By Peter Renton
Since Visa announced late Monday their new $100 million fund focused on generative AI startups much has been written.
This piece in American Banker caught my attention because it moves beyond the hype (Look! Generative AI!) and provides much needed context.
There are few, if any, companies with a larger data set than Visa, particularly when it comes to payments. “Visa has access to the kinds of data that can provide the fuel for differentiated large language models that can be applied to payment-specific problems.”
Visa also has a well established accelerator program and its Visa Everywhere program is now a global with hundreds of startups involved. It also has its Fintech Partner Connect where is connects fintechs to banks and other established firms.
This is where it gets really interesting. Most of the cutting edge innovation in new technologies happens at the startup level and Visa can help accelerate these developments with its vast startup ecosystem.
There is still a lot of hype around Generative AI but at least with this announcement what is going on under the hood has tremendous potential
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