In the ever-evolving world of artificial intelligence (AI), major players like PayPal and VISA are harnessing the power of AI to enhance their services and mitigate risks. By implementing AI-driven solutions, these companies are revolutionizing the way they address fraud, manage risk, and protect customer data.
PayPal, a leading online payment platform, is set to launch a new checkout feature within the next few months that heavily relies on AI. This innovative product tracks users’ personal information inputs, such as addresses, and leverages AI algorithms to predict the relevant parts of this information to use with the appropriate merchants. The primary goal is to reduce fraud and minimize errors in customer databases, benefiting both PayPal and its merchant partners.
The real-time payments (RTP) industry has experienced significant growth recently. However, the absence of robust protective measures has posed challenges. To address this, VISA has developed RTP Prevent, an AI-powered risk management solution. Utilizing deep learning, VISA provides real-time risk scores to banks, empowering them to make informed decisions on approving RTPs. By applying AI algorithms, VISA ensures secure and reliable transactions, ultimately protecting their customers and enhancing the overall payment experience.
In the realm of funding, ConverSight, a data analysis startup, recently secured $9 million in a Series A funding round. Unlike many emerging AI companies, ConverSight has been in operation for five years, positioning it as a seasoned player in the market. Leveraging generative AI, the company assists enterprise clients in analyzing data faster and more comprehensively. With a full-stack approach, ConverSight’s self-service platform empowers enterprises with a range of capabilities, including data sourcing, storage, transformation, analysis, and reporting. Integrating generative AI and natural language processing (NLP), ConverSight’s platform enables conversational interactions with data, fostering deeper understanding and exploration.
Additionally, Hugging Face, a leading provider of AI tools, introduces SafeCoder, an enterprise coding assistant. Unlike other similar assistants, SafeCoder prioritizes data privacy and security. It ensures that users’ code remains confidential by avoiding exposure to third parties. Hugging Face achieves this by enabling enterprise customers to fine-tune their own models on their own code bases. With extensive pre-training in over 80 programming languages using 15 billion parameters, SafeCoder offers tailored and optimized coding assistance for enterprises. Moreover, the deployment of SafeCoder is designed for on-premise or virtual private cloud environments, ensuring maximum data protection and control.
FAQs:
Q: How does PayPal utilize AI to combat fraud?
A: PayPal employs AI algorithms to predict the relevant parts of users’ personal information for secure transactions and reduced fraud.
Q: What is RTP Prevent, and how does it use AI?
A: RTP Prevent is an AI-powered risk management solution developed by VISA. It utilizes deep learning to provide real-time risk scores to banks, enabling them to make informed decisions on approving real-time payments (RTPs).
Q: How does ConverSight leverage AI in its data analysis platform?
A: ConverSight uses generative AI and natural language processing (NLP) to automate and enhance data analysis processes, providing enterprise customers with comprehensive insights and reporting capabilities.
Q: How does SafeCoder prioritize data privacy?
A: Hugging Face’s SafeCoder ensures data privacy by empowering enterprise customers to fine-tune their own models on their own code bases, avoiding exposure to third parties.
Sources:
– PayPal:
– VISA:
– ConverSight:
– Hugging Face: