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Visa presents VisaNet+AI, the new suite of services they leverage artificial intelligence. The goal is to respond to some long-standing challenges that afflict banks, merchants and even consumers. Like delays in account balance, the unpredictability of settlement and not only. To combat these issues, Visa chooses AI by Smart Posting, Smart Settlement Forecast and also Salary Smarter, already announced last August.
Visa announces VisaNet+AI, the suite with artificial intelligence
Jack Forestell, Chief Product Officer of Visa, he wants customers to be increasingly satisfied with the company’s services. And it can only happen thanks to the power of AI: “Our customers, partners and cardholders turn to us to obtain relevant and data-driven information in order to better manage their business and financial activities, especially in a moment like this. Today we’re announcing a number of services that use AI to make it easier for consumers to manage their accounts and for financial institutions to run their business. With our investment in AI infrastructure, we’re unlocking new solutions to complex problems in real time. This is just the beginning of what we can do with the predictive power of Artificial Intelligence.”
Smarter Posting: more transparency
Consumers are increasingly banking online or with mobile devices. But the experience is mixed: sometimes payments take longer, leaving customers anxious: when does the balance arrive? This is because the amount at checkout is sometimes other than that cleared from the account: because you bought a service from abroad or because you want to leave a tip. Banks then prefer to delay updating the balance to check the final amount.
Smarter Posting use artificial intelligence for predict the probability that the transaction remains stable, speeding up this procedure. This option comes to April 2021.
Smarter Settlement Forecast, to anticipate cash flow
Every day settling accounts (settlement) allows Visa to move billions of dollars. This is the final stage of the payment cycle, where you aggregate transactions. Merchant accounts in particular are credited based on sales made. With Smarter Settlement Forecast, Visa can provide forecast up to 7 days, helping liquidity management and settlement, especially for banks that manage multiple currencies.
This new feature comes via the platform Visa Analytics Platform before the end of the year.
These two new features are added to Smart SALARY, announced in August, which makes it possible to improve the management of disservices. With the artificial intelligence of VisaNet+AI, Visa continues to improve the service to its customers. As demonstrated by the recent collaboration with TransferWise for Visa Cloud Connect.
