worldwide Payments giant Visa is upping its bet on artificial intelligence (AI) in commerce and settlements by setting up a new fund to invest in generative AI projects.
Visa on October 2 Announce New $100 million Generative AI Initiative to invest in companies focused on developing generative AI technologies and applications related to commerce and payments.
This investment will be organized by Visa’s global investment arm, Visa Ventures, which has been fueling innovation in payments and commerce since 2007.
Generative AI is a type of AI technology that can produce different types of content, including text, images, audio, and synthetic data. Major AI-based chatbots, such as OpenAI’s ChatGPT and Google’s Bard, demonstrate generative AI’s capabilities to understand and produce human-like writing.
According to Jack Forestell, chief product and strategy officer at Visa, generative AI has a promising future in the world of finance. He said:
“While much of the AI produced to date has focused on tasks and content creation, this technology will not only reshape the way we live and work, it will also meaningfully change commerce in ways we need to understand.”
Visa’s latest move into generative AI comes on the heels of significant efforts to implement AI technology into the company’s ecosystem.
visa He says It was one of the world’s first companies to pioneer the use of AI in payments in 1993, deploying AI-based technology to manage risk and fraud. In 2022, Visa’s real-time payment fraud monitoring solution, Visa Advanced Authorization, reportedly helped prevent an estimated $27 billion in fraud.
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In 2021, Visa too foot VisaNet +AI, is a suite of AI-based services focused on fixing delays and confusion in managing account balances and other day-to-day settlement issues for financial institutions.
Some of the tools in the VisaNet + AI suite include Smarter Processing, which aims to improve payment experiences during outages by reversing issuer approval decisions. Other products include Smarter Posting, which helps enable faster consumer checkout experiences and reduce confusion caused by posting delays.
Besides actively investing in artificial intelligence, Visa has also been bullish on the use of cryptocurrency technology in payments. In April 2021, Visa shared plans for a new cryptocurrency product designed to promote mainstream adoption of public blockchain networks and stablecoin payments.
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