Visa has signed a definitive agreement to acquire Verifi, an end-to-end payment protection solutions provider.
The financial details of the deal have not been disclosed.
Established in 2005, Verifi provides dispute resolution tools to enable the merchants and other partners resolve chargeback issues. Chargeback refers to a process through which transaction disputes are resolved.
Verifi solutions facilitate the settlement by connecting all associated parties in the dispute management process in near real time. It serves more than 25,000 accounts globally.
The acquisition will see the combination of these tools with Visa’s suite of risk and fraud management solutions.
The combination will strengthen Visa’s chargeback and dispute resolution capabilities supporting payments brands and partners across the ecosystem.
It will provide all the stakeholders with near real-time communication, greater automation and insights throughout the customer journey.
Visa global head of seller solutions 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.
“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 Verifi acquisition is subject to regulatory approvals and other customary closing conditions.