MasterCard has agreed to acquire Brighterion, a San Francisco-based software company specialising in artificial intelligence (AI), as part of its strategy to boost its fraud detection capabilities.

MasterCard believes that the acquisition will expand its suite of capabilities that deliver an enhanced customer experience and security.

AI technology provides improved insights from every transaction to assist in making even more accurate fraud decisions.

Upon completion of the transaction, Brighterion’s Smart Agent technology will be integrated with MasterCard’s advanced suite of security products and the ensuing insights and capabilities will provide even greater accuracy and a new element in managing risk and protecting the consumer.

MasterCard president of enterprise risk and security Ajay Bhalla said: “To fully realise the promise of our increasingly digital lives, we need to design our payment systems with the future in mind and that’s what we’re doing.

“Our unprecedented use of artificial intelligence on our network is already proving successful. With the acquisition of Brighterion, we will further extend our capabilities to support the consumer experience.”

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Brighterion founder and CEO Akli Adjaoute said: “It all comes down to intelligent decisioning at the time of the transaction. We’ve worked with MasterCard over the years to identify patterns and trends to power their most advanced customers’ authorisation and decisioning activities.

“We look forward to building on that foundation and providing an industry-leading, holistic and seamless security experience.”

The transaction is subject to customary closing conditions.