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For example, there was the widely reported story last year In November, Mastercard unveiled Shopping Muse, an
about an attorney who used the ChatGPT to research court advanced generative AI tool that recreates the in-store
decisions in support of a client's position in a lawsuit. Upon human experience for consumers shopping a store's
reviewing the filing, the judge discovered that many of the digital catalog. "At Mastercard, we're putting technology
cases cited never existed, and the attorney found himself and machine learning to work to deliver better outcomes
in hot water. for both brand and consumer," said Raj Seshadri, president
of data services at Mastercard.
AI in payments

AI has long played a role in payments. One of the first Visa is on a similar path, stating that it is working on
applications I recall from early in my career, was the use several fronts "collaborating to enhance and improve
of neural networks to read transaction amounts on checks commerce with generative AI across the consumer
and biller remittance slips for faster processing. shopping journey."

And machine-learning tools continue to play pivotal roles Beyond the payment brands and networks, ISOs and agents
in combating fraud. Visa revealed in a September blog may want to look to AI to augment credit decisioning.
post that it has spent in excess of $3 billion on AI and data This becomes ever more important in an age of instant
infrastructure to support safe money movement and fraud customer onboarding, Allen Kopelman of Nationwide
prevention. Payment Systems noted in "Let's eliminate friction from
merchant services," published by The Green Sheet June 12,
AI in fraud prevention will become increasingly important 2023, issue 23:06:01.
as more businesses and consumers take advantage of real-
time payment networks. Speedy and accurate decisions are Patti Murphy, self-described payments maven of the fourth estate, is
critical to the success of these networks. Mastercard gave senior editor at the Green Sheet. She also co-hosts the Merchant Sales
a nod to this in July 2023 when it said it was leveraging AI Podcast, and is president of ProScribes Ink (www.proscribes.net)
technologies to help UK banks stop scammers in real time.

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