The Green Sheet Online Edition
June 6, 2024 • 24:06:02
Shorten dispute time with cloud-based chargeback management
Quavo, a provider of automated dispute management solutions for issuing banks and financial organizations, added new capabilities to its cloud-based dispute management platform, Quavo Fraud & Disputes (QFD). Enhancements to the platform include Zelle and Bill Pay product updates, additional claim reasons in the intake questionnaire and verbal attestation functionality for WSUD compliance, stated David Chmielewski, chief technology officer and co-founder of Quavo. "We want to reduce account holder friction as much as possible. For ACH, the process is cumbersome for consumers, with banks requiring physical or digital signage signatures," he said. "We poured over Nacha regulations and developed a verbal attestation solution where account holders aren't bothered by manual signature requirements."
These recent changes are only the beginning of new product rollouts planned for 2024, Chmielewski added, stating that reimagining ACH requirements for automated back-office operations need to support account holders today and in the future. As it stands, he noted, the platform requires minimal to no configuration or customization from an issuer and offers a consistent, reliable experience across numerous products and use cases.
Satisfaction, compliance, profitability
Chmielewski went on to say that since QFD is built on a premise of consistent, reliable processing supported by simple workflows, issuers are empowered to reduce expenses and losses while increasing customer satisfaction and maintaining industry compliance. Back-office operations are completely streamlined with automated return capability, enabling straight-through processing on ACH disputes, Chmielewski noted. Additionally, QFD now features a new signer disclosure allowing verbal attestation during claim intake. When enabled, QFD prompts agents to read a disclosure to the cardholder, thus satisfying the WSUD requirement by Nacha without requiring a signature, he added.
The company's first client to go live with the newly enhanced ACH functionality completed its first automated return on Aug. 12, 2023, followed by the top 25 banks completing 12,436 returns and recovering $7.69 million in funds without human intervention, Chmielewski stated.
Shorten dispute lifecycles
Quavo's premier SaaS platform QFD can fully automate the dispute lifecycle, from intake through investigation, chargeback recovery and resolution, the company stated, adding that users can combine QFD with other Quavo assets such as the back-office investigation team, Dispute Resolution Experts (DRE), for a partial or fully outsourced fraud and dispute processing solution. For issuers experiencing high-volume fraud claims, Quavo's automated intelligence tool Automated Reasonable Investigation Agent (ARIA) performs entire fraud investigations within seconds to deliver auto decisioning as a human would, without risk of human error, Quavo pointed out.
The platform's advanced capabilities, when paired with the human intelligence of Quavo's back-office team, is perfect for issuers looking to outsource fraud investigation, the company stated, adding that companies can add ARIA fraud and dispute software to create a complete disputes-as-a-service solution that automates dispute resolution.New features the company mentioned include merchant collaboration to save chargeback fees; front- and back-end CRM integration; self-service dispute transactions; real-time status checks with ability to take action on cases in progress; enhanced reporting and analytics review; improved workflows with customizable framework and prioritization and connectivity that automates most actions through web services and robotic integration.
Improve customer experience
QFD is ideal for banking institutions and fintech organizations of all sizes, Quavo stated, adding that the cloud-based dispute management software offers build-as-you-grow features such as self-service, human intelligence investigative services, Spanish intake, and automated features powered by advanced machine learning and artificial intelligence technology. QFD offers online filing, status and communication, all of which can help financial institutions and service providers provide information to manage customer expectations and build trust, the company stated. The platform gives organizations the power to reduce operational expenses while minimizing fraud losses and improving workflows, and best of all, claims can be resolved more quickly and with less manual intervention, to significantly speed processing and reduce potential errors, Quavo added. 
Website: https://quavo.com Contact: www.quavo.com/contact-an-expert
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