Digital payments major Visa has agreed to acquire end-to-end payment protection solutions provider Verifi for an undisclosed sum.
The deal allows Visa to combine Verifi’s advanced dispute resolution tools with its suite of risk and fraud management solutions, helping to improve overall customer experience.
Verifi is a major provider of technology solutions that reduce chargebacks. The acquisition of Verifi will help Visa to expand its chargeback and dispute resolution capabilities to support a range of payments brands and partners across the ecosystem.
The chargeback is a standard process through which transaction disputes are resolved. It offers information about a transaction via various offline channels and platforms.
Visa seller solutions global head 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.”
Verifi will create strategic and adaptive technologies for merchants, payment facilitators, acquirers, and issuers.
Verifi’s technological solutions will help connect all parties in the dispute management process in near real-time to resolve disputes before they become a chargeback. Verifi serves over 25,000 accounts across the world.
Visa will incorporate Verifi’s advanced chargeback tools with its risk management services, including those delivered by CardinalCommerce and CyberSource.
The closing of the deal is subject to required regulatory approvals and other customary closing conditions.
Verifi CEO Matthew Katz said: “Verifi has been a leader and trusted partner for the payments industry for years. We pride ourselves in delivering technology and tools that improve communication and insights through the dispute management process to prevent unwanted chargebacks.
“We are thrilled to be joining forces with Visa to scale and expand this offering and further modernise the dispute management process.”
VisaNet is an advanced global processing network, which holds capacity to handle over 65,000 transaction messages per second.