Addition of payment fraud prevention extends expertise in anti-money laundering and financial crime
Refinitiv has expanded its suite of risk and compliance products following the successful acquisition of Giact Systems, LLC (“GIACT”), an industry leader in digital identity, payments verification and fraud prevention. Refinitiv announced its acquisition of GIACT on November 2nd.
The completion of the transaction comes as Refinitiv marks 20-years of supporting its customers in the fight against financial crime through its risk intelligence solution, World-Check.
Refinitiv will offer GIACT’s platform alongside World-Check to provide customers with a comprehensive fraud prevention, identity verification and compliance platform that addresses money-laundering risks in addition to preventing monetary loss through payments fraud.
The combination of World-Check and GIACT’s EPIC platform will help customers to transact with increased confidence. It will also reduce risk throughout the customer lifecycle. The combined experience and mix of solutions will also help customers across the digital spectrum, from those who need flexible API integrations, to those who require a more in-depth investigative approach to KYC and Client Due Diligence.
About Refinitiv’s acquisition of GIACT
“We’re pleased to complete this acquisition and now look forward to introducing our customers to GIACT and our expanded suite of product offerings,” said Phil Cotter, Managing Director of the Risk business at Refinitiv. “GIACT’s real-time payment analytics are a great addition to our existing strength in anti-money laundering and digital identity verification. We now have a more holistic platform to help customers tackle new and emerging fraud threats, accelerated by the economic downturn and the Covid-19 pandemic.”
“Equifax looks forward to the continuation of the relationship begun with GIACT in 2019,” said Joy Wilder Lybeer, United States Information Solutions (USIS) Chief Revenue Officer and Senior Vice President of Global Partnerships at Equifax. “With the acquisition of GIACT by Refinitiv now complete, we will be able to continue our work in helping customers confront the challenges of identity verification and fraud prevention on a global scale.”
“Citi’s strategic relationship with GIACT was critical to the launch of Citi Verify, a service that continues to gain momentum as our institutional clients further develop their enhanced approach to onboarding and validating new customers and suppliers,” said Alberto Casas, Head of North America Payments and Receivables for Citi Treasury and Trade Solutions. “As a global organization with presence in 98 countries, Citi looks forward to expanding its partnership with Refinitiv as they further invest in enhanced capabilities and global expansion.”
Refinitiv will integrate GIACT’s offerings into its risk and compliance business, alongside leading products and services including World-Check, Qual-ID and its recently expanded Enhanced Due Diligence service.
GIACT has been helping companies verify valued customers since 2004. From financial to insurance, to retail, to solutions for your industry, GIACT offers customer intelligence for complete payment confidence. As the leader in providing real-time data to help companies mitigate payment risk and fraud, our OFAC screening, ID verification, account verification and authentication, and mobile verification solutions enable you to focus on providing unmatched customer experiences. Since its founding, GIACT has processed billions of transactions for more than 1,000 customers. For more information, visit www.giact.com or call 1-866-918-2409.
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. For more information visit: www.refinitiv.com
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