Visa has introduced a suite of services powered by artificial intelligence in a bid to make payments more predictable, transparent and speedy with access to actionable data-driven insights.
The suite – VisaNet +AI – aims to addresses long-standing challenges and pain points for banks, merchants and customers, such as delays and confusion with managing account balances, as well as the unpredictability of daily settlement for financial institutions.
Jack Forestell, executive vice president and chief product officer at Visa, says: “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. 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.”
VisaNet +AI comprises several concepts and new services, including Visa Smarter Posting and Visa Smarter Settlement Forecast, as well as Visa Smarter Stand-In Processing (Smarter STIP).
The Smarter Posting model analyses transaction details and historical data to predict the likelihood that a transaction amount will remain consistent through clearing. It will initially available in Europe in April 2021 with plans to expand globally in the ‘near future’.
Smarter Settlement Forecast uses predictive modeling to anticipate cash flow needs. It can provide clients with customised seven-day forecasts of the settlement amount they may need on hand each day. These forecasts can help issuers and acquirers optimise treasury and liquidity management processes, and assist financial institutions settling in multiple currencies with predictions for each currency.
This feature will only be available to eligible clients through a subscription in the Visa Analytics Platform. Visa is currently piloting the service with three clients ahead of its formal launch planned for later this year.
While, Smarter STIP is aimed at improving payment experiences during outages. Announced in August last year, Smarter STIP uses deep learning to help financial institutions increase transaction authorisations during outages. It also generates an informed decision to approve or decline transactions on behalf of issuers to provide consumers with a frictionless Visa payment experience.
Clients that have added Smarter STIP to their suite of Visa solutions, include Caixa Econômica Federal and Doha Bank.