SWIFT’s AI-Driven Fraud Defence: Strengthening Payment...
SWIFT announced last month that it is set to launch a new AI-powered fraud defence tool in January 2025 to...
Read MoreVISA’s Flexible Credential allows users to access multiple accounts through a single VISA credential. This feature enables users to switch between funding methods such as debit, credit, Buy Now, Pay Later (BNPL), and rewards points. Users can set preferences in their mobile banking apps for when and how these methods apply. This feature is already live in Asia and will launch with Affirm in the US later this summer.
VISA is enhancing the convenience of tap technology with several new applications:
The VISA Payment Passkey Service streamlines online payments by confirming a consumer’s identity through biometric scans (face or fingerprint). This service eliminates the need for passwords or one-time codes, providing a more secure and efficient transaction process. VISA is initially integrating this service into Click2Pay.
Leveraging Open Banking, VISA enables account-to-account (A2A) payments. Following its acquisition of Tink, VISA is expanding this functionality from Europe to the US, allowing seamless A2A transactions.
To address the growing challenge of fraud in Real-Time Payments (RTP), VISA is introducing VISA Protect for A2A Payments. This AI-driven service mitigates fraud risks for A2A payments on RTP rails. It is already live in Latin America and is currently being piloted in the UK.
VISA combines data privacy with personalised shopping through tokenisation. Consumers will receive real-time, unique offers from merchants’ AI models while retaining control of their data. This feature enhances the shopping experience while prioritising privacy.
These new features are not just one-off enhancements but part of VISA’s long-term strategy to lead the future of e-commerce and payments. Here’s what’s driving VISA’s vision:
VISA’s ambitious updates mark a significant step in transforming the traditional card system into a versatile, integrated network of networks. As these innovations roll out, VISA aims to remain at the forefront of the digital payment revolution, offering enhanced flexibility, security, and user experience.
AJC is a trusted and VISA approved Global Acquirer Risk Standards (GARS) assessor, specialising in risk mitigation strategies. We guide acquirers and third-party agents and merchants through their risk remediation journeys, offering unbiased evaluations and realistic recommendations. Among the few VISA approved firms, AJC provides invaluable assistance and assurance to acquiring businesses and merchants directly with bespoke reviews and remediation approaches, engaging personally with all of our clients. Find out more.
Please contact us on 020 7101 4861 if you think we can help.
Image accreditation: Anna Dziubinska (2014) from Unpslash.com. Last accessed on 12th June 2024. Available at: https://unsplash.com/photos/people-standing-and-walking-on-stairs-in-mall-mVhd5QVlDWw
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