Visa (NYSE: V) announced on Friday it has signed a definitive agreement to acquire Verifi, a technology solutions company that reduce chargebacks. Visa reported it will integrate Verifi’s enhanced chargeback tools with Visa’s risk management services, including those delivered by CardinalCommerce and CyberSource.
Speaking about the acquisition, Mary Kay Bowman, Global Head of Seller Solutions of Visa, stated:
“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.”
Matthew Katz, CEO of Verifi, also commented:
“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. We are thrilled to be joining forces with Visa to scale and expand this offering and further modernize the dispute management process.”
Visa went on to add that the closing of the transaction is subject to required regulatory approvals and other customary closing conditions.