Visa Inc. (NYSE:V) shares are trading higher on Thursday. The company signed an agreement to acquire Feature space for an undisclosed amount.
Featurespace is a developer of real-time AI payment protection technology that addresses fraud and financial crime risks.
This acquisition is expected to strengthen Visa’s portfolio of fraud detection and risk assessment solutions, helping customers around the world grow and protect their businesses.
The partnership between Visa and Featurespace is expected to enable customers to manage fraud in real-time and strengthen the payments ecosystem with AI-powered solutions.
This investment highlights Visa’s commitment to ecosystem security, having invested billions in technology over the past five years to reduce fraud and improve network security.
The transaction, which is subject to standard closing conditions, is expected to close in fiscal 2025.
Antony Cahill, Global Head of Value Added Services at Visa, said: “It is of the utmost importance to provide our customers with solutions that can adapt and anticipate the evolving threat landscape. Featurespace’s strong foundation in AI will enhance our existing product portfolio and enable us to address our customers’ most complex and pressing challenges.
As of June 30, Visa’s cash and cash equivalents stood at $19.7 billion.
This month, Visa planned to launch an account-to-account (A2A) payment service in the UK in early 2025, use open banking technology.
Investors can access the stock via iShares US Financial Services ETF (NYSE:IYG) And SPDR Select Sector Fund – Financial (NYSE:XLF).
Price action: V shares are up 1.21% at $272.91 at last check Thursday.
Image from Shutterstock
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This item Visa Takes on Financial Crime: Acquires Specialized AI Fraud Feature Space, Bolstering Payment Security originally appeared on Benzinga.com
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