The company said in a release that Payworks will be integrated into CyberSource’s portfolio of services offered to clients.
In its release, the company said that Payworks’ cloud-based solution for in-store payments processing will be brought together with the CyberSource digital payment management platform, which will create, in Visa’s words, “a fully integrated payment acceptance solution for merchants and acquirers.”
The joint offering, according to the release, will provide acquirers and payment service providers with “a modern, fully white-labeled omnichannel payment management platform.” The offerings span payments in-store, in-app, or online.
The company said that the news follows a strategic partnership and investment made in Payworks early last year. Through the joint efforts, Visa’s merchants and acquirer clients can use the newly acquired Payworks solutions to run and configure point of sale offerings and terminals.
“For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide,” said Carleigh Jaques, senior vice president, global head of digital merchant products, Visa, in the release. “As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship."
Financial terms of the acquisition were not disclosed.
The news follows other acquisition announcements. In late June, Visa said that it bought payments tech firm Verifi, to reduce chargebacks on card payments made to merchants.