Addition of payment fraud prevention extends expertise in anti-money laundering and financial crime
NEW YORK – 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 and reduced 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.
“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.”
“We’re excited about the opportunities as we bring our capabilities and expertise of our teams together,” said Melissa Townsley-Solis, co-founder and CEO at GIACT. “Refinitiv has a clear strategic vision for GIACT and our customers can look forward to hearing more as we turn that vision into a reality.”
“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.”
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.