Visa has launched a new suite of services powered by artificial intelligence that it claims will offer a more efficient payment experience.
VisaNet +AI has been developed to tackle many of the problem areas cited by banks, merchants and consumers during the payment process (opens in new tab). It features several innovative features, all aimed at making payments ‘more predictable, transparent, and speedy’ according to Visa.
Key areas of improvement addressed by VisaNet +AI include a reduction in the lag during consumer transactions, allowing for more dynamic updating of customer balances.
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Central to this is Smarter Posting, a feature that employs the power of AI to deliver a customised score for each transaction during the authorization process. Based on historical data the system subsequently is able to predict if a transaction amount will remain consistent throughout the clearing process.
As a result, final transaction amounts can be more efficiently processed. It should remove the issues of amounts changing between the checkout and a customer’s statement balance due to system checks.
Examples of when final amounts can change include when a restaurant-goer adds a tip at a restaurant, or when cross-border payments using multiple currencies (opens in new tab) have taken place.
VisaNet +AI also features Smarter Settlement Forecast, which uses predictive modelling to anticipate the cash flow needs of businesses. Customers will be able to get customized 7-day forecasts of settlement amounts that they need on hand each day.
It offers more efficiency because the information generated is based on real-time data while taking into account historical settlement volumes, seasonal indicators, macro-trends and, unsurprisingly, outlier events such as Covid-19.
Rounding out the three core features of VisaNet +AI is Smarter STIP, which helps to improve payment experiences during unforeseen outages. This aspect of the package uses deep learning to let financial institutions make an informed decision on transactions.
“Our clients, partners and cardholders look to us for actionable data-driven insights to better manage their businesses and financial lives, especially during these unprecedented times. Today we’re announcing a set of services that use AI to make it easier for consumers to manage their accounts, and for financial institutions to manage their business,” said Jack Forestell, executive vice president and chief product officer, Visa.
“With our investment in AI infrastructure, we’re unlocking novel, real-time solutions to complex problems. This is just the beginning of what we can do with the predictive power of AI.”
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