ll be able to access, sync, and share your files from anywhere with the confidence that your information is protected. Unlike some cloud storage solutions, FileJump is incredibly easy to use. The intuitive drag-and-drop interface makes uploading and managing files seamless — no need to navigate complex systems. With unlimited downloads and no transfer speed restrictions, you’ll have complete freedom to access and share your files whenever needed. This storage solution is all about making your workflow easier. Preview images, videos, and Excel documents directly on the platform without the need for downloads. When it’s time to share, simply provide access via links or set up free accounts for team members or clients. Collaboration has never been easier. Whether running a small business, managing multiple clients, or working on large creative projects, FileJump’s 2TB of storage allows you to keep your data organized and secure. And with future updates included in the deal, FileJump will continue evolving to meet your storage and collaboration needs. Don’t miss lifetime access to 2TB of secure FileJump cloud storage for just $69.97 (reg. $467). Prices and availability subject to change. source

Construction projects require managing specific components, such as materials, employees, project deadlines, and client expectations. With the right construction project management software, you can more easily complete these tasks while collaborating with your team members. In this product guide, I evaluate nine of the best construction project management software options. I’ve taken a close look at their costs, features, and pros and cons to help you determine the best software for your team. 1 monday.com Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Any Company Size Any Company Size Features Analytics / Reports, API, Budget / Expense Tracking, and more 2 Quickbase Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Small (50-249 Employees), Medium (250-999 Employees), Large (1,000-4,999 Employees), Enterprise (5,000+ Employees) Small, Medium, Large, Enterprise Features Analytics / Reports, API, Billing / Invoicing, and more 3 Contractor Foreman Employees per Company Size Micro (0-49), Small (50-249), Medium (250-999), Large (1,000-4,999), Enterprise (5,000+) Micro (0-49 Employees), Small (50-249 Employees) Micro, Small Features Billing / Invoicing, Document Management / Sharing, Instant Message / Internal Message, and more Top construction project management software comparison When choosing the best construction management software for your business, you need to consider pricing as well as features. This table shows a comparison of cost and functionality for my top software picks. Scheduling Bid management Mobile app Client portal Starting price Fieldwire Yes Yes Yes No $54 per month Contractor Foreman Yes Yes Yes Yes $79 per month Jira Yes No Yes Yes $8.15 per month Confluence Yes No Yes Yes $6.05 per month Buildertrend Yes Yes Yes Yes $499 per month Houzz Pro Yes No Yes Yes $85 per month Procore Yes Yes Yes No Contact sales for pricing monday Yes No Yes Yes $9 per user per month Sage Yes Yes Yes Yes Contact sales for pricing Fieldwire: Best overall for construction project management Image: Fieldwire Fieldwire is purpose-built construction project management software designed for general contractors, specialty contractors, owners, architects and designers. It offers functionality to help plan, manage, and track construction-specific projects from start to finish, providing the necessary features for successful project delivery. Fieldwire lets users connect with their teams in real time while interacting with project tasks, uploading documents, and sharing photos. Its capabilities also include task management, checklists, punch lists, inspections, and reports. Fieldwire pricing Basic: This is a free plan with a limit of five users and three projects. Pro: $39 per user per month when billed annually, or $54 per user when billed monthly. Business: $59 per user per month when billed annually, or $74 per user when billed monthly. Business Plus: $79 per user per month when billed annually, or $94 per user when billed monthly. Enterprise: Contact the Fieldwire sales team for custom quotes. Fieldwire feature spotlight Supports real-time communication among teams for accelerated decision-making. Includes team performance tracking to ensure timely task delivery. Allows users to manage upcoming items with customizable PDF reports that can be scheduled. Includes all-inclusive features for various types of contractors, including concrete, electrical, plumbing, HVAC, interior finishing, and fire-stopping contractors. Offers platform support for 19 languages; the customer support team is fluent in English, French, Spanish, Portuguese, German, Czech, and Italian. Supports kanban boards, Gantt charts and calendar views. Figure A: Fieldwire task management. Image: Fieldwire  Fieldwire top integrations Dropbox. Google Drive. SharePoint. OneDrive. Fieldwire pros and cons Pros Cons Transparent pricing. Basic and Pro plans lack phone support. Free plan available for budget-conscious users. API access limited to the Enterprise plan. File sharing and plan viewing. Free trial must be requested. Multi-device support for Web, Android, iOS. Basic plan is limited to five users. Real-time push notifications. Limited customization for smaller contractors. Custom form creation. Onboarding can be time-consuming. Why I chose Fieldwire Fieldwire was my best overall pick for its real-time communication and custom reporting features, as well as the high level of customization available. I found Fieldwire to be an effective project management solution specifically-designed for construction as it offers a wealth of features for contractors, plumbers, HVAC, and more. In my hands-on trial of the software, its detailed task management and inspection features allowed me to stay on top of every detail, which showed me it would manage complex construction projects with ease. Contractor Foreman: Best for ease of use Image: Contractor Foreman Contractor Foreman is easy-to-use, intuitive, and user-friendly cloud-based construction project management software. It helps contractors and subcontractors manage their entire project life cycle, from estimating and bidding to project scheduling and job costing. Contractor Foreman offers a 30-day free trial and flat annual pricing options for a limited number of users. Although Contractor Foreman offers four pricing plans, the lower-tier plans include the core features most teams will need to manage their projects. Contractor Foreman pricing Basic: $49 per month, billed annually. Standard: $79 per month when billed annually, or $99 per month when billed quarterly. Plus: $125 per month when billed annually, or $155 per month when billed quarterly. Pro: $166 per month when billed annually, or $212 per month when billed quarterly. Unlimited: $249 per month when billed annually, or $312 per month when billed quarterly. Contractor Foreman feature spotlight Allows users to run an unlimited number of projects. Includes daily logs of complete project records, weather tracking and material and equipment used. Allows electronic approvals and signatures. Supports Gantt charts. Figure B: Contractor Foreman dashboard and mobile app. Image: Contractor Foreman  Contractor Foreman top integrations Google Calendar. Gusto. QuickBooks. SweetPay. Zapier. Contractor Foreman pros and cons Pros Cons 30-day free trial available. Standard plan lacks client portals. 100-day money-back guarantee. Somewhat limited integrations. Easy-to-use and intuitive user interface. Training on how the modules integrate could be improved. Designed with the needs of contractors in mind. User interface can feel outdated. Why I chose Contractor Foreman I found Contractor Foreman to be a tool that teams with several construction projects to manage would want to use, as it

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More It is now just over two years since the first appearance of ChatGPT on November 30, 2022. At the time of its launch, OpenAI viewed ChatGPT as a demonstration project designed to learn how people would make use of the tool and the underlying GPT 3.5 large language model (LLM). A LLM is a model based on the transformer architecture first introduced by Google in 2017, which uses self-attention mechanisms to process and generate human-like text across tasks like natural language understanding. It was more than a successful demonstration project! OpenAI was as surprised as anyone by the rapid uptake of ChatGPT, which reached one hundred million users within two months. Although perhaps they should not have been so surprised. Futurist Kevin Kelly, also the co-founder of Wired, advised in 2014 that “the business plans of the next 10,000 startups are easy to forecast: Take X and add AI. This is a big deal, and now it’s here.” Kelly said this several years before ChatGPT. Yet, this is exactly what has happened. Equally remarkable is his prediction in the same Wired article that: “By 2024, Google’s main product will not be search but AI.” It could be debated if this is true, but it might soon be. Gemini is Google’s flagship AI chat product, but AI pervades its search and likely every other one of its products, including YouTube, TensorFlow and AI features in Google Workspace. The bot heard around the world The headlong rush of AI startups that Kelly foresaw really gained momentum after the ChatGPT launch. You could call it the AI big bang moment, or the bot heard around the world. And it jumpstarted the field of generative AI — the broad category of LLMs for text and diffusion models for image creation. This reached the heights of hype, or what Gartner calls “The Peak of Inflated Expectations” in 2023. The hype of 2023 may have diminished, but only by a little. By some estimates, there are as many as 70,000 AI companies worldwide, representing a 100% increase since 2017. This is a veritable Cambrian explosion of companies pursuing novel uses for AI technology. Kelly’s 2014 foresight about AI startups proved prophetic. If anything, huge venture capital investments continue to flow into startup companies looking to harness AI. The New York Times reported that investors poured $27.1 billion into AI start-ups in the U.S. in the second quarter of 2024 alone, “accounting for nearly half of all U.S. start-up funding in that period.” Statista added: “In the first nine months of 2024, AI-related investments accounted for 33% of total investments in VC-backed companies headquartered in the U.S. That is up from 14% in 2020 and could go even higher in the years ahead.” The large potential market is a lure for both the startups and established companies. A recent Reuters Institute survey of consumers indicated individual usage of ChatGPT was low across six countries, including the U.S. and U.K. Just 1% used it daily in Japan, rising to 2% in France and the UK, and 7% in the U.S. This slow uptake might be attributed to several factors, ranging from a lack of awareness to concerns about the safety of personal information. Does this mean AI’s impact is overestimated? Hardly, as most of the survey respondents expected gen AI to have a significant impact on every sector of society in the next five years. The enterprise sector tells quite a different story. As reported by VentureBeat, industry analyst firm GAI Insights estimates that 33% of enterprises will have gen AI applications in production next year. Enterprises often have clearer use cases, such as improving customer service, automating workflows and augmenting decision-making, which drive faster adoption than among individual consumers. For example, the healthcare industry is using AI for capturing notes and financial services is using the technology for enhanced fraud detection. GAI further reported that gen AI is the leading 2025 budget priority for CIOs and CTOs. What’s next? From gen AI to the dawn of superintelligence The uneven rollout of gen AI raises questions about what lies ahead for adoption in 2025 and beyond. Both Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman suggest that artificial general intelligence (AGI) — or even superintelligence — could appear within the next two to 10 years, potentially reshaping our world. AGI is thought to be the ability for AI to understand, learn and perform any intellectual task that a human being can, thereby emulating human cognitive abilities across a wide range of domains. Sparks of AGI in 2025 As reported by Variety, Altman said that we could see the first glimmers of AGI as soon as 2025. Likely he was talking about AI agents, in which you can give an AI system a complicated task and it will autonomously use different tools to complete it. For example, Anthropic recently introduced a Computer Use feature that enables developers to direct the Claude chatbot “to use computers the way people do — by looking at a screen, moving a cursor, clicking buttons and typing text.” This feature allows developers to delegate tasks to Claude, such as scheduling meetings, responding to emails or analyzing data, with the bot interacting with computer interfaces as if it were a human user. In a demonstration, Anthropic showcased how Claude could autonomously plan a day trip by interacting with computer interfaces — an early glimpse of how AI agents may oversee complex tasks. Caption: Anthropic shows how its Claude chatbot can autonomously plan tasks like a day trip. Source: https://www.youtube.com/watch?v=jqx18KgIzAE  In September, Salesforce said it “is ushering in the third wave of the AI revolution, helping businesses deploy AI agents alongside human workers.” They see agents focusing on repetitive, lower-value tasks, freeing people to focus on more strategic priorities. These agents could enable human workers to focus on innovation, complex problem-solving or customer relationship management. 

Smartphone devices allow users to do much more than make phone calls. They also facilitate email communications, instant messaging, video conferencing, and many other forms of mobile communication. They offer a smart way to remain connected to business activities on the go. As a business professional, deciding which smartphone is best for managing and monitoring your business can be daunting. Let’s examine the ideal smartphones for business needs. Should you always choose from the newest phones? No. The best phone for your business is the one that most efficiently gets the work done. We’ve compared between generations, with the understanding that different features may appeal in various use cases. However, we have updated this article with the latest models. Best smartphones for business professionals in 2025 iPhone 16 Pro Max Image: Apple The iPhone 16 Pro Max has several differentiators from the previous generations, but one of the most remarkable is the battery life. Do you need a phone that can hold up to a day of filming, taking client calls, and hailing Ubers? Apple says the iPhone 16 Pro Max has enough juice for 33 hours of video playback, which is plenty of time to reduce energy anxiety even on long work days. That’s 10 more hours than the estimated battery life of the iPhone 15 Pro. The iPhone 16 Pro Max boasts an A18 Pro chip for speed. It is also the first generation of iPhone made with Apple Intelligence in mind. Writing assistance, image editing, and a chattier Siri are all baked into the design. The cameras have a host of new features, including 4K120 fps video recording, a new 48MP Ultra Wide camera, and a 5x Telephoto camera. Satellite messaging and roadside assistance (free for two years after purchase) provide safety nets on the go. Samsung Galaxy S24 Ultra Image: Samsung The Samsung Galaxy S24 Ultra is a high-end Android offering with 12 GB of RAM, storage of up to 1 TB, and a bright Dynamic AMOLED 2X Display. Similar to the iPhone 16 Pro Max, it’s set apart somewhat by its size, with a 6.40-inch screen that works with the S-pen stylus. Samsung says the battery provides 30 hours of video playback time. Galaxy AI brings Circle to Search, live translation, note-taking assistance, and photo editing. If photo editing is part of your business, the ProVisual Engine might be key – it rounds up all of Samsung’s AI editing tools. Google Pixel 9 Pro Image: Google Google phones are known for remarkable cameras, and the premium Pixel 9 Pro is no different. Google’s flagship Pro model brings souped-up camera options — a 50 MP main camera, 48 MP telephoto, 48 MP ultrawide, and a 42 MP front camera — and advanced photo settings. It captures 8K video, too. Built-in AI features mean you can also edit photos with unprecedented versatility — including some not found on the base model of the Pixel 9. The Pixel 9 Pro uses the Google Tensor G4 chip and has 16 GB RAM, compared with the base model’s 12 GB RAM. The Google Pixel 9 Pro comes in the XL option, measuring 6.8” instead of 6.3″. Mobility must-reads SEE: Malware targeting banking information was a popular tool for threat actors attacking mobile phones this year. Samsung Galaxy Z Fold6 Image: Samsung The Samsung Galaxy Z Fold6’s large screen with various configuration possibilities makes it a versatile companion during business meetings or day-to-day work. If you want a device that sits between a phone and a tablet, this might be the right pick for your professional life. Samsung advertises greater durability for the most vulnerable part of the device: that stylish hinge. The screen has been slimmed down to 6.1 mm, and the display brightened compared to the previous iteration. The Samsung Galaxy Z Fold6 runs on a Snapdragon 8 Gen 3 for Galaxy and an NPU, allowing Galaxy AI features. Samsung Galaxy A35G Image: Samsung While there are phone brands outside the big three that could work for business, it’s hard to argue with the pedigree of the most popular options. But what about a phone on a budget? Samsung offers the cost-effective A series with many of the same features as the flagship series for a fraction of the price. The Galaxy A35 5G runs on Samsung’s small but effective Exynos 1380 processor. By default, the phone comes with 6GB of memory and 128GB of storage, which can be expanded to 1 TB through a microSD slot. It includes Google’s new Circle to Search but not as many Galaxy AI capabilities as the flagship phones. The array of cameras includes a 50 MP wide-angle lens. source

Generation Z is the driving force fundamentally redefining the world and our business landscape. Growing up amid a digitally defined, network-oriented environment that moves at unprecedented scale, scope, and speed — Gen Zers, also called Zoomer or iGen-ers — are the first generation shaped by digital technology.  Born a few years after the World Wide Web debuted in 1993, this post-millennial digital native generation has grown up with the internet. As they seamlessly blend online and real worlds, Gen Zers, an integral part of business today, are heralding the shift from the digital age to the virtual age.  While previous generations invented most of the technology Gen Zers have at their fingertips, their inherent AI fluency helps them radically redefine the future of work, play, and social life. Every facet of their life has been profoundly shaped by AI tools and solutions, leading to new methods of working and connecting with others.   The speed and scale afforded by new technologies like GenAI is also reflected in the new attitudes to how they get work done. Unsurprisingly, GenAI tools are the preferred sidekick for tech-savvy Zoomers, with more than 50% using it at work to free up their time for strategic work.   As we welcome the next wave of innovation and the youngest cohort of workers, it’s essential for Gen Z to channel the following skills to thrive in the AI-driven era:  Related:Tech Company Layoffs: The COVID Tech Bubble Bursts Creativity: AI can process vast amounts of data and identify patterns, but it lacks the spark of human creativity. Thinking outside the box, generating novel ideas, and envisioning the future will be indispensable.  Imagination: Imagination is the fuel that drives innovation. It allows for new possibilities, challenges the status quo, and develops solutions to complex problems.  Problem-solving: While AI can assist in identifying problems and analyzing data, it is humans who possess the critical thinking skills, empathy, and judgment necessary to devise effective solutions.  But as we guide Gen Z toward harnessing the power of AI, businesses should proactively adapt to the needs of Gen Z, recognizing their value as a tech-savvy generation that is shaping the ‘future of work.’  Redefining the Workplace for Zoomers  According to the World Economic Forum Gen Z will make up about 27% of the workforce by 2027 and 29% by 2030. By recognizing the unique skill set of Gen Zers, organizations can capitalize on their potential to create a more adaptable, innovative, and human-centric workplace.   To build a collaborative ecosystem for the future workplace, organizations must consider the following:  Related:How to Keep IT Team Boredom From Killing Productivity Invest in continuous learning: The rapid AI development and proliferation of tools has also created unrealistic expectations about capability and proficiency, highlighting the importance of better training, continuous learning and more importantly governance of tools. It’s important for organizations to foster a culture of lifelong learning to keep employees adaptable to evolving technologies and to offer training programs for effective governance to avoid misuse of tools and create a knowledge-sharing environment.  Use AI as co-pilot in the workplace: Gen Z brings a new perspective, and they do not view AI as a threat or competitor but a valuable collaborator. They are accustomed to using AI assistants for data analysis, modifying product design, and gaining insights to enhance their work. This paradigm shift demands a focus on developing skills that complement AI, like creativity, critical thinking, and the ability to transform AI-generated data into practical strategies.  Adopt tools that reflect the needs of digital age humans: Gen Z workers have more AI fluency than their more senior colleagues as evidenced by this recent study, which underscores the need to do away with outdated, legacy tools and platforms to promote real change. Now, organizations must adopt better systems and software that match the needs of this younger workforce wave.  Related:Quick Study: The Future of Work Is Here Invest in digital tools and infrastructure to foster collaboration: Growing up in a hyper-connected world, this generation thrives both in the digital and physical realm. In an era of hybrid work, organizations must strive to provide phygital (physical + digital) environments to foster connections, spur productivity and boost culture. This also helps promote a sense of belonging.    Future Is Bright for Gen Z and AI As we navigate the rapidly evolving future of work, it’s clear that Gen Z is at the forefront of innovation. Their digital fluency, combined with their creativity, imagination, and problem-solving skills, positions them as invaluable assets in the AI-driven era.  By fostering a workplace that supports continuous learning, innovation, and collaboration, organizations can harness the full potential of Gen Z and create a more adaptable, innovative, and human-centric future, centered on a partnership — not a tradeoff — between humans and AI. If organizations understand and embrace this dynamic, they’ll be poised to create a world where technology augments human capabilities, with Gen Z at the helm of this transformation, defining the future of work for generations to come.   source

Presented by Commercetools Retailers have been ahead of the AI curve for a long time, embracing predictive AI algorithms early on compared to other industries. Again, in this next wave of AI, which includes generative AI and more advanced algorithms, many brands have already leaned in, testing out the potential of the technology. This holiday shopping season, which reached its peak during Cyber Week, marks the inflection point, where the experimental phase has come to a close, and we’re starting to see the promised results, says Jen Jones, CMO of Commercetools. “Our recent survey shows that AI is hitting both the bottom line and customer satisfaction,” Jones says. “We learned that 91% of businesses have seen improved demand forecasting accuracy. It’s critical to avoid stockouts or overstocks at their busiest time of year, when customers expect to find things and don’t want to be disappointed, and retailers also don’t want to be discounting overstock in January.” On the personalization and recommendation engine side, the latest iteration of AI technology shines not only in analyzing larger-than-ever data sets, full of rich customer information that used to be difficult to process in its entirety, but gets a major glow-up with functions like autonomous bots that detect patterns and make real-time decisions. “We’re finally creating those curated, personalized experiences,” Jones adds. “From a customer standpoint, that’s where having our data in the hands of a brand that we trust makes sense. Now we’re getting something in return, with the items we want served up from the start, making for a far more seamless customer journey.” But while AI adoption is widespread, with 62% of businesses already leveraging AI, and another 32% planning to implement it soon, the journey from implementation to meaningful outcomes is not always straightforward. Prioritizing AI investments Brands continue to keep AI and social commerce front and center of their ecommerce strategy, with 69% planning to ramp up their investments in both technologies. But AI can be an expensive proposition, especially when fully committing. To prioritize spend, Jones advises that brands hone in on the customer journey, from ideation and discovery, to selection, checkout and delivery, and look at how AI can transform key customer touchpoints. The whole journey is the short answer, of course. But you can rank those potential applications by examining each point at which a measurable outcome could be achieved, and consider what impact that outcome would have on the brand’s ultimate goals. That said, there are a few practical areas in which brands are seeing great success when leveraging AI, including inventory management, demand prediction, fraud detection and customer service. Fraud detection is especially critical during the holiday shopping season when the number of transactions jumps dramatically, and keeping track of unusual activity becomes even more of a challenge. To protect their organization’s bottom line, 94% have added AI-enhanced fraud detection amid rising online threats. AI-powered fraud detection harnesses what predictive AI does best — analyze behavioral patterns and detect anomalies and spikes in suspicious activity. Generative AI takes that a step further, taking action if it’s an issue that the system can handle on its own, or bumping it up the chain of command by alerting humans to a problem that needs to be handled. Generative AI has also improved customer service chatbots to the point where they understand natural language and are significantly better at detecting intent. As a result, they’re far better at handling the less complex customer issues that flood call centers during the busiest time of year, letting agents focus on more meaningful, complex problems while call volume is reduced. In turn, customer satisfaction goes up, and so does agent satisfaction.     Additionally, AI-driven personalized advertising is driving huge gains in campaign performance for 93% of retailers. In an era where advertising costs are mounting, anything that optimizes advertising outcomes directly leads to greater revenue. From a consumer standpoint, better, more personalized, more targeted ads take frustration out of the shopping experience and can make customers feel more seen. And then there are the innovations — for example, Commercetools customer Sephora launched a color IQ foundation-matching service that helps customers find the right foundation shade, and the brand that’s right for them. On the B2B side, Dawn Foods is using AI-powered search capabilities to help customers navigate a growing product catalog and turn up results more quickly and more accurately, as well as offer up useful new selections to improve customer relationships. Why barriers to AI value remain Moving from experimentation to successful outcomes has proven to be a challenge for some brands. One of the major barriers is navigating the gap between the demands of cutting-edge AI technology and commerce software that in some cases has been around for decades. “Many brands are still using software that was built for a different world,” Jones says. “But you need to be able to seamlessly integrate your AI technology into your platform, and you must be able to immediately react to data, stay agile and make changes on the fly. Otherwise, AI just won’t live up to your expectations.” That’s where having a modern commerce platform approach, including composable commerce, sets companies up for success, she adds. Another recent Commercetools survey found that 90% of the businesses that switch to modern ecommerce platforms report significant boosts in sales and revenue. Of those platforms, composable commerce has emerged as a frontrunner for brands, with 91% already using or considering it, and 92% cite increased agility as the most important adoption factor. “Composable commerce, at its heart, is about being ready for whatever’s next,” Jones says. “AI is a great example of a technology that broke into the limelight, and brands with flexible, more modern architecture were able to jump on it early, do those early experiments and be ready for this year. They’re seeing benefits both on the operational efficiency side of things, but also on the customer experience and loyalty side. I expect they’ll have a standout holiday shopping season compared to their peers on

Key takeaways: Cross-border payments depend on key factors such as currency conversion, country-specific and international financial regulations, and available payment methods. Interoperability among banks and other financial institutions is the major challenge for cross-border payments. Fintech innovation in digital payments continues to improve the state of cross-border transactions. Cross-border payments make global trade possible in commerce, personal finance, charitable work, and investments. As digital payment adoption grows, cross-border transactions become more efficient and accessible. What are cross-border payments? Cross-border payments refer to the transfer of funds between parties in different countries. These transactions often occur through online payment platforms, banks, or credit card networks. They typically involve additional complexities such as currency conversion, international financial regulations, and compliance with the legal frameworks of multiple jurisdictions. Types of cross-border payments Cross-border transactions can be classified according to the nature of the payor and payee: Person to person (P2P): Transfer of funds across countries between two individuals (e.g.: remittances). Person to Business (B2C): Funds that transfer from a customer in one country to a business in a different country for a commercial transaction (example: retail e-commerce, online subscriptions). Business to business (B2B): Transfer of funds across countries between business organizations (example: wholesale e-commerce). Cross-border payment methods As with local transactions, there are different ways to process cross-border payments. You can choose from credit cards, wire transfers, electronic fund transfers (EFTs), and cryptocurrencies. To further explain, the table below compares each payment method. Type Source of fund Payment platform Funding speed Processing fee Credit card Credit line E-commerce, digital wallets Instant up to 2 business days Low Wire transfers Bank deposits Interbank system 3-5 business days High EFTs (ex: e-checks, ACH) Bank deposits E-commerce, international ACH, digital wallets 2-3 business days Very low Cryptocurrency Crypto portfolio Digital wallet, crypto, and e-commerce platforms Instant Low Digital wallet In-wallet funds (ex: PayPal balance) E-commerce, digital wallets Instant up to 2 business days Low SEE: Best Online Payment Methods for Small Businesses  How do cross-border payments work? Cross-border payments works similarly to local payments but with the added elements needed to move funds to a different country, such as financial intermediaries and currency conversion. The following elements are needed to facilitate cross-border payments. Sender or payor: An individual or organization that sends funds for various purposes such as remittance, bill payments, retail or wholesale purchases, and more. Receiver or payee: An individual or organization that accepts the funds as a remittance or in exchange for goods or services. Sender and recipient banks: Where the source of funds originate on the part of the sender and will be held on the part of the recipient. Payment processor: The service that provides technology to securely share transaction data. Financial intermediaries: Networks that regulate the movements of funds across banks and countries. For card payments, these are the card networks and merchant acquirers. For bank transactions, these are global financial institutions such as Chase that partner with local banks worldwide. Cross-border payment processing in 5 steps Step 1: Sender initiates the transfer of funds by providing their payment details via a payment platform. Step 2: The payment processor encrypts the payment details, creates a payment authorization request, and sends it to the sender’s bank. Step 3: The sender’s bank confirms the availability of funds before approving the authorization request. Step 4: Once the request is approved, the payment details are sent to the financial intermediaries to verify that the transaction meets various regulatory compliance and assess other factors such as exchange rates and conversion fees. Step 5: The receiver’s bank accepts the cross-border payment proceeds in the receiver’s bank’s currency minus all the processing fees. Note that depending on the payment method, the sender may be able to pay for the cost of processing cross-border transactions. Cost of cross-border payments Businesses that accept cross-border payments should take note of the various fees involved in completing each transaction. Cross-border fees from payment processors. Some payment processors charge up to 2% in cross-border fees when there is a high payment fraud risk in the sender’s country. International payment gateway fee. Using an international payment gateway to accept cross-border payments may incur an additional monthly cost. Country taxes. Fees are imposed based on the seller’s country’s current tax framework for sales and other activities where money is transferred. Currency exchange. If your business sources products from international suppliers or hires remote employees based in other countries, your payments will be subject to currency fluctuations. SEE: Best International Payment Gateways Benefits of cross-border payments Businesses with access to cross-border payment processing, such as international retailers, wholesalers, professional consultants, subscription-based service providers, and charitable organizations, can: Grow their customer base by attracting sales from consumers around the world. Access supplier networks with more competitive pricing to reduce business costs. Choose and hire from a wider pool of potential employees with different skill sets to match your business needs. Generate additional income from conversion rates if the customer’s local currency valuation is higher than the seller’s currency. Additionally, the right international payment processor would allow businesses to manage multiple currencies and make seamless cross-border payments with easy-to-use online platforms. More about Innovation Key challenges with cross-border payments Unlike accepting local payments, cross-border transactions present unique challenges driven by the varying economic standing, political climate, and financial regulations in every country worldwide. These challenges limit interoperability and increase the cost of cross-border transactions. Exchange rate fluctuations Cross-border payments are affected heavily by unequal currency valuations, and fluctuations in exchange rates can either result in a gain or loss to your business. These exchange rate fluctuations are often unpredictable, and international companies can only manage their interest in part by keeping up-to-date with foreign exchange trends. Varying financial regulations that limit available payment methods Each country operates under its unique financial regulations. What may be considered a risky practice in the merchant’s home country might be entirely acceptable where the customer is located. This results in merchants being unable to support a customer’s popular local payment

By Andrew Meck ( December 6, 2024, 4:53 PM EST) — The sentencing of Zixiao “Gary” Wang, a key figure in the FTX Trading Ltd. cryptocurrency fraud, in the U.S. District Court for the Southern District of New York on Nov. 20 marks a watershed moment in white collar criminal law. Wang’s cooperation with federal prosecutors earned him an outcome that was unthinkable for his co-defendants: no prison time…. Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions. A Law360 subscription includes features such as Daily newsletters Expert analysis Mobile app Advanced search Judge information Real-time alerts 450K+ searchable archived articles And more! Experience Law360 today with a free 7-day trial. source

Generative artificial intelligence (AI) is hot property when it comes to investment, but there’s a pronounced hesitancy around adoption. AI faces a fundamental trust challenge due to uncertainty over safety, reliability, transparency, bias, and ethics. In a recent global survey, 86% of participants said their organizations had dedicated budget to generative AI, but three-quarters admitted to significant concerns about data privacy and security. What makes AI responsible and trustworthy? At the top of the list of trust requirements is that AI must do no harm. Compliance is necessary but not sufficient. Rather, the guiding principle for making AI trustworthy is to align it with societal values. Yet determining what AI should do is challenging. What’s considered right, accurate, and ethical can vary depending on context, use case, industry, country, and culture. AI teams have to figure out what values their organizations want to reflect and what “fair” and “accurate” mean in that context. Governance implications for key gen AI use cases Some key use cases for generative AI include increasing productivity, improving business functions, reducing risk, and boosting customer engagement. A good governance framework makes generative AI not only more responsible but also more effective. “Aligning AI with organizational goals and deploying it responsibly and efficiently ensure long-term productivity benefits,” noted Bruno Domingues, CTO for Intel’s financial services industry practice. “Establishing guardrails based on organizational principles ensures efficient resource allocation, fosters accountability and transparency, and builds trust among stakeholders.” A solid governance structure addresses ethical issues related to AI across the organization. As part of its model, SAS has an AI Oversight committee that might reject a generative AI marketing message as inappropriate, for example. “The committee essentially acts as an additional audit layer, ensuring that AI applications and decisions align with SAS’s ethical standards,” said Josefin Rosén, Trustworthy AI specialist at SAS’ Data Ethics Practice. Structure, policies, and oversight A solid AI governance framework bridges the divide between generative AI’s promise and realization of its benefits, including: Increased productivity due to more distributed decision-making Competitive advantage and market agility resulting from being forward-compliant Improved trust thanks to better accountability in data use Heightened brand value in response to addressing AI’s impact on society and the environment Ability to win and keep top talent who value responsible innovation Partnering for a sustainable future A strong AI governance framework also supports sustainability goals, which require intelligent data management, model development and deployment, and decision monitoring and management. SAS and Intel have forged a partnership that integrates high-performance computing hardware with advanced analytics software to drive sustainability, energy efficiency, and cost-effectiveness. “SAS’s tools enable organizations to analyze and optimize energy consumption, carbon footprints, and operational efficiencies, while Intel’s processors and accelerators deliver the performance needed for these analytics with reduced power consumption,” noted Domingues. The great promise of generative AI to deliver transformative business benefits rests on the willingness of organizations to commit to good governance and ethical AI practices. Those who make that connection will be well positioned as the AI revolution gains steam. Check out this webinar to learn how to unlock the benefits of generative AI – ethically and responsibly. source