Global digital payments facilitator Visa announced on Thursday, December 19, that it has completed the acquisition of Featurespace, a developer of real-time artificial intelligence (AI) payments protection technology designed to prevent and mitigate payments fraud and financial crime risks. This move will enhance Visa's fraud prevention capabilities and strengthen security for customers worldwide, Visa said.
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Strengthening Fraud Prevention with AI
Featurespace's real-time fraud detection capabilities will be integrated into Visa's existing fraud prevention and risk-scoring offerings. According to Visa, with the combined technologies, customers will gain access to enhanced fraud protection services, helping keep their businesses safe and secure, including real-time detection of sophisticated fraud attacks, without adding friction to the user experience.
Antony Cahill, President, Value-Added Services at Visa, said: "Both our companies have been at the forefront of using AI to solve longstanding challenges and pain points in the payments industry. Together, we will offer a valuable combination of cutting-edge technology and industry expertise to help our clients continue to grow amidst an increasingly complex threat landscape."
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Expanded Fraud Protection Solutions
In the coming months, Featurespace's product portfolio will be incorporated into Visa's existing offerings, expanding the range of available fraud prevention solutions and use cases, Visa said.
Dave Excell, Founder of Featurespace, added: "As part of Visa, we will be able to set a new standard in AI-powered fraud prevention and integrate our solutions into a series of products and services that will help make the world a safer place to transact."
With the completion of the acquisition, Featurespace business will become part of Visa's Risk and Identity Solutions business unit.
According to the official release, more than 100,000 businesses rely on Featurespace's technology, including HSBC, NatWest, TSYS, Worldpay, Danske Bank, Akbank, and Edenred. Using artificial intelligence, Featurespace analyses data in real time to identify and stop existing and new forms of fraud and financial crime.
