Visa has completed the acquisition of Featurespace as it seeks to boost its fraud detection services and risk-scoring solutions.

Founded in 2008, Featurespace develops artificial intelligence-driven technology which analyses data in real-time artificial intelligence (AI) payments protection technology that aims to prevent and mitigate payments fraud and financial crime risks.

The company’s technology has been used by many well-known firms, including HSBC, NatWest, TSYS, Worldpay, Danske Bank, Akbank and Edenred.

With the acquisition, Featurespace will become part of Visa’s risk and identity solutions business unit, with Visa incorporating the tech provider’s capabilities into its range of fraud prevention and risk-scoring offerings.

Visa said it will seek to combine the two products and complementary tools, providing customers with access to Featurespace's fraud protection services including real-time detection of sophisticated fraud attacks.

In the next few months, Featurespace and Visa teams will also pool their knowledge, modelling methodologies and tools to further boost the joint offering.

“Together, we will offer a valuable combination of cutting-edge technology and industry expertise to help our clients continue to grow amidst an increasingly complex threat landscape,” said Antony Cahill, president of value-added Services at Visa.

Dave Excell, founder of Featurespace, said that as part of Visa, the business will be able to set “a new standard” in AI-powered fraud prevention which will “help make the world a safer place to transact.”

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