Verifi, a leading provider of global electronic payment and risk management solutions for card-not-present merchants, and ReD (Retail Decisions), a leading global fraud prevention services company, have 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, CEO 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 CEO Paul Stanley. "Together, ReD and Verifi will enhance the services available to merchants, empowering both merchants and issuers in the fight against payment fraud."