- “Mastercard is launching a program to let financial institutions offer cryptocurrency trading to their clients.
- The payments giant will act as a “bridge” between Paxos, a crypto trading platform already used by PayPal, and banks. Mastercard’s program will handle regulatory compliance and security — two core reasons banks cite for avoiding the asset class.
- “There’s a lot of consumers out there that are really interested in this, and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions,” says Jorn Lambert, Mastercard’s chief digital officer.”
- “‘There are some things money can’t buy. For everything else there’s Mastercard’ But what makes Mastercard tick? The short answer: AI.
- Mastercard’s Identity Check uses machine vision to identify customers using biometric data. With the Identity Check feature, a fingerprint or eye blinking is enough to authenticate the payment.”
- “As with just about every industry, AI has increasingly infiltrated the financial sector — from visual AI tools that monitor customers and workers to automating the Paycheck Protection Program (PPP) application process.
- From Mastercard’s perspective, it leans on a philosophy it calls connected intelligence, or collaborative AI, which is about connecting the dots between systems by ‘sharing intelligence or outcomes, and not the underlying data,’ Gerber noted.”
- “It can help banks reduce tens of millions of dollars in losses, which will get the attention of every financial services company on the planet.
- But AI, he said, can provide a lot more than that in terms of protecting FIs from risk. It can also make it possible to preserve a delightful consumer experience while layering in more efficient protections.
- There is no magic secret to setting up AI, just a simple process. FIs need to develop the roadmap for the issue they are looking to take on, test, find a partner to help them if necessary, deploy, and then start again with the next objective.”
Vice President, Global Head of Product for Artificial Intelligence (AI) Express
LinkedIn – http://linkedin.com/in/amyndhala
- “When Amazon switched from traditional machine learning techniques to deep learning in 2015, it saw a 15-fold increase in the accuracy of its forecasts,
- Mastercard has used AI to…reduce fraudulent transactions by about 40%”