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Education

experience. Furthermore, as FedNow opens the door to tralia’s New Payments Platform launched in 2018, Cuscal
more real-time payment platforms, many merchants and faced several challenges in transforming its back-office
payment processors are not prepared to handle disputes operations to handle real-time payment dispute manage-
in whatever new payment methods may come to market. ment. It eventually implemented a back-office system that
accepts real-time investigation requests and enables cli-
Modernizing the back-office ents to meet obligations, respond and act in real-time. This

As the economy prepares to leapfrog into a new world of helped Cuscal offer a competitive advantage and reduce
instant payment methods, organizations can no longer risk.
rely on antiquated back-office systems primarily designed
for batch processing. They now need new rules, systems, Modern software suites now offer solutions to manage
and processes to manage disputes for real-time payments. real-time payment disputes. These systems can handle the
dispute from claim to resolution from the perspective of
Upgrading the back-office to close the gap between trans- the issuer and of the acquirer. It offers real-time loading
action authorization and settlement offers many benefits. and viewing of the transaction history and dispute, mak-
It enables companies to improve the customer experience ing it easy for companies to research transactions, man-
by better managing and resolving legitimate disputes. It age disputes and track activities in real-time. A modern
also allows them to manage chargebacks better, gain more software suite not only helps processors and merchants
insight and control, identify trends, and reduce volume. handle today's disputes, but it also helps them prepare for
And it helps merchants and processors lessen the risk of future payment methods.
fraud by closing the gap between the time of the transac-
tion and the settlement. Dr. Jack T. Baldwin is chairman and CEO of BHMI, a leading provider of
software solutions focused on the back-office processing of electronic
In the United States, the total time required to research payments. The company is best known as the creator of the Concourse
and return P2P funds is similar to traditional methods, Financial Software Suite, a unique integrated collection of back-office
even though P2P money transfers occur in near real-time. products that allow companies to adapt to the rapidly changing world
This does not have to be the case. For example, payment of payments. For more information, please visit www.bhmi.com/con-
service providers such as Cuscal in Australia now resolve course_financial_software_suite/.
disputes near the time the payment occurred. When Aus-

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