Visa payment network finally lands in Chile

The company launched its own transaction processing network several years ago, allowing it to expand its digital payment solutions

Visa implemented its own payment platform that allows the processing of its domestic transactionsand seeks to move towards solutions of this style, in an increasingly digitized financial world.

Under the name of VisaNet, the solution arrived in Argentina in 2019 and sets its sights on more countries in the region for this year. In fact, the company is already about to implement this project in another country in the region.

Is about Chilewhere the leading global card issuer found a opportunity to carry out the model in the means of payment industry, which will consist of four parts.

The digital finance platform VisaNet arrives in Chile

VisaNet arrives in Chile

According to a trend report prepared by Minsait paymentsVisa began the implementation of the VisaNet domestic payment network in the trans-Andean country, to enable operations carried out with cards issued in stores from the country.

Francisco Valdivia, Country Manager of Visa ChileHe mentioned that “with local network processing, as a result of the implementation of the four-part model, we redouble our commitment to Chile.”

Previously, the means of payment system worked with the previous model of the network, where there was only one purchaser. At, VisaNet only processed Visa card operations issued in the country with transactions abroad, as was the case in other countries.

In this regard, according to the brand executive, the processing of domestic operations was previously carried out by outsourced services such as Nexus OR red benchin dialogue with DF.

VisaNet is a domestic payment network

VisaNet is a domestic payment network that processes transactions with cards issued at merchants.

The role of VisaNet

Instead, Valdivia explained, the implementation of the new model will allow the entry of new players into the industry.

For Valdivia, “Chile’s evolution towards a multi-acquisition environment and the launch of the local network processor through VisaNet is a milestone for Visa and the country’s electronic payment ecosystem.”

The fact that VisaNet processes the transactions “brings its technology and security to connect the different players in the payment method ecosystem,” he added.

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VisaNet arrives in a new country in the region: what is the strategy of the financial giant?

Artificial intelligence at the service of finance

On the other hand, a year ago Visa announced the launch of VisaNet +AI, an offer of services powered by artificial intelligence to solve challenges and pain points for banks, businesses and consumers such as delays or confusion in managing account balances and the unpredictability of daily settlement for financial institutions, among others.

visa building

VisaNet +AI is a service offering powered by artificial intelligence

VisaNet + AI have several innovative concepts and new value-added services What Visa Smarter Posting and Visa Smarter Settlement Forecast, in addition to Visa Smarter Stand-In Processing (Smarter STIP), launched a few months ago.

Are innovations take advantage Visa’s high-performance artificial intelligence platform to help make digital payments be more predictable, transparent and faster.

“Our customers, partners and cardholders turn to us for data-driven, actionable insights to better manage their business and financial lives, especially during these unprecedented times.” jack forestell, Executive Vice President and General Manager of Visa Products.

anticipate He highlighted that “we announced a set of services that use artificial intelligence to make it easier for consumers to manage their accounts and for financial institutions to manage their businesses.”

“With our investment in artificial intelligence infrastructure, we reveal novel solutions in real time for complex problems. This is only the beginning of what we can do with the predictive power of artificial intelligence,” added the executive.

Smarter Posting improves transparency

Digital-native consumers expect real-time visibility into their finances as they increasingly bank on mobile and online platforms. However, the checkout experience for consumers it may be inconsistent: some purchases take longer to appear on your balances than others.

This delay can create confusion or uneasiness among cardholders and, as a result, there is an increase in the volume of calls to the contact centers or the possibility of overdrafts. This delay occurs because the real-time authorized amount in the till may differ from the amount finally cleared from a consumer’s account.

Digital natives rarely visit physical banks anymore

Digital natives rarely visit physical banks anymore

For example, the final amount may change when a customer adds a tip at a restaurant or when a cross-border payment involves more than one currency.

To avoid consumer confusion of seeing multiple charges for a single transaction, banks often delay posting the payment or updating the account balance until they are certain of the final amount.

To help issuers create a better banking experience for cardholders, Visa developed Smarter Posting, a service that uses artificial intelligence to provide a personalized score for each transaction as part of the authorization process.

Smarter Posting model analyzes transaction details and historical data to predict the probability that the transaction amount will not change until clearing.

The model achieved in tests a 98% accuracy in the prediction whether the transaction amount would likely remain stable, giving financial institutions more intelligence to provide a more consistent end-to-end payment experience, for example by interim updating the account balance a cardholder sees.

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