Expanded chargeback capabilities will deliver greater transparency and insight to help buyers and sellers resolve disputes quickly
Visa has announced it has signed a definitive agreement to acquire Verifi, a leader in technology solutions that reduce chargebacks. 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. 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.
Today’s standard process by which transaction disputes are resolved – called a chargeback – provides information about a transaction through various offline channels and platforms. Verifi’s industry leading technology solutions save valuable time and resources by connecting all parties in the dispute management process in near real-time to resolve disputes before they become a chargeback. 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. Buyers, sellers, issuers and acquirers will benefit from greater automation, near real-time communication and data-driven insights through every stage of the customer journey.
“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,” said 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.”
“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,” said Matthew Katz, CEO, Verifi. “We are thrilled to be joining forces with Visa to scale and expand this offering and further modernize the dispute management process.”
Closing of the transaction is subject to required regulatory approvals and other customary closing conditions.