The platform, built in house and slated to be launched later this year, is an example of the broader financial-services industry trend of using AI to detect patterns in transactions that could signal criminal behavior. The platform is cloud-based, meaning that Visa's researchers and engineers can access it online from anywhere. "One of the transformative technologies of this era is going to be AI," said Rajat Taneja, executive vice president of technology and operations for Visa, the largest U.S. card network by cards in circulation and transactions. "There is a perfect combination right now of computing resources, algorithms, data and people that's allowing this incredible innovation," he added. The banking industry is expected to be the second biggest spender on AI systems this year, behind retail, according to market-research firm International Data Corp.
The decision to approve or deny a transaction typically is made by the bank. But bank networks can crash because of natural disasters, buggy software or other reasons. Visa said its backup system will be available to banks who sign up for the service starting in October. The technology is "an incredible first step in helping us reduce the impact of an outage," said Rajat Taneja, president of technology for Visa. The financial services company is the largest U.S. card network, as measured both by the number of cards in circulation and by transactions.
In his recently released book, Unscaled, venture capitalist Hemant Taneja writes about the next chapter in the Silicon Valley story. The book chronicles Silicon Valley's transition over the last few years from an enterprise software-focused community to one developing platforms for all facets of society. Taneja, who has been a successful entrepreneur and venture capitalist in Boston and the Bay Area, uses several of his portfolio companies, including Stripe and Snapchat, as examples of the ambitious technology platforms that entrepreneurs are building. The prequel to this story is the well-chronicled rise of "social, mobile and cloud" - or social media, mobile phones and tablets, and the migration to cloud computing solutions. Taneja adds two important links to this chain – artificial intelligence and Big Data.
Petabytes, mainframes, tier-four data, the cloud; it's not just technological mumbo-jumbo but the science behind getting your packages delivered on time. For UPS (UPS), technology is the backbone of global business. With a reported annual revenue of $48.9 billion and over 4.7 billion packages delivered annually, for UPS, information technology is more than just emails. It's there that UPS manages all of its technology that reaches across the organization. "Visibility, shipping systems, and of course internal technologies that support our drivers and operations around the world," Juan Perez, Chief Information Officer for UPS tells FOXBusiness.com
"The data we have is sensitive, and it is vast in quantity, so protecting that data is job number one for us," said Rajat Taneja, president of technology at Visa. Nearly six years ago, researchers at Visa began studying so-called post-quantum cryptography, which refers to the new cryptographic methods that could be used to withstand an attack from a quantum computer. Researchers at Visa have published four peer-reviewed papers about cryptographic systems that could be used against a quantum-computing attack, and a fifth is in the works, Mr. Taneja said. Dozens of security experts and software engineers across the firm have contributed to the research. Quantum computers are still in the early stages of development.