Fast-track disputes across card networks
The Q2 2024 release includes some high value developments to Financial Services Operations, with a continued focus on helping financial institutions effectively fast-track the dispute management process across the call center, middle, and back offices.
In the Washington D.C. release, we launched ServiceNow Disputes Management, Built with Visa, the only dispute resolution workflow that’s built with Visa guidelines. Our pre-configured, comprehensive Visa content integration makes it possible for the front office to drive productivity and reduce call center volumes. They can also reduce costs with digital channels and Generative AI. The middle and back office can benefit from the integrated Visa chargeback guidelines and seamless compliance throughout the process.
In Q2, we further enhanced ServiceNow Disputes Management, Built with Visa, with tools such as expanded questionnaires and reason code mappings tied directly to Visa rules to deflect and more quickly resolve disputes, additional chargeback eligibility rules for fraud, authorization, and consumer disputes to save time and cost, and a new Regulation E and Regulation Z landing page, complete with performance analytics reports for seamless compliance.
In addition to the expanded functionality of ServiceNow Disputes Management, Built with Visa, we have been working with issuers to fast-track disputes across card networks, so that we can solve dispute workflow challenges no matter the card network. To that point, in Q2 we launched two additional strategic integrations to broaden our disputes resolution toolbox.
Expedite dispute resolution
Mastercard integration: Mastercom:
Mastercard is the second-largest payment-processing corporation worldwide, offering a range of payment transaction processing services. Mastercom is Mastercard’s dispute management system, used by issuers and acquirers to resolve disputed transactions.
Some of the benefits financial organizations can recognize by leveraging our integration with Mastercom include:
- Retrieve transactions by automating data retrieval from Mastercard prior to submission to minimize fraud and reduce call center volumes.
- Facilitate the efficient sharing of information to quickly resolve disputes and lower write-off thresholds.
- Streamline the overall disputes process and improve employee efficiency by eliminating the need to work across multiple systems.
- Increase speed to market and reduce development effort and cost with a pre-built integration.
Avoid disputes with enhanced consumer clarity
Ethoca integration: Consumer Clarity:
Ethoca, founded in 2005 and later acquired by Mastercard, provides rich merchant and purchase information to cardholders, including clear merchant names, logos, geolocation, and fully itemized receipts, via issuers’ digital banking applications and back-office teams. This provides cardholders with multiple channels to obtain purchase information that helps reduce confusion and avoid fraud disputes.
Some of the benefits ServiceNow's integration with Ethoca can deliver include:
- Help prevent disputes and expensive chargebacks with transparent merchant and purchase details, significantly reducing call center volumes all while working in one system.
- Improve cardholder experience by minimizing transaction confusion.
- Handle dispute management and fraud prevention more efficiently and securely with connection to Ethoca APIs.
In addition to these key updates, banking customers also benefit from additional new features including modeless dialogs in agent workspace, knowledge guidance card enhancements, post-call summarization, and dynamic translation with Now Assist. To learn more about these features, check out the Customer Service Management blog.
To learn more about our offering with Visa, please visit the ServiceNow Disputes Management, Built with Visa page.
For more information on any of our other updates, or to schedule a meeting and demo with your account team, contact us here.
