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Visa has announced that it is increasing its commitment to artificial intelligence (AI) in commerce and settlements by establishing a new fund dedicated to investing in generative AI ventures.
Visa announced the investment, a $100 million campaign to explore, generative AI. The investment is aimed at supporting companies focused on developing generative AI technologies and applications with a specific focus on commerce and payments.
This investment initiative will be managed by Visa Ventures, the company’s global corporate investment arm. According to Jack Forestell, Visa’s chief product and strategy officer. generative AI has massive potential in the financial landscape:
According to Visa chief product and strategy officer Jack Forestell, generative AI has a promising future in the financial world. He said:
“While much of generative AI so far has been focused on tasks and content creation, this technology will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand.”
Visa’s venture into generative AI builds upon its previous efforts to incorporate AI technology into its ecosystem. The company claims to have taken one of the earliest steps in AI in payments in 1993, launching AI-based technology for risk and fraud management:
“As a pioneer of AI in payments since 1993, Visa considers this initiative an extension of the company’s leadership in AI use to drive innovation in payments, create value for partners and clients and enable and empower global commerce.”
In addition to active investments in AI technology, Visa has historically shown a strong interest in using cryptocurrency technology for payments. In April 2021, the company announced plans for a new crypto product designed to promote greater and broader adoption of public blockchain networks and stablecoin payments. Now, Visa’s real-time payment fraud monitoring solution, Visa Advanced Authorisation, which is said to have helped prevent an estimated $27 billion in fraudulent transactions.