Visa, a Foster City, California-based multinational financial services corporation, as per recent reports, has signed a definitive agreement to acquire Verifi, a Los Angeles, California-based provider of end-to-end payment protection and risk management solutions.
With this acquisition, the Foster City-based paytech giant plans to combine the Verifi dispute resolution tools with its proprietary suite of risk and fraud management solutions, including those delivered by CardinalCommerce and CyberSource, providing both buyers and sellers intelligent, data-driven tools that by fostering collaboration and building trust will improve the overall customer experience. Furthermore, the acquisition will help Visa extend its chargeback and dispute resolution capabilities to a broader base, including a range of payments brands and partners across the payments ecosystem.
“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,” states Mary Kay Bowman, Global Head of Seller Solutions, Visa.
“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,” adds Bowman.
The closing of the acquisition deal is subjected to required regulatory approvals and other customary closing conditions.