Mastercard, KeyBank to incorporate artificial intelligence

Mastercard and KeyBank officials said the bank would begin using the card company’s Mastercard Decision Intelligence, a security solution that uses artificial intelligence (AI) to make more informed authorization decisions.

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“Our renewed relationship with Mastercard, as partners to provide a simple, seamless and secure way to manage money, is another example how we work to help clients make financial progress, one decision at a time,” Jason Rudman, head of KeyBank Consumer Payments and Digital, said.

The effort allows KeyBank to increase the accuracy of real-time approvals of genuine transactions and enhance the overall cardholder experience, officials said, noting this is the first use of AI implemented in KeyBank’s fraud detection services.

“We are excited to continue partnering with KeyBank to deliver client-centric solutions and artificial intelligence capabilities beyond card payments,” Raj Seshadri, president of U.S. issuers, Mastercard, said. “We are tapping our deep capabilities in data analysis to help KeyBank with fraud detection.”

Both entities renewed their exclusive relationship last year, agreeing to deliver payment services to the bank’s consumer, small business, and commercial customers. The 20-year relationship between the companies started with KeyBank offering a range of Mastercard-branded debit card options.

Officials said the most recent Mastercard-KeyBank collaboration involved the successful conversion of one million First Niagara customers to KeyBank clients.