{"id":140797,"date":"2023-03-30T16:35:10","date_gmt":"2023-03-30T12:35:10","guid":{"rendered":"https:\/\/forbes.ge\/brandvoice\/khelovnuri-inteleqtis-roli-tsiphruli-gadakhdebis-ekosistemashi\/"},"modified":"2023-03-30T16:41:03","modified_gmt":"2023-03-30T12:41:03","slug":"role-of-artificial-intelligence-in-digital-payment-ecosystem","status":"publish","type":"brandvoice","link":"https:\/\/dev.forbes.ge\/en\/brandvoice\/role-of-artificial-intelligence-in-digital-payment-ecosystem\/","title":{"rendered":"Role of Artificial Intelligence in Digital Payment Ecosystem"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"140797\" class=\"elementor elementor-140797 elementor-140788\" data-elementor-post-type=\"brandvoice\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-79683487 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79683487\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5be36e51\" data-id=\"5be36e51\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-915e79b elementor-widget elementor-widget-audio\" data-id=\"915e79b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"audio.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-soundcloud-wrapper\">\n\t\t\t\t<iframe width=\"1200\" height=\"200\" frameborder=\"no\" src=\"https:\/\/w.soundcloud.com\/player\/?visual=false&#038;url=https%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F1481040184&#038;show_artwork=true&#038;maxheight=1000&#038;maxwidth=1200&#038;auto_play=false&#038;buying=false&#038;liking=false&#038;download=false&#038;sharing=false&#038;show_comments=false&#038;show_playcount=false&#038;show_user=false&#038;color\"><\/iframe>\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23cfb0ae elementor-widget elementor-widget-text-editor\" data-id=\"23cfb0ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #000000;\"><em>Business and consumers are already benefiting from data-driven platforms that enhance payment system capabilities.<\/em><\/span><\/p><p><span style=\"color: #000000;\">Convenience has long been a driving force for innovation. Checks and card receipts streamlined back-office operations and helped merchants understand the spending habits of their customers. \u2018How to buy\u2019 went hand in hand with \u2018what to buy\u2019 as payment systems integrated new technologies to keep pace with consumer demand and business needs. While consumers benefit from these retail payment innovations, the outlook for businesses is also improving.<\/span><\/p><h5><span style=\"color: #000000;\"><strong>Role and Benefits of Artificial Intelligence (AI) in digital payments <\/strong><\/span><\/h5><p><span style=\"color: #000000;\">The four key areas driving today\u2019s digital payment systems are: <strong>security<\/strong>, <strong>speed<\/strong>, <strong>personalization<\/strong>, and <strong>behavior<\/strong>. In today\u2019s competitive consumer environment, what links these crucial elements is, increasingly, Artificial Intelligence (AI).<\/span><\/p><p><span style=\"color: #000000;\">Digital payment products and platforms that utilize AI have exploded in growth over a few short years. Along with ML (machine learning), AI is a critical feature of any data-driven system, which can be used by banks and other financial institutions for seamless and secure payment experiences. Globally, 70% of all financial services firms are using machine learning to predict cash flow, detect fraud and analyze credit scores.<a style=\"color: #000000;\" href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a><\/span><\/p><p><span style=\"color: #000000;\">One of the core benefits of AI is its predictive ability. By assessing, analyzing, and modeling huge volumes of behavioral data, for example, AI-powered platforms can deliver highly specific insights about spending patterns and trends. In turn, this data can help banks and financial institutions to better tailor their products and services, simultaneously generating greater profits, reducing operating costs, and improving B2C relationships. As for customers AI solves most of problems, they face on delays with transaction processing and authorization, combined with the subsequent lag-time in updating account balances.<\/span><\/p><h5><span style=\"color: #000000;\"><strong>More about VisaNet + AI connection<\/strong><\/span><\/h5><p><span style=\"color: #000000;\">The VisaNet +AI suite of services, including Smarter Posting and Smarter Stand-In Processing (STP) \u2013 is transforming the way payments are made every day, reducing the consumer impact of service disruptions and bridging the time-gap between payment authorization and transaction clearing. Moreover, AI became a foundational tool in the area of security and fraud protection. Within the last five years, Visa invested over $10 billion in technology, including to reduce fraud. In 2022, Visa helped prevent an estimated $27 billion fraud worldwide. Next to VisaNet, AI ensures businesses and customers avoid financial loss. It also identifies, investigates, and prevents attacks on the payment ecosystem.<\/span><\/p><p><span style=\"color: #000000;\">\u201eWe at Visa are extremely proud and thrilled to have a historically low level of fraud worldwide. The reason for such an amazing result lies in the effective utilization of AI and machine learning. Visa provides its cardholders with a risk-scoring solution, which makes it possible for our clients across the globe to make thoughtful decisions based on our estimations, calculated with the help of machine learning and behavioral data,\u201d says Larysa Makarova, Head of Risks, in Ukraine, Georgia, and CISSEE at Visa.\u00a0<\/span><\/p><p><span style=\"color: #000000;\">She refers to Georgia as well and states that Visa in Georgia supports the further development of AI and highlights that Georgia is a specific market in a very positive sense. Georgia is also the number one country globally according to VisaNet data as of February 2023 in terms of contactless payments penetration. At the same time, there is the least amount of fraud across the CEMEA region, which is a spectacular achievement for the country.<\/span><\/p><p><span style=\"color: #000000;\">As Visa Head of Risks, responsible for 17 markets, believes it is due to tokenization which actively develops in the country both in card-present and card-not-present environments. \u201cAt Visa, we observe that our cardholders in Georgia are becoming more sophisticated in using various payment methods,\u201d Larysa Makarova said.<\/span><\/p><p>\u00a0<\/p><p>\u00a0<\/p><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/thepaymentsassociation.org\/wp-content\/uploads\/sites\/7\/2021\/11\/Using-AI-Intelligently-Smart-ways-to-use-Artificial-Intelligence-in-Payments.pdf\">The Payments Association, Using AI Intelligently: Smart ways to use Artificial Intelligence in Payments 2021<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Business and consumers are already benefiting from data-driven platforms that enhance payment system capabilities. Convenience has long been a driving force for innovation. Checks and card receipts streamlined back-office operations and helped merchants understand the spending habits of their customers. \u2018How to buy\u2019 went hand in hand with \u2018what to buy\u2019 as payment systems integrated [&hellip;]<\/p>\n","protected":false},"author":675,"featured_media":140798,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"footnotes":""},"brands":[1821],"class_list":["post-140797","brandvoice","type-brandvoice","status-publish","format-standard","has-post-thumbnail","hentry","brands-visa-en","has-thumb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Role of Artificial Intelligence in Digital Payment Ecosystem &#8226; Forbes Georgia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.forbes.ge\/en\/brandvoice\/role-of-artificial-intelligence-in-digital-payment-ecosystem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Role of Artificial Intelligence in Digital Payment Ecosystem &#8226; Forbes Georgia\" \/>\n<meta property=\"og:description\" content=\"Business and consumers are already benefiting from data-driven platforms that enhance payment system capabilities. 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