Visa launched its AI Advisory Practice, which aims to provide actionable insights and recommendations to help clients use generative artificial intelligence (AI).
Offered by Visa Consulting & Analytics (VCA), the company’s payments consulting arm, the new value-added service leverages VCA’s global network of more than 1,000 consultants, data scientists and product experts on six continents, Visa said in a Wednesday (Nov. 8) press release.
“AI is not just reshaping industries worldwide — it’s revolutionizing them, and the payments sector is at the forefront of this transformation,” Carl Rutstein, global head of advisory services at Visa, said in the release. “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.”
The new AI Advisory Practice builds upon Visa’s 30 years of experience using AI to enhance its services and provide customers with transactions that are secure and seamless, according to the release.
The company has invested more than $3 billion in AI and data infrastructure in the last 10 years and has carried out hundreds of AI-related paid engagements for clients over the past year, the release said. This work in AI and data has included the use of more than 150 unique models.
Now, with the new AI Advisory Practice, VCA will guide clients through initial discovery, planning and implementation of AI, helping them define their own responsible AI strategy and use AI to meet their business goals, per the release.
The launch of the AI Advisory Practice comes about a month after Visa launched a $100 million generative AI ventures initiative. Led by Visa Ventures, this initiative aims to invest in companies focused on developing generative AI technologies and applications that will shape the future of commerce and payments.
“With generative AI’s potential to be one of the most transformative technologies of our time, we are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups building across generative AI, commerce and payments,” David Rolf, head of Visa Ventures, said in a statement.
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