Visa has signed a definitive agreement to acquire Verifi, a company reducing the number of chargebacks.
Verifi will combine its dispute resolution tools with Visa’s suite of risk and fraud management solutions to give buyers and sellers intelligent, data-driven tools. By adding Verifi’s capabilities, Visa will extend its chargeback and dispute resolution capabilities to support a broad range of payments brands and partners in the ecosystem.
Founded in 2005, Verifi offers end-to-end payment protection solutions to minimise fraud risk and eliminate chargebacks. The company saves time during the chargeback process by connecting all parties in the dispute management process in near real-time.
The enhanced chargeback tools will integrate with Visa’s risk management services, including those offered by third-parties including CardinalCommerce and CyberSource. Through this, buyers, sellers, issuers, and acquirers will access increased automation, near real-time communication and data-driven insights through all stages of the customer journey.
Visa global head of seller solutions Mary Kay Bowman said, “As the way people pay and get paid continues to evolve, the way buyers and sellers communicate to resolve transaction disputes must also keep up with this rapid pace of commerce. The addition of Verifi’s technology to Visa’s risk management solutions will introduce greater collaboration and insights to help resolve disputes quickly.
“Facilitating trust and transparency across the buying experience is core to Visa’s brand promise and Verifi’s technology and expertise will extend these capabilities to more partners across the payments ecosystem.”
Visa recently revealed its AI-powered advanced authorisation technology has helped institutions to prevent around $25bn in annual fraud.
Copyright © 2018 RegTech Analyst
