This action will allow KeyBank to make more informed authorisation decisions, increase the accuracy of real-time approvals of genuine transactions, and upgrade the overall cardholder experience.
Artificial intelligence is being implemented for the first time in KeyBank’s fraud detection services. Mastercard is looking to develop a long-term understanding of KeyBank and its customers. By doing so, it will cooperate regarding new product development initiatives in order to offer technology and services to build its business, capitalise on new opportunities, and transform into a client-centric, digital bank, according to the press release.
KeyBank and Mastercard renewed their exclusive relationship in 2017 to deliver payment services to the bank’s consumer, small business, and commercial customers. This relationship started 20 years ago with KeyBank offering a range of Mastercard-branded debit card options. In the recent past, the two companies converted approximately one million First Niagara customers to KeyBank clients.
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