Visa has officially announced that it will launch an updated duplicate processing system using AI tools from October 2020. The system will be able to independently approve or reject credit and debit account transactions in the event of a bank network failure.
The system will be called Smarter Stand-In Processing (Smarter STIP). It is based on deep learning algorithms. It was created by Visa specialists. At the moment the company has received three patents for the developed technologies.
Due to bank failures, several million credit and debit card transactions are unjustifiably rejected annually. Rajat Taneja, executive vice president of technology at the company, spoke about this.
While the cardholder solves problems with payment, the bank and merchants lose revenue because of the failed transaction.
In the future, such situations can be avoided with the help of the new system.