Verifi and Pegasystems Collaborate to Reduce Operational Costs and Inefficiencies for Card Issuers

By CIOReview | Tuesday, September 29, 2015

FREMONT, CA: Verifi, a provider of payment and risk management solutions for card-not-present merchants, partners with Pegasystems, a provider of strategic business applications to enterprises, to enable credit card issuers to dramatically speed the resolution of card transaction disputes.

Pegasystems and Verifi’s combined solution will not only better automate the way banks manage chargeback cases but also disintermediate some of the more tedious processes by directly connecting banks and merchants. This reduces the inherent inefficiencies for retail banks handling inevitable chargebacks while providing customers with a faster resolution to their issues, believes Aite Group, an independent research and advisory firm.

"This partnership with Verifi is a win not only for our retail bank customers but also for any cardholder who has experienced the pain of dealing with inaccurate or fraudulent charges," says Scott Andrick, Director, Retail Banking and Cards, Pegasystems. "This integration with our application will significantly reduce the time and effort needed to bring chargeback cases to a quick resolution -- which can ultimately turn a difficult situation into a more loyal customer."

Smart Dispute for Issuers breaks down operational silos by enabling increased business agility to help automate timely resolution of disputes, claims, and chargebacks as it is powered by the Pega 7 platform. By improving straight-through-processing rates for basic disputes, organizations can focus resource efforts towards priority cases.