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On Fri, 20 Dec, 12:05 AM UTC
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Visa completes acquisition of Featurespace
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This will bolster Visa's fraud protection capabilities and enhance security for its customers and consumers worldwide. Visa will add Featurespace's capabilities into its range of fraud prevention and risk-scoring offerings. By combining the two companies' highly complementary products and tools, customers will have access to enhanced fraud protection services to help 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: "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 incorporated into Visa's existing offering, expanding the available range of fraud prevention solutions and use cases. The Featurespace and Visa teams will bring together their knowledge, modelling methodologies and tools to further enhance the joint offering. 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." The Featurespace business will become part of Visa's Risk and Identity Solutions business unit.
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Visa Completes Acquisition of Featurespace to Enhance AI-Powered Fraud Prevention
Visa's Risk and Identity Solutions business unit to incorporate Featurespace. 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. Also Read: Citigroup Rolls Out AI Tools to Boost Employee Productivity: Report 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." Also Read: Temenos Brings On-Premises Generative AI for Banks with Nvidia 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.
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Visa completes acquisition of Featurespace, integrating advanced AI technology to enhance fraud detection and security in digital payments without compromising user experience.
Visa, the global digital payments facilitator, has announced the completion of its acquisition of Featurespace, a leading developer of real-time artificial intelligence (AI) payments protection technology 1. This strategic move is set to significantly bolster Visa's fraud prevention capabilities and enhance security for its customers and consumers worldwide.
Featurespace's cutting-edge AI-powered fraud detection capabilities will be integrated into Visa's existing suite of fraud prevention and risk-scoring offerings. This combination aims to provide customers with enhanced fraud protection services, enabling real-time detection of sophisticated fraud attacks without adding friction to the user experience 2.
Antony Cahill, President of Value-Added Services at Visa, emphasized the synergy between the two companies, stating, "Both our companies have been at the forefront of using AI to solve longstanding challenges and pain points in the payments industry" 1. The merger is expected to offer a valuable combination of cutting-edge technology and industry expertise to help clients navigate an increasingly complex threat landscape.
Over 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 2. This integration is anticipated to set a new standard in AI-powered fraud prevention, as highlighted by Dave Excell, Founder of Featurespace 1.
The acquisition is poised to have a significant impact on the financial industry. More than 100,000 businesses, including major banks and financial institutions such as HSBC, NatWest, TSYS, Worldpay, Danske Bank, Akbank, and Edenred, currently rely on Featurespace's technology 2. The AI-driven approach allows for real-time data analysis to identify and stop both existing and new forms of fraud and financial crime.
Following the acquisition, the Featurespace business will become part of Visa's Risk and Identity Solutions business unit 12. This integration is expected to strengthen Visa's position in the fight against financial fraud and enhance its ability to provide secure transaction environments for businesses and consumers alike.
Reference
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Visa, the global payments giant, is set to acquire Featurespace, a UK-based AI fraud prevention company. This strategic move aims to bolster Visa's capabilities in combating financial crime using advanced artificial intelligence technologies.
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Featurespace, a leader in AI-driven fraud prevention, has been granted a US patent for its Adaptive Behavioral Analytics technology, enhancing its ability to combat financial fraud and protect consumers in real-time.
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Visa's advanced AI systems successfully prevented $40 billion worth of fraudulent transactions in 2023, highlighting the growing importance of artificial intelligence in combating cybercrime in the financial sector.
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Visa is reportedly in discussions to acquire Featurespace, a UK-based AI fraud detection company backed by tech entrepreneur Mike Lynch. The potential deal could strengthen Visa's position in the financial security sector.
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Mastercard finalizes its $2.65 billion acquisition of Recorded Future, enhancing its cybersecurity capabilities with AI-powered threat intelligence to better secure digital transactions and interactions.
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