Visa's AI-based fraud detection solution, the Visa Protect for Account to Account Payments, has not only been successfully tested in the UK but is also set to be available in Poland, promising a more secure financial landscape.

See also: Nest has a new virtual card for teenagers

The service was piloted in the UK in partnership with Pay.UK, a consumer-to-consumer instant payments operator. It analyzed billions of bank retail transactions from the past 12 months. The payments organization announced that its model correctly identified 54 percent of fraudulent transactions not caught by traditional fraud detection systems deployed by banks.

Visa's innovative solution is not just about security, it's about financial benefits too. The institution estimates that it can help save UK market participants up to £330 million a year, a significant boost to the economy.

See also: PKO BP, mBank and Pekao. These are the institutions with the most mobile banking app users in Poland

The Visa Protect for Account to Account Payments tool will be able to counter fraudulent instant payments, for example, stopping a fraudulent transaction before the money leaves the would-be victim's account. The new service is part of Visa Protect, a broad suite of value-added services that includes almost 250 products.