Mastercard announced today that it will begin offering a new AI integration service, which it calls AI Express. While artificial intelligence has become prevalent in day-to-day life, for many businesses, effectively integrating and utilizing AI technology is a difficult and costly task.
Mastercard announced today that it will begin offering a new AI integration service, which it calls AI Express. While artificial intelligence has become prevalent in day-to-day life, for many businesses, effectively integrating and utilizing AI technology is a difficult and costly task. According to a recent survey, 75% of CEOs are looking for ways to integrate Artificial Intelligence into their businesses within the next three years. For those who aren’t quite sure where it will fit, Mastercard’s AI Express promises a solution.While AI development has been dominated by large tech firms including Amazon, Microsoft, and IBM, Mastercard will be one of the first major firms to prioritize widespread integration over development. With the announcement of AI Express, Mastercard positions itself to play a role in the growth of the AI market, which is expected to be worth $5.05 billion by 2020, according to a study by research firm Markets and Markets.“AI Express helps companies swiftly and smartly deploy artificial intelligence solutions,” reads the company’s official press release. Chief Security Solutions Officer Ajay Bhalla clarified further: “Mastercard has gained significant experience in the application of AI at scale in a mission critical environment. For companies looking to take advantage of the technology today, AI Express offers quick results along with the know-how to move forward with a full-fledged artificial intelligence deployment.”Mastercard’s foray in this industry comes as no surprise. It most recently stood in the AI spotlight when, in November of last year, the company announced that it would be utilizing AI for fraud detection on its cards and accounts. These efforts aimed to track card activity to determine spending habits and reduce the likelihood of cards being mistakenly declined.Mastercard will continue with a similar focus in its AI Express service. The company specifically outlined that the service will assist business executives in integrating AI into fraud prevention, cyber security, and risk prediction efforts. According to Mastercard, utilizing these AI services will allow businesses to detect and handle fraud within milliseconds.To read more about the challenges facing the payments industry, view our blog post “Everything That’s Wrong With the Conventional Credit Card Processing Industry” by clicking here.