Visa’s Growing Services Business Infused with New AI-Powered Products

English , Qatar - قطر , Snippets , / Monday, April 1st, 2024

• Three new AI-powered solutions are added to Visa Protect suite to help block fraud
• Among the newest services: a cutting-edge immediate payment fraud solution and expanded capabilities to mitigate fraud, agnostic to payment network
• Growing usage across global services portfolio – Visa’s largest 265 clients now use an average of 22 of Visa’s value-added services products.

 

Visa (NYSE:V) expands its global value-added services with three new AI-powered risk and fraud prevention solutions under Visa Protect suite. These solutions aim to reduce fraud in immediate account-to-account, card-not-present (CNP) payments, and transactions on and off Visa’s network. Visa Protect, part of a suite of nearly 200 products, spans five categories: Acceptance, Advisory, Issuing, Open Banking, and Protect. The company has invested $10 billion in technology and innovation over the last five years to enhance security and reduce fraud.

Antony Cahill, Global Head of Value-Added Services at Visa, emphasizes the importance of security in modern commerce and Visa’s role as a trusted partner. Last year, Visa blocked $40 billion in fraudulent activity. The three new solutions focus on non-Visa card payments, tokenization fraud prevention, and real-time account-to-account payment protection. These solutions leverage AI to enhance fraud detection and reduce costs for issuers.

Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) are now scheme-agnostic, providing a unified fraud detection solution. Visa Provisioning Intelligence (VPI) uses machine learning to prevent token fraud by rating the likelihood of fraud for token provisioning requests. Real-Time, Account-to-Account Payment Protection, Visa’s first fraud prevention solution for immediate payments, utilizes deep learning AI to block fraudulent transactions in real-time.

Walter Lironi, SVP, Head of Advisory and Value-Added Services, CEMEA, Visa, underscores Visa’s commitment to consumer data protection in the digital era. These AI-powered solutions, built on Visa’s technology and 30-year heritage in AI, aim to support client growth across Central and Eastern Europe, the Middle East, and Africa. Each product will be available to clients in 2024, with release dates varying by product and market.