|Automated system streamlines dispute management|
ACI Worldwide launched ACI Automated Dispute Manager , a product designed to help financial institutions manage the complex and costly process of dispute processing.
The solution enables issuers, acquirers, processors, and payment networks to streamline and automate the dispute management process through workflow-based software components. Users can increase efficiencies and reduce costs associated with this labor-intensive and time-sensitive procedure, the company says.
Says Jeffery Hale, senior vice president, Retail Payments, ACI Worldwide: "Dispute management and resolution remains a costly and at times antiquated process. With Automated Dispute Manager, issuers and acquirers can automate the entire dispute process. This reduces lag time in dispute management and results in improved efficiencies of approximately one-third."
Automated Dispute Manager will also offer issuers and acquirers:
· Increased productivity by reducing the time required to resolve disputes while optimizing workflow and resource allocations.
· Increased efficiencies through the removal of paper-based resolution programs and the integration of case documentation and research into an easy-to-read format.
· Decreased financial risk will be a result of the improved efficiencies and increased productivity. The number of disputes which need to be written off as losses should decrease sharply as the resolutions process becomes more efficient, ultimately improving customer satisfaction.
Automated Dispute Manager has been designed to integrate with ACI's current retail payments solutions, including ACI Acquirer, ACI Issuer and BASE24-eps.
[This article was posted on November 20, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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