Payment Giants Bet Big on AI to Enable Faster Services While Managing Risk
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Generative AI is being rapidly adopted in financial services for applications like fraud detection, customer service, and programming where speed and scale are needed.
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Companies like Visa and Mastercard are investing hundreds of millions into AI and rolling out new AI capabilities.
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AI can help detect fraud in real-time payments, which is becoming crucial as faster payment networks are launched. This allows both risk management and faster payments.
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There's appeal in enabling quicker bill pay, merchant invoice payment, loan disbursement, etc, but only if fraud can be controlled.
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Payment companies see generative AI as a crucial tool to manage risks while still providing speed and convenience of real-time payments.