With the launch of VisaNet AI, we are seeing Visa in this particular case take matters into their own hands and develop products and services that are targeted at improving the services provided by their own clients, who are not able to keep up with the pace of technological advancement. For a long time we have known that data is the new oil, and that companies who wish to stay competitive in today's landscape, need to take aggressive steps into ensuring that their strategy, infrastructure and processes are data-driven. However, within the Payments industry we know that a lot of companies are still struggling to do so. VisaNet AI, which is a set of network services that helps deliver smarter authorization, clearing, and settlement for banks, merchants and consumers, is a great example of how companies should work on improving their core services. For years, we have worked with issuers, acquirers and merchants to drive through that the performance of their authorization is at the core of what payments should be.

Refused transactions are frustrating enough for cardholders and merchants, but during a pandemic they could be especially nerve-wracking. Visa Inc. on Wednesday announced a new service for stand-in processing that the payments network says should yield faster and more accurate results when issuers' systems are down. The new Smarter STIP (for Stand-in Processing) technology, which will debut in October, relies on artificial intelligence and so-called deep learning to help reach go or no-go decisions during service interruptions. The new system, which builds on Visa's existing STIP service, has the potential to reduce declines by as much as 50% "in some cases," Visa says. Transaction approvals satisfy cardholders and merchants but also help preserve interchange revenue for issuers.