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Visa acquires Verifi to bolster chargeback dispute resolution

Visa announced an agreement to buy Verifi, a technology firm that helps buyers and sellers resolve chargeback disputes. 

Verifi, originally founded in 2005, provides a suite of dispute resolution tools that help merchants and other parties quickly resolve chargeback issues, which are considered a disruptive and costly process in e-commerce transactions. The company serves more than 25,000 accounts per year. 

"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," Mary Kay Bowman, global head of seller solutions at Visa, said in a company release. "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 the Verifi tools with its own risk management services, including those from CardinalCommerce and Cybersource.