Visa is a multinational financial service corporation. The company has recently said that it is going to unveil a powerful artificial intelligence system. That can approve or decline the credit as well as debit card transactions. Visa has said that the system will work on behalf of the banks. Banks servers generally go down and in such a case, the transactions get declined. It really affects the growth of the business badly.
The network of the banks can crash due to buggy software, natural disaster, and many more reasons. Therefore, Visa has announced that the decision to reject or approve. The credit and debit card transaction is basically made by the bank. Banks will get the benefits from the backup system of Visa. The president of technology for Visa is of the opinion. That the new move from Visa will mitigate the impact of an outage.
Visa is considered as one of the largest companies in terms of credit card circulations and credit card transactions. With the advancement of technology, we have got many efficient things and AI technology is undoubtedly one of them. Different sectors have been using this latest technology. And now, banking sectors are implementing this new technology to improve their service. According to the latest news, banking sectors are going to invest $7.1 billion on AI by the end of 2020. The amount will become $14.5 billion by the end of 2024.
The in-house software engineers and data scientists from the house of Visa have built this latest technology. According to research, network issue has affected several credit card transactions and debit card transactions. Therefore, this new technology will definitely mitigate this problem.
In case of failed transactions, the merchants as well as the customers have to call the bank. And it really affects the business. But, in the case of this AI technology, Visa will automatically detect whether the network of the bank is available or not. The new AI technology is a deep-learning model and it will mimic the cardholder’s activity. On the basis of this, the new technology will approve or decline. The credit card as well as debit card transactions.
According to Visa, the new technology is capable of giving almost 95% accurate results. But, in the future, the technology will give a 100% accurate result. Well, the old technology will still exist and this premium one will be available for the Visa premium clients.