LOS ANGELES, CA and EDISON, NJ--(Marketwired - Mar 12, 2014) - Verifi, Inc., a leading provider of global electronic payment and risk management solutions for card-not-present merchants, and ReD (Retail Decisions), a world leader in fraud prevention services, today announced the formation of a strategic alliance that dramatically expands the current product portfolio for both companies. The companies have also agreed to jointly develop new products and solutions to benefit CNP (card-not-present) merchants.
To broaden coverage and promote cross-industry collaboration, Verifi will contribute its authorized Cardholder Dispute Resolution Network (CDRN), chargeback and transaction data to the ReD Fraud Xchange™ service. Both parties will continue to seek further partnerships with as many data sources as possible that are valuable in identifying and preventing fraud.
As part of the alliance, Verifi's award-winning CDRN and Chargeback Representment services will be offered with ReD's portfolio of fraud prevention tools and services. In turn, Verifi will offer ReDShield®, a real-time fraud prevention platform that provides instant decisions (accept/challenge/deny) on e-commerce and m-commerce transactions. Verifi will also offer the ReDi™ business intelligence portal to help card-not-present merchants better understand fraud trends.
Combined, the two companies currently serve thousands of CNP merchants; including most of the Internet Retail 500 as well as hundreds of specialty CNP merchants in telecom, cable, SaaS, DRTV and other markets.
"This partnership represents a giant step forward in the fight against payment fraud," said Matthew Katz, Chief Executive Officer and founder of Verifi. "The alliance expands the capability of our payment and risk management solutions and, together, we're better positioned to safeguard merchants through all phases of the payment lifecycle."
"This is an important initiative, for both companies, for the CNP merchant community and for the wider payments ecosystem," said ReD Chief Executive Officer, Paul Stanley. "Together, ReD and Verifi will enhance the services available to merchants, empowering both merchants and issuers in the fight against payment fraud."
Representatives from both companies will be available at MRC's 2014 eCommerce Payments & Risk Conference, 17-20 March in Las Vegas, NV. The 2014 eCommerce Payments & Risk Conference is the largest professional development and networking event for ecommerce payments and fraud professionals in the Americas.
About Verifi
Verifi, Inc. is a leading provider of global electronic payment and risk management solutions for card-not-present merchants. The highly customizable payment and real-time reporting platform serves as a foundation for Verifi's suite of fraud solutions and risk management strategies. With a commitment of reducing risk while increasing profitability for clients, Verifi's multi-layered approach enables transaction risk management and mitigation, business optimization strategies, cardholder authentication and chargeback re-presentment for all major credit card brands. Verifi, headquartered in Los Angeles, California, offers products via Software-as-a-Service model and is PCI Level 1 certified headquartered. For more information on Verifi, please visit: www.Verifi.com or please email us at Info@Verifi.com.
About ReD
ReD is a world leader in fraud prevention services. Our solutions are present at every stage of the payments value chain, supporting merchants and PSPs, issuers and acquirers, processors and switch networks in the fight against fraud. We are flexible and independent of any card scheme. We protect billions of transactions across multiple channels and payment types. Our proprietary technology is underpinned by world-class fraud and risk analysts and pooled data from more than 190 countries. ReD serves customers from multiple sectors and across six continents from offices in Australia, China, Dubai, South Africa, the United Kingdom and the United States, and through partners around the globe. For more information, please visit www.redworldwide.com