Visa adds AI to offset network disruptions
Visa is readying its platform for major disruptions by adding artificial intelligence to its neural network so legitimate card transactions will be processed normally in case of a system outage.
Stand-In Processing, a service Visa provides to banks, has been renamed Visa Smarter STIP and now includes real-time AI to approve or decline transactions in case issuers’ systems go offline, Visa said in a Wednesday press release.
The enhanced service uses deep learning to analyze each cardholder’s past purchases — versus static card network rules — to determine whether to approve or decline transactions during any scheduled maintenance, power or connection outages, the release said.
Minus effective stand-in processing, up to 50% of cardholders’ transactions could be declined during a service outage, Visa said in the release.
“Consumers expect instant and uninterrupted access to their funds — failure to meet that expectation can be costly,” said Jack Forestell, Visa’s executive vice president and chief product officer, in the release.