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Visa announces Verifi acquisition

Global payments company Visa has said it aims to speed up the traditional chargeback process through its acquisition of Verifi – a technology company offering that capability.

Announcing the deal on Friday (28 June), Visa said the combination of Verifi’s dispute resolution tools with its existing suite of risk and fraud management solutions “will give buyers and sellers intelligent, data-driven tools” to improve the overall experience.

Today’s standard process by which transaction disputes are resolved – known as a chargeback – provides information through multiple offline channels and platforms. Verifi promises to connect all parties in the dispute management process in near real-time to resolve disputes before they become a chargeback.

Mary Kay Bowman, global head of seller solutions at Visa, commented: “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.”

Visa plans to integrate Verifi’s chargeback tools with its risk management services, including those delivered by CardinalCommerce and CyberSource. Buyers, sellers, issuers and acquirers have been promised "greater automation, near real-time communication and data-driven insights through every stage of the customer journey”.

Closing of the transaction is subject to required regulatory approvals, while the full terms and price of the deal has not been disclosed.

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