BARCELONA — IPSP payment processor Vendo today released its new artificial intelligence-powered risk tool.
The tool has been in the works for more than three years and is now being rolled out to Vendo's partners.
With the implementation of the new Visa rules this past summer, this tool could not have come at a better time, said Thierry Arrondo, Vendo's managing director.
"When we started researching the possibility of developing this AI powered risk tool we could not have foreseen how timely it would be to our partners. AI is the future of billing and we are happy we are on the forefront of this movement,” Arrondo said.
The AI risk management tool uses machine learning to better detect fraudulent transactions, he said. The tool uses massive amounts of data to train the AI to better spot which transactions to block and which to accept.
The use of AI tools is beneficial to the entire industry but Vendo knows it is a hard concept to understand, said Debora Xavier of Vendo's marketing department.
"When I was introduced to the new AI powered risk tool I was impressed by the concept, but I had tons of questions as to how the system works,” Xavier said. “Especially on how it uses the information that is fed into it. It works by programming itself to identify patterns. In other words, it learns.
“We’re used to humans doing all of the programming,” she said. “But the old risk tools scrub too hard because they aren’t that smart so they err on the side of safety. Identifying risky transactions is very complex. That’s exactly why we need machine learning to do it.”
Vendo is planning future events to introduce the industry to this new tool and how it works. For more information, email firstname.lastname@example.org.