Visa is buying Verifi, a payment dispute resolution technology specialist that promises to help firms reduce chargebacks. Financial terms of the deal were not disclosed.
Currently, transaction disputes are generally resolved by a process that sees information provided by various offline channels and platforms.
Verifi’s technology connects all parties in the dispute management process in near real-time with the aim of resolving issues before they become a chargeback. The firm serves more than 25000 accounts.
Visa says that by integrating Verifi chargeback tools into its risk management services, it can provide buyers and sellers more automation, near real-time communication and data-driven insights.
Mary Kay Bowman, global head, seller solutions, Visa, says: "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 acquisition is subject to regulatory approval.