Introduction
In the evolving landscape of finance, Visa and Mastercard are embracing the potential of artificial intelligence (AI) to enhance operations and offer new solutions to businesses. Through innovative programs, they aim to streamline processes and create additional revenue streams.
-
Key insights: Visa and Mastercard have introduced agentic AI programs targeting business users.
-
What’s at stake: Card networks are seeking to diversify revenue streams beyond traditional card transactions while businesses strive for operational efficiency.
-
Forward look: Both Visa and Mastercard are working to attract new users for their agentic AI solutions.
With banks investing in agentic artificial intelligence to automate complex tasks, Visa and Mastercard see a valuable opportunity to market innovative AI tools to card issuers and other businesses.
“We’ve seen numerous targeted solutions in call centers, but they often create complexity and operate independently across banks,” said Vidya Balakrishnan, general manager and vice president of financial services at ServiceNow, in an interview with American Banker. “This fragmented approach complicates efficiency.”
ServiceNow has partnered with Visa to create an AI-based payment dispute resolution system, claiming that AI agents can help human representatives manage and resolve disputes more effectively. “AI can streamline the entire intake and resolution process,” Balakrishnan stated. As Visa intensifies its investment in new AI technologies, Mastercard is making strides of its own. Recently, Mastercard introduced its “Virtual C-Suite,” a collection of AI tools tailored for small and medium-sized enterprises.
Over the last two years, both Visa and Mastercard have heavily invested in agentic AI, which is essential for their goals of creating alternative revenue models beyond traditional card transactions.
Visa plans to utilize ServiceNow’s AI platform throughout the payment dispute lifecycle, automating triage, prioritization, and documentation processes.
AI agents are designed to identify low-value disputes and prioritize cases by analyzing merchant data and historical patterns, aiming to pinpoint compliance risks earlier in investigations. “We’re examining ways to identify disputes that may not require a chargeback,” Balakrishnan explained. “How can we ensure banks receive the necessary intelligence upfront?”
ServiceNow leverages its internal large language model, incorporating historical data such as the number of disputes a consumer has reported over a certain timeframe, along with other aspects related to the customer’s history with the bank.
The Visa/ServiceNow collaboration will not use AI agents to settle disputes directly, but rather to analyze real-time and historical data, assisting human agents. Each participating bank will customize instructions or queries for the AI agents to address.
Conclusion
With the rise of agentic AI, Visa and Mastercard are not just competing to enhance their offerings; they are also redefining how businesses manage operations and handle disputes. As they forge ahead, their tools could significantly empower businesses, allowing them to focus more on their core missions and less on administrative burdens.
