Visa’s Growing Services Business Infused with New AI-Powered Products
27 Mars 2024 - 12:00PM
Business Wire
- 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
products1
Today, Visa (NYSE:V), a leader in digital payments, announced
continued expansion of its global value-added services business
with the addition of three new AI-powered risk and fraud prevention
solutions. The new products, part of the end-to-end Visa Protect
suite, are designed to reduce fraud across immediate
account-to-account and card not present (CNP) payments, as well as
transactions both on and off Visa’s network.
Visa Protect is part of a broad suite of Visa value-added
services that have grown to nearly 200 products, spanning five
high-demand categories: Acceptance, Advisory, Issuing, Open
Banking, and Risk and Identity. To help clients navigate a growing
number of complexities, Visa has combined decades of expertise and
significant investments in both AI and fraud prevention, with $10
billion over the last five years alone in technology and
innovation, to help reduce fraud and increase network security.
“Digital payments go far beyond completing a sale – we are
entering an era of modern commerce where winners move fast, AI is
essential, experiences are flexible and security is native,” said
Antony Cahill, Global Head of Value-Added Services, Visa.
“Businesses are looking for partners that can enable their
ambitions to compete and win and we’re proud to be the trusted
partner helping a growing number of clients do exactly that in
today’s highly competitive environment.”
Security and fraud prevention are fundamental to Visa. Last
year, Visa helped block $40 billion in fraudulent activity, nearly
double from the year prior2. Today’s announcement focuses on three
Visa Protect solutions that are intended to address client needs
and utilize the company’s deep expertise in AI:
- Visa Deep Authorization (VDA): Developed to address
challenges facing issuers as a result of increasingly sophisticated
digital fraud, VDA is a new transaction risk scoring solution
tailored to better manage CNP payments. Powered by a world-class
deep learning recurrent neural network (RNN) model and petabytes of
contextual data, VDA is designed to combat fraud without disrupting
digital transaction experiences.
- Expansion of Visa Advanced Authorization (VAA) and Visa Risk
Manager (VRM) for non-Visa card payments: Visa’s extensive,
AI-powered fraud risk management solutions are now network scheme
agnostic, allowing issuers to simplify their fraud operations into
a single fraud detection solution that help strengthen fraud
protections while reducing costs.
- Real-Time, Account-to-Account Payment Protection: Visa’s
first fraud prevention solution built specifically for immediate
payments, including P2P digital wallets, account to account
transactions, and central banks’ instant payment systems. Powered
by deep learning AI detection models, this new service provides a
risk score in real time that helps financial institutions prevent
fraud by automatically blocking bad transactions before they
happen.
Each product will launch in the first half of 2024. Availability
will vary by product and market.
“Real-time, digital payments are nearly ubiquitous, creating a
need for security solutions that are transformative and adaptive to
the real-world,” said James Mirfin, SVP, Global Head of Risk and
Identity Solutions, Visa. “As digital fraud grows in volume and
sophistication, Visa is keeping pace by bolstering our powerful
suite of risk and fraud solutions through our unmatched technology
innovation and AI expertise, and expanding their utility beyond the
Visa network.”
To learn more about end-to-end security solutions from Visa,
visit our Intelligent Security page and Visa.com for more
information on Visa’s value-added services for businesses.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments,
facilitating transactions between consumers, merchants, financial
institutions and government entities across more than 200 countries
and territories. Our mission is to connect the world through the
most innovative, convenient, reliable and secure payments network,
enabling individuals, businesses and economies to thrive. We
believe that economies that include everyone everywhere, uplift
everyone everywhere and see access as foundational to the future of
money movement. Learn more at Visa.com.
1 Visa 2023 Annual Report 2 Visa data from October 1, 2022 –
September 30, 2023
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version on businesswire.com: https://www.businesswire.com/news/home/20240327525747/en/
Kryssa Guntrum kguntrum@visa.com
Visa (NYSE:V)
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