Mastercard announced it has entered into an agreement to acquire Brighterion, Inc., a leading software company specializing in artificial intelligence. This acquisition will further expand its suite of capabilities that deliver an enhanced customer experience and security.
„Artificial intelligence plays a critical role in enabling consumer convenience, while delivering enhanced security. This advanced technology delivers greater insights from every transaction to assist in making even more accurate fraud decisions.”, according to the press release.
“To fully realize the promise of our increasingly digital lives, we need to design our payment systems with the future in mind and that’s what we’re doing,” said Ajay Bhalla, president of enterprise risk and security for Mastercard. “Our unprecedented use of artificial intelligence on our network is already proving successful. With the acquisition of Brighterion, we will further extend our capabilities to support the consumer experience.”
Brighterion’s unique Smart Agent technology will be added to Mastercard’s advanced suite of security products already using artificial intelligence. The resulting insights and capabilities from the combined team „will deliver even greater accuracy and a new element in managing risk and protecting the consumer”, the company says.
“It all comes down to intelligent decisioning at the time of the transaction,” said Dr. Akli Adjaoute, founder and CEO of Brighterion. “We’ve worked with Mastercard over the years to identify patterns and trends to power their most advanced customers’ authorization and decisioning activities. We look forward to building on that foundation and providing an industry-leading, holistic and seamless security experience.”
The closing of the transaction is subject customary closing conditions, including the expiration or early termination of the applicable waiting periods under the Hart-Scott-Rodino Act. Terms of the agreement were not disclosed.
Brighterion offers „the world’s deepest and broadest portfolio of artificial intelligence and machine learning technologies, providing real-time intelligence from all data sources regardless of type, complexity and volume”. Brighterion technologies are successfully applied in cyber and homeland security, anti-money laundering (AML), real-time cross-channel fraud prevention, onboarding and risk monitoring, behavioral device ID, data breach detection, marketing, trading, healthcare and biotech.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
