Following this announcement, the new products are set to be part of the end-to-end Visa Protect suite, being developed in order to reduce fraud and threads across immediate account-to-account (A2A) and card-not-present payments (CNP), as well as transactions that are taken both on and off Visa’s network.
Visa Protect represents a part of the company’s suite of value-added solutions that includes nearly 200 tools that spanned across five high-demand categories – Acceptance, Advisory, Issuing, Open Banking, and Protect.
Currently, businesses and companies are looking for partners and collaborators that can enable their strategies and plans to be completed securely and efficiently, while also being able to accelerate their development processes and grow the number of their clients.
Throughout this product launch, Visa will focus on providing security and fraud prevention offerings to its customers in order to meet their needs, preferences, and demands in an ever-evolving market. The Visa Protect solutions were designed in order to utilise Visa’s expertise in artificial intelligence (AI), while the company will also prioritise the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Included in the new products that were launched is the Visa Deep Authorisation (VDA), which was designed in order to address the challenges and difficulties that issuers face as a result of increasingly sophisticated digital fraud. The VSA is a transaction risk scoring service that will optimise the manner in which CNP payments are managed, and it was powered by deep learning AI risk models and petabytes of contextual data. The tool was also designed to combat fraud without the need to disrupt digital transaction experiences.
In addition, customers will be enabled to access the expansion of Visa Advanced Authorization (VAA) and the Visa Risk Manager (VRM) for non-Visa card payments. The firm’s AI-powered fraud risk management solutions were developed as a network scheme agnostic, which is expected to simplify fraud operations into a single risk detection tool that will improve the process of strengthening fraud protection and reducing costs.
Visa also launched a Real-Time, Account-to-Account Payment Protection solution, which represents a fraud tool that was designed specifically for immediate payments. These include P2P digital wallets, A2A transactions, as well as central banks’ instant payment systems. The product was powered by deep-leaning AI detection models, and it is set to provide a risk score in real time that optimises the way financial institutions prevent fraud by automatically blocking suspicious payments before they happen.
All products are expected to be available for customers starting in the first half of 2024, with varied launch dates being set by product and market.
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