Visa acquires chargebacks tech firm Verifi
Visa has signed a definitive agreement to acquire Verifi, a provider of solutions to reduce chargebacks.
Through this acquisition, it hopes that the combination of Verifi dispute resolution tools with Visa’s suite of risk and fraud management solutions will give buyers and sellers intelligent, data-driven tools that foster collaboration, build trust, and improve the overall customer experience.
Visa will extend its chargeback and dispute resolution capabilities to a broad range of payments brands and partners across the 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,” says Mary Kay Bowman, global head of seller solutions, Visa.
Bowman adds: “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.”
The standard process by which transaction disputes are resolved provides information about a transaction through various offline channels and platforms. Verifi’s technology saves time and resources by connecting all parties in the dispute management process in near real-time. Verifi serves more than 25,000 accounts around the world.
Visa will integrate Verifi’s enhanced chargeback tools with Visa’s risk management services, including those delivered by CardinalCommerce and CyberSource.
Closing of the transaction is subject to required regulatory approvals and other customary closing conditions.
