Visa has announced the launch of VisaNet +AI, a suite of AI-powered services that address long-standing challenges and pain points for banks, merchants and consumers.
VisaNet +AI comprises several innovative concepts and new value-added services, including Visa Smarter Posting and Visa Smarter Settlement Forecast, as well as Visa Smarter Stand-In Processing (Smarter STIP), a capability announced in August of last year. These innovations harness Visa’s high-performance AI platform to help make payments more predictable, transparent, and speedy.
To help issuers create a better banking experience for cardholders, Visa developed Smarter Posting, a service that uses AI to deliver a customized score for each transaction as part of the authorization process. The Smarter Posting model analyzes transaction details and historical data to predict the likelihood that a transaction amount will remain consistent through clearing.
Visa Smarter Posting will be initially available in Europe in April 2021 and is slated to expand globally in the near future.
“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.”
“In Visa we have a partner that is driving new innovations in AI for payments,” said Mr. Braik Ali H S Al – Marri, Chief Retail Banking Officer, Doha Bank, Qatar. “With VisaNet +AI we can harness those innovations and drive new value for our business and customers.”
Furthermore, Visa created Smarter Settlement Forecast to provide clients with customised 7-day forecasts of the settlement amount they may need on hand each day. The service uses information generated by historical settlement volumes, seasonal indicators, macro-trends, outlier events, such as those surrounding COVID-19, and real-time transaction data to provide high quality predictions of cash outflows and inflows.
Smarter Settlement Forecast is slated to be made available to eligible clients through a subscription in the Visa Analytics Platform, thereby simplifying integration for clients. Visa is currently piloting the service with three clients ahead of its formal launch planned for later 2021.
Visa Smarter Stand-In Processing (Smarter STIP), the first of the VisaNet +AI capabilities announced in August 2020, has gained traction among leading financial institutions globally. Smarter STIP uses deep learning to help financial institutions increase transaction authorisations during outages. Smarter STIP generates an informed decision to approve or decline transactions on behalf of issuers to provide consumers with an improved Visa payment experience.
