SOURCE: Verifi, Inc.

September 03, 2015 11:00 ET

Verifi Expands Cardholder Dispute Resolution Network (CDRN) Growth and Innovation Initiative With Strategic Appointment to Management Team

Payments Industry Veteran, Manav Gupta, New Vice President, Issuer Products

LOS ANGELES, CA--(Marketwired - Sep 3, 2015) - Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, today announced the appointment of payment industry and product management veteran, Manav Gupta as Vice President, Issuer Products. Gupta will focus on product innovation and strategy to extend Verifi's Cardholder Dispute Resolution Network (CDRN) market leadership.

CDRN's award winning and triple patented chargeback prevention solution provides unmatched protection for Issuers and merchants through near real-time collaboration. CDRN's unprecedented "closed loop" process integrates directly with top card Issuers and redirects disputes from the Issuer to the merchant before they become chargebacks so they can be resolved directly with the consumer. Connecting Issuers directly with merchants allows the chargeback process to be paused, pending resolution and provides the most accurate and collaborative eco-system for both fraud and non-fraud disputes.

"Throughout my career I've worked with a number of payments providers, and they don't understand the importance of all the pieces in the chargeback puzzle -- closed-loop, collaboration with the highest quality data, continual innovation, award-winning workflow and processes -- represent the most customer centric way to address this growing problem. Stopping fraud and chargebacks effectively requires all the pieces to work in perfect harmony," said Gupta. "There are plenty of smaller, point solutions that do one or two things well. None that I've found work like Verifi to solve the entire chargeback problem with the speed and the accuracy needed to not only provide the merchant with the most accurate protection, but that also avoids defects and costly false positives. These "hidden costs" can essentially inflate expenses and result in lost profits due to over refunding."

Since its inception 10 years ago, Verifi has made continuous investments to improve the only truly proprietary, end-to-end chargeback system, expanding its network and helping merchants prevent chargebacks and also recover profits lost to unwarranted chargebacks.

Along with James Byler, Vice President Global Issuer Sales and Partnerships, and Brian Waller, Regional Head of North America Sales and Issuer Partnerships, who joined the team to accelerate CDRN network growth plans in the U.S. and internationally, Gupta brings more than 18 years of product management and a diverse breath of payments industry experience to his new role at Verifi.

Throughout his career, he had oversight responsibility across numerous business functions, including product, IT, risk, resolution and protection, and both payment and financial operations. Most recently, Gupta served as Director of Business Products at PayPal, where he was responsible for the Resolution and Protection Platforms and owned the Voice of the Customer initiative. 

Prior to PayPal, Gupta worked at Visa, focusing on eCommerce Merchant Strategy, leading the acquisition and integration of CyberSource into Visa and was a founding member of the V.me product team. Gupta has a bachelor's degree in Electrical Engineering from Michigan Technological University, a master's degree in Computer Science from DePaul University and an MBA from the Ivey Business School in London, Ontario.

"We are delighted to welcome Manav to our team," said Matthew Katz, CEO of Verifi, Inc. "We founded Verifi on the basis that there are 'no short cuts' in delivering the highest service quality to our customers. Manav's expertise and shared company beliefs will be a strong catalyst in driving our growth plans forward in the near term. Our CDRN network adoption grew by more than 200% last year, and monthly dispute volume is up by over 60% on average over last year based on client growth and new issuer coverage. Today, CDRN stops up to 40% of fraud and non fraud chargebacks before they occur. With Manav's support, we will strive to exceed our clients and partners expectations and are on target to reach our network expansion coverage goal of 70% by the end of next year."

About Verifi:

Verifi, an award-winning provider of end-to-end payment protection and management solutions, was founded in 2005 to help merchants effectively manage the payments challenges they face every day. Verifi helps merchants safely process payments, combat fraud, prevent and resolve costly chargebacks, as well as increase billings and keep loyal customers. Our best-in-breed solutions and white glove support are trusted by a wide range of industries from emerging companies to the Fortune 500. Headquartered in Los Angeles, California, we process more than $20 billion transactions annually and currently serve more than 7,000 accounts globally. For more information, visit: www.verifi.com.

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