Expanded chargeback capabilities will deliver greater transparency and insight to help buyers and sellers resolve disputes quickly
SAN FRANCISCO–(BUSINESS WIRE)–Visa (NYSE: V) today 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.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
Since 2005, Verifi has been a leader in the payments industry, providing innovative, end-to-end payment protection solutions that minimize fraud risk and eliminate chargebacks. Verifi creates strategic, adaptive technologies for merchants, payment facilitators, acquirers, and issuers, building sustaining partnerships to deliver value, increase profits, and promote brand growth. Visit: verifi.com
This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “will,” “is expected,” and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the benefits to Visa arising from the completion of the transaction.
By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-looking statements due to a variety of factors, including the risk that the transaction may not be consummated; the closing conditions relating to the transaction; and various other factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2018, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, and our other filings with the U.S. Securities and Exchange Commission.
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