Banks and payments companies are being forced to work out questions of errors and liability as they prepare for agentic commerce.
The generative artificial intelligence that powers agentic commerce — including the AI agents that search for products online and may eventually make purchases on consumers’ behalf — is prone to mistakes, and questions remain about how to resolve that problem.
“Could the agent hallucinate and buy something we didn’t tell it to buy?” said Mike Lozanoff, global head of merchant services for JPMorgan Chase, the biggest U.S. bank.
If that happens, it’s not clear who is responsible for fixing it, he said during an interview Monday on the sidelines of the Money 20/20 conference in Las Vegas. “The rules here are not fully formed yet,” Lozanoff said.
The issue was a frequent topic of discussion at panels and in interviews with payments executives at the conference.
Payments companies are still working out how to handle these issues when they inevitably arise, said Serge Elkiner, general manager for Paze, a peer-to-peer payment platform owned and operated by bank-owned Early Warning Services.