Visa (NYSE: V), a digital payments provider, announced the launch of its AI Advisory Practice.
The new value-added service, “offered by Visa Consulting & Analytics (VCA), the payments consulting arm of Visa, focuses on providing actionable insights and recommendations to empower clients to unlock the potential of AI and utilize generative AI.”
Over the last three decades, Visa says it “has led the way in using AI to enhance its services and provide secure, seamless transactions for customers.”
In the last 10 years alone, the company has “invested more than $3 billion1 in AI and data infrastructure to enable safer, smarter money movement and proactively prevent fraud, while VCA has been using AI to help clients succeed, carrying out hundreds of AI-related paid engagements over the past year.”
This extensive work in AI and data, “using over 150 unique models, has set the stage for the launch of dedicated AI advisory services, a strategic addition to Visa’s suite of value-added services.”
Carl Rutstein, global head of advisory services, Visa, said:
“AI is not just reshaping industries worldwide – it’s revolutionizing them, and the payments sector is at the forefront of this transformation. Visa doesn’t just use AI to help improve payment experiences – our Advisory business is also harnessing it to empower our clients to grow and redefine how they serve their own customers through acquisition, engagement, retention, and risk management.”
Visa’s new dedicated AI Advisory Practice leverages VCA’s global network of over 1,000 consultants, data scientists and product experts “in 75 offices on six continents to help clients understand the AI landscape, including the potential role of generative AI. VCA offers a range of services that guide clients through their AI journey, from initial discovery and planning to implementation, grounded in foundational strategy, capability assessment, and model design.”
This collaborative approach will “help clients define their own responsible AI strategy and use AI more effectively to meet their business goals, such as market expansion, product design, customer acquisition, engagement improvement, and authorization and fraud optimization.”
As noted in the update, Visa says it is “a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.”
Their mission is to connect the world “through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive.”
They believe that economies that “include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.”