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Mastercard Expands Business Services to Include Artificial Intelligence and Economics

Summary

Mastercard has announced an expansion of its business services to include practices related to artificial intelligence and economics. Additionally, the company has enhanced its service for business transformation – Digital Labs. Raj Seshadri, President of Data and Services at Mastercard, […]

Mastercard Expands Business Services to Include Artificial Intelligence and Economics

Mastercard has announced an expansion of its business services to include practices related to artificial intelligence and economics. Additionally, the company has enhanced its service for business transformation – Digital Labs. Raj Seshadri, President of Data and Services at Mastercard, stated that companies today need expertise and solutions related to generative artificial intelligence and complex economic environments more than ever.

Mastercard’s consulting practice for artificial intelligence helps companies in adopting relevant and responsible AI strategies. Experts assist in identifying and integrating AI tools to enhance user experience, operational efficiency, and sustainable revenue.

The consulting practice for economics involves experts from the Mastercard Economics Institute who translate vast amounts of economic data into practical insights. By utilizing advanced statistical models, scenario planning, forecasting, and tools like Spending Pulse, executives are provided with insights to make better-informed decisions.

Recently, Mastercard introduced a new generation of AI-based solutions that assist banks in providing “non-stop” card payments. As the payment ecosystem today is highly complex, Mastercard aims to support banks in ensuring seamless card payment transactions.

Increasing cybercrime issues, the diversity of the payment ecosystem, and growing regulations create a greater need for enhanced payment infrastructure resilience. Consequently, Mastercard has expanded its payment resilience solutions to offer three new optional enhancements to its stand-in authorization service.

Integrating artificial intelligence into financial processes provides finance teams the ability to analyze data quickly and take urgent actions. Veena Gundavelli, Founder and CEO of Emagia, highlights that AI tools can easily process various financial documents such as invoices, payments, bank statements, and lockbox images.

Financial operations and accounting workflows present some of the most promising applications of artificial intelligence. Gundavelli emphasizes that there is a time lag between receiving reports from the financial system and making decisions, with a significant portion of that time spent on analysis. As a result, many financial executives lose speed in decision-making.

According to PYMNTS research, around 40% of executives see an urgent need to adopt generative artificial intelligence, as the market for this technology is expected to grow from $40 billion to $1.3 trillion between 2022 and 2032.

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