Mastercard has announced the launch of its new suite of enhanced solutions leveraging AI to support the payments ecosystem. Considering the current demand for banks to maintain consumer trust in the evolving payments landscape, Mastercard aims to help financial institutions maintain the efficiency of card payments.

According to the official press release, the rise in cybersecurity threats, which is expected to increase even more in the upcoming years, as well as the expanding payments ecosystem and regulatory requirements, are collectively contributing to a need for enhanced resiliency. Mastercard’s offering and objective To help banks address the aforementioned issues, Mastercard expanded its Payment Resiliency solutions with three additional optional enhancements to its Stand-In Authorisation service. These include: Dynamic Decisioning, which improves the accuracy of authorisation by using AI to make intelligent decisions on the issuer’s behalf; Account Balance Listing, which provides issuers with the ability to share cardholder spend limits with Mastercard to allow for more precise decisioning in addition to mitigating overdraft and over-credit-limit concerns; Contingency Manager, which supports issuers in developing more flexible sets of customised Stand-In parameters enabled automatically based on predefined conditions.

Mastercard’s resiliency solution aims to reduce the impact on consumers when banks are unable to process a card payment, either due to planned or unexpected outages. Financial institutions face scrutiny from regulators on how they are building resiliency into their payment systems to decrease the impact of outages. According to company officials, Mastercard leveraged AI technology to advance its solutions, aiming to improve consumer experience and protect trust across the payment landscape.

Mastercard’s input in cybersecurity As a global technology company in the payments industry, Mastercard’s objective is to connect and power an inclusive, digital economy that benefits both customers and financial entities. Recently, the company partnered with Cyber Monks, a managed security services distributor, to launch a cyber marketplace. Through this collaboration, Mastercard and Cyber Monks aim to ensure that cybersecurity solutions are customised to address the needs and challenges faced by SMEs.

The marketplace offers analysis and reporting of third-party risk and supply chains, tailored to the requirements of businesses. During the same period, Mastercard and the Cybersecurity and Privacy Institute (CPI) at the University of Waterloo announced a USD 550,000 partnership focused on research and talent advancements in cybersecurity. The funding supports projects that develop fingerprinting, identification and validation solutions, and data protection services. Moreover, the collaboration allows the advancement of research and commercialisation initiatives of the CPI as it prepares its student to become a part of the cybersecurity and privacy industry.

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