Verifi announced its acquisition by Visa in a post to its corporate blog.
Verifi is an eCommerce fraud solution that specializes in helping merchants reduce chargebacks. It’s technology facilitates communication between banks and merchants in the chargeback dispute management process. Visa will add these capabilities to its current in-house anti-fraud tool suite.
“The combination of Verifi’s best-in-class 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,” the post said. “With the addition of Verifi, Visa will extend its chargeback and dispute resolution capabilities to support a broad range of payments brands and partners across the ecosystem.”
According to the post, Visa envisions adding Verifi’s capabilities to its “Visa risk management services”. Visa’s global head of seller solutions, Mary Kay Bowman, stated that adding a communications tool to other fraud prevention measures will make chargebacks less painful for all parties involved. This includes merchants, customers, and Visa itself.
“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,” Bowman said. “The addition of Verifi’s technology to Visa’s risk management solutions will introduce greater collaboration and insights to help resolve disputes quickly,”
Verifi “Excited” About Acquisition
Verifi CEO Matthew Katz also weighed in in the post. He stated that after years of working to make payments safer, the company is happy to find a partnership with one of the world’s leading credit card issuers. He also shared plans to scale its technology in the near future.
“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,” he said.
Regulators must still approve the deal before it becomes final.