Author: Geoffrey Brown
Visa is a payment processing powerhouse responsible for facilitating billions of transactions worth trillions of dollars every year.
Visa cards are used in over 200 countries by millions of customers, merchants, and businesses. Today, we will be enlightening you on some Visa updates and how they can affect you or your business.
VisaNet +AI
Natural disasters, faulty software, outages, and many other network disruptions usually stop millions of transactions from being processed. Merchants and banks have lost a huge amount of money because of these failed transactions. To solve this problem, Visa introduced VisaNet +AI.
Visa Inc. developed this artificial intelligence system to automatically approve and decline transactions when their financial institute network is down.
Below are some features of the VisaNet +AI :
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Smarter Stand-In Processing (STIP)
STIP or Smarter Stand-In Processing is created to improve the Visa payment experience by automatically authorizing transactions on behalf of the bank or issuer when their network is down.
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Smarter Posting
The Smarter Posting feature helps to reduce confusion from posting delays and provides customers with a faster payment experience.
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Smarter Settlement Forecast (SSF)
Smarter Settlement Forecast (SSF) helps optimize treasury operations by providing daily forecasts of settlements in advance. This feature is currently in the pilot phase.
Buy Now Pay Later From Visa
Visa Inc. has always supported the “Buy Now Pay Later (BNPL)” payment option. To affirm this, Visa is working on its Installments solution to give Visa cardholders access to BNPL plans from cooperating issuers.
The introduction of the Buy Now Pay Later (BNPL) system from Visa will allow buyers to spread payments, making it easier to afford what they need.
Businesses will also benefit from BNPL because it will lead to more sales while increasing customer-merchant relationships.
Visa Installment Solutions is not available on all Visa cards yet. Only a few issuing institutions like Commerce Bank are involved in the new Visa Installment Solution.
Visa Token Services
Visa added tokenization to automate authorization and reduce fraud.
VTS (Visa Token Services) is created to enhance payment security by preventing customers from revealing sensitive data like card numbers when they want to pay for products or services online.
Visa NFT Creator Program
Visa introduced the Visa Creator Program to empower artists, musicians, filmmakers, and designers with product strategy mentorship.
This program is for creators looking to accelerate their business with the power of NFTs (Non-Fungible Tokens).
Amazon Will Keep Accepting UK-Issued Visa Credit Cards
Amazon wanted to stop UK customers from using Visa credit cards on its platform. Experts say the move by Amazon was due to Visa’s fees which Amazon considers to be too high.
Recently, this issue was temporarily resolved, allowing UK customers to use UK-issued Visa cards on Amazon for the time being.
Visa In Russia
Visa Inc. has decided to cease all operations in Russian because it invaded Ukraine. This means customers and businesses in Russia will not be able to use Visa’s services for now.
Conclusion
Visa Inc. is among the biggest financial companies trusted by millions of people and institutions worldwide. The company is constantly updating its platform and services to satisfy its customer base. So be on the lookout for new updates from Visa.