The acquisition is expected to enhance Refintiv’s risk and compliance capabilities
Refinitiv's headquarters in Times Square, New York City. (Credit: Wikipedia.org/Gdoel.)
Refinitiv, a financial market data provider, has agreed to acquire GIACT, a digital identity, payments verification and fraud prevention services provider, for an undisclosed amount.
The addition of GIACT is expected to enhance Refintiv’s risk and compliance capabilities.
Founded in 2004, in Texas, GIACT has a work force of more than 100 employees and serves over 1,000 blue-chip companies, payment merchants, financial and insurance clients.
Through its solutions, the company allows organisations across the US to achieve fast and secure transactions by checking payments fraud, account takeovers and identity theft.
GIACT’s platform enables customers to identify potential fraud-related risk in real time for hundreds of millions of transactions across the customer lifecycle.
Refinitiv to integrate GIACT’s services into its risk and compliance business
Refinitiv intends to integrate GIACT’s services into its risk and compliance business alongside other products and services such as World-Check, Qual-ID and its recently expanded Enhanced Due Diligence service.
With the addition of GIACT’s fraud prevention capabilities, Refinitiv is expected to enhance and broaden its digital identity verification and document proofing solution, Qual-ID, for its customers.
GIACT co-founder and CEO Melissa Townsley-Solis said: “Refinitiv has a strong global presence and a clear vision of how to respond to the growing demand from customers in the risk and compliance space.
“Through this combination, Refinitiv and GIACT will bring to market a unique platform that can address the complete customer lifecycle, regardless of industry, marking an industry first.
“We’re thrilled that GIACT will be part of that vision and we look forward to the next phase of growth for our business.”
Subject to customary closing conditions, the deal is expected to be closed before the year-end.
In August, the US Department of Justice (DOJ) had given a clearance to the London Stock Exchange Group’s (LSEG) $27bn acquisition of Refinitiv, after closing its antitrust investigation.