US-based KeyBank has unveiled plans to use Mastercard Decision Intelligence technology to support its fraud detection efforts.

The move will allow KeyBank to make informed authorisation decisions.

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The bank expects Mastercard’s artificial intelligence (AI)-based security solution will improve the accuracy in providing real-time approvals for genuine transactions. This, in turn, will deliver enhanced overall cardholder experience.

Partnership for digital innovation

Mastercard and KeyBank also plan to jointly work on new product development initiatives. These developments will focus on technology and services to boost the banks’ franchise.

The partners will capitalise on new opportunities to advance KeyBank as a client-centric, digital bank.

KeyBank head of Consumer Payments and Digital, Jason Rudman said: “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.”

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Launched in November 2016, Mastercard Decision Intelligence is intended to help financial institutions in delivering accurate real-time approvals of genuine transactions while mitigating false declines.

The AI technology is designed to assess, score and learning from each transaction. This score will allow card issuers to apply the intelligence to the following transaction.

Previously, KeyBank formed an alliance with Mastercard to provide a range of Mastercard-branded debit cards.

The partners later expanded their collaboration to include processing capabilities for debit and prepaid transactions from Mastercard Payment Transaction Services.

Last year, KeyBank and Mastercard agreed to work together for offering payment services to the banks’ consumer, small business and commercial customers.