BAKU, Azerbaijan, June 20. Over the past five years, Visa has invested more than $500 million in the development of artificial intelligence and data infrastructure, senior director and regional manager of Visa in Azerbaijan Nurlan Hajiyev told Trend.
"Artificial intelligence nowadays is one of the most promising industries and a global trend. Visa has been working on developing and implementing artificial intelligence for 30 years, being one of the pioneers in this field," the senior director said.
According to him, one of the main areas of application of artificial intelligence is ensuring the security of the payment ecosystem.
"Visa has deployed 100 different tools that use artificial intelligence to enable safer money movement and prevent fraud before it happens, among which I want to highlight the Visa Advanced Authorization solution. Over the past five years, Visa has invested $10 billion to develop systems to combat fraud and monitor such transactions, including $500 million in artificial intelligence technology. This has enabled us to prevent more than $40 billion worth of fraud in 2023, almost double the amount in 2022," the regional manager added.
To note, Visa (NYSE: V) is the global leader in the digital payments industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries and territories. Visa's mission is to unite the world through an innovative, convenient, reliable, and secure payment network to promote consumer well-being and business and economic prosperity.
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