FOSTER CITY, Calif.—Visa said it has developed a more advanced artificial intelligence system that can approve or decline credit and debit transactions on behalf of banks whose own networks are down.
The new service reflects the growing use of AI in banking, reported The Wall Street Journal.
Banks are expected to spend $7.1 billion on AI in 2020, growing to $14.5 billion by 2024, on initiatives such as fraud analysis and investigation, according to market research firm International Data Corp., the Journal said.
The Visa service, Smarter Stand-In Processing, uses a branch of AI called deep learning that “roughly mimics neurons in the human brain and is an underlying technology powering self-driving cars, voice-enabled digital assistants and facial recognition,” the Journal reported.