Visa has announced the launch of a new global AI advisory practice.

Created by the global payments provider’s payments consulting arm Visa Consulting & Analytics (VCA), the company said that the new practice would help firms take advantage of generative AI (GenAI).

Visa says it has invested more than $3 billion in AI and data infrastructure over the past decade with the aim of making money movement “smarter and safer” and to prevent fraud, while VCA has been using AI to help companies using its services carry out hundreds of AI-related paid engagements over the past year.

The new practice will draw on the experience of VCA's global network of over 1,000 consultants, data scientists and product experts to help firms understand the AI landscape, including the potential role of GenAI, Visa said.

"AI is not just reshaping industries worldwide – it's revolutionising them, and the payments sector is at the forefront of this transformation," said Carl Rutstein, global head of advisory services at Visa. "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.”

Global issuer-processor Paymentology recently became the first card issuer-processor in Europe to receive Visa Cloud Connect (VCC) certification.

VCC helps firms connect to VisaNet, a global network that processes multiple forms of digital payment, via their cloud-based infrastructures.

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