Visa, a global payment giant, has announced a new $100 million generative AI initiative to invest in companies focused on developing AI technologies and applications related to commerce and payments. Generative AI is a type of AI technology that can produce various types of content, including text, imagery, audio and synthetic data. Visa has been actively investing in AI, and has also been bullish on using cryptocurrency technology in payments. In April 2021, Visa shared plans for a new crypto product that is designed to drive mainstream adoption of public blockchain networks and stablecoin payments. Visa’s chief product and strategy officer Jack Forestell believes that generative AI has a promising future in the financial world. Visa’s real-time payment fraud monitoring solution, Visa Advanced Authorization, reportedly helped prevent an estimated $27 billion in fraud in 2022. Visa has also introduced VisaNet +AI, a suite of AI-based services focused on fixing delays and confusion with managing account balances and other issues of daily settlement for financial institutions.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	Jack Forestell, Visa, Google., OpenAI, Mastercard
Companies	Google, Visa, OpenAI, Visa Ventures, VisaNet +AI
Currencies	Ethereum, APENFT, Bitcoin, mastercard, Envision
Securities	None