Visa has finalised its acquisition of Featurespace, a company specialising in real-time artificial intelligence technology for payment protection.
The acquisition is expected to bolster Visa’s fraud protection capabilities and enhance security for its customers worldwide.
Featurespace’s advanced fraud detection and risk-scoring capabilities will be integrated into Visa’s existing portfolio of fraud prevention solutions.
This integration will enable real-time detection of sophisticated fraud attacks while maintaining a seamless user experience.
By combining expertise and tools, Visa aims to expand its fraud prevention use cases and strengthen the security of global payment systems.
Over the coming months, Featurespace’s product suite will become part of Visa’s Risk and Identity Solutions business unit.
The collaboration will leverage the companies’ combined knowledge, methodologies, and tools to deliver enhanced fraud protection services for businesses and consumers.
Featurespace’s technology supports over 100,000 businesses, including HSBC, NatWest, TSYS, Worldpay, Danske Bank, Akbank, and Edenred.
The company helps safeguard 500 million consumers globally and processes more than 100 billion payment events annually.
Founded in 2008, the Cambridge, UK-based company operates from six locations with a team of over 400 members.
Antony Cahill, President, Value-Added Services at Visa, said,
“We are thrilled to welcome Featurespace to Visa. 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.”
Dave Excell, Founder of Featurespace, added,
“We developed our innovations to help crack even the most complex fraud cases.
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.”
Featured image credit: Edited from Freepik
