Visa has announced the completion of its acquisition of Featurespace, a leading developer of real-time artificial intelligence (AI) payments protection technology.
This strategic move enhances Visa’s capabilities in preventing and mitigating payments fraud and financial crime, offering improved security solutions to clients and consumers worldwide.
The integration of Featurespace’s technology into Visa’s suite of fraud prevention tools will provide customers with an enriched range of risk-scoring and fraud protection services. By combining the companies’ complementary technologies, Visa aims to deliver real-time detection of sophisticated fraud attacks while ensuring a seamless user experience.
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.”
Over the coming months, Featurespace’s product portfolio will be fully integrated into Visa’s existing offerings. This will expand the scope of fraud prevention solutions available to Visa’s clients, addressing diverse use cases and enhancing security. The collaboration between the two companies will leverage their shared expertise in modelling methodologies and advanced tools, setting a new benchmark in fraud prevention.
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.”
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