September 27, 2024 at 10:21AM
Visa intends to acquire Featurespace, a developer of real-time AI payments protection technology. Featurespace’s solutions analyze transaction data to detect fraud and financial crime. The acquisition is expected to enhance Visa’s fraud detection capabilities and provide benefits to financial institutions and consumers. The transaction is set to close in fiscal year 2025.
The meeting notes highlight Visa’s intention to acquire Featurespace, a developer of real-time AI payments protection technology. Visa believes this acquisition will strengthen its fraud detection and risk-scoring solutions and provide significant benefits to financial institutions, consumers, and the wider payments industry. Featurespace, incubated at Cambridge University, has developed innovative algorithmic-based solutions for analyzing transaction data and detecting fraud cases. Antony Cahill, Global Head of Value-added Services at Visa, emphasized the importance of providing adaptable solutions to address changing threat landscapes. The collaboration between Visa and Featurespace will enable clients to manage fraud in real-time using AI-fueled solutions, reinforcing Visa’s commitment to ecosystem security. The transaction is expected to close in fiscal year 2025. This announcement comes shortly after Mastercard’s plan to acquire Recorded Future.