Mastercard is partnering Network International, the leading enabler of digital commerce across the Middle East and Africa, to address fraud, declines and chargebacks in order to reduce costs and threat for acquirers.
Through the collaboration, Network will launch Mastercard’s Brighterion Artificial Intelligence (AI) technology across the region, providing transaction fraud screening and merchant monitoring to acquirers and businesses.
According to the Nilson Report, payment card fraud losses are projected to hit $49 billion by 2030. likewise, 68 per cent of card fraud losses in 2020 were related to deals where cards weren’t physically present. McKinsey estimates that AI technologies can potentially deliver up $1 trillion of fresh value each year.
With its sophisticated Artificial Intelligence, Brighterion learns the warning signs of fraud and cautions acquirers and merchants in real-time to help the completion of fraudulent deals and expensive chargebacks.
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In 2019, Mastercard made a strategic $300 million investment as a foundation investor in Network, followed by an fresh commitment towards developing innovative payment solutions. As part of this collaboration, Mastercard supports Network via Brighterion’s AI technology, which combats the threat of fraud, reducing the functional overhead on acquirers and merchants while improving the experience for clients.
Division President, Middle East and North Africa, Mastercard, Khalid Elgibali, said “At Mastercard, we provide goods and services beyond card payments, using the ultimate cutting-edge technology to stay ahead of fraudsters as we secure the full payments ecosystem. Brighterion Artificial Intelligence capabilities are helping to reduce fraud and merchant threat, leading to safer transactions and a better consumer experience.
Group Chief Executive Officer, Network International, Nandan Mer, said “We’re pleased to strengthen our collaboration with Mastercard and anticipate to launch this revolutionary new AI technology across the region early this year. Adding Brighterion to Network’s range of solutions allows us to enhance our capableness to provide fiscal institutions, merchants and their clients with safe, secure and perfect processing.
