Banking institutions and Fintech organizations are struggling to keep their fraud and dispute resolution processes updated and compliant with Reg E, Reg Z, Nacha, and network mandates. The biggest obstacle to compliance is the complex and ever-changing web of tasks associated with collecting, investigating, resolving, and recovering disputed claims. There has not been a singular end-to-end solution that organizes, automates, and streamlines dispute management tasks…until now.
Quavo’s QFD™ automated dispute resolution software organizes case assignments not only by regulatory deadlines but by urgency determination. Our Get Next Work tool determines urgency with advanced algorithms based on factors like account history, regulatory deadlines, statement dates, and even your investigators’ skillsets.
These are the top 5 ways QFD’s Get Next Work urgency algorithm is revolutionizing dispute management:
1. Regulatory Deadlines Alone Cannot Dictate Case Assignments
2. The Complex Variables of Competing Deadlines
- Dispute date – determines how much time an issuer must act on the claim
- Transaction date – determines how long an issuer must recover funds
- Last statement date – determines how long an account holder must submit credit transaction dispute
- Claim date – determines how long the issuer must resolve the claim with the account holder
3. The Benefits of Urgency Determination
- Investigator’s skillsets
- Account history
- Information collected at intake
- Network/association chargeback timeframes
- Cases closest to their applicable regulatory deadlines
- High-priority cases
- Cases with similar transactional scenarios
4. Advancing Work Organization and Prioritization
Given the staggering costs and frequency of fines and penalties due to non-compliance, it seems unfathomable that issuers continue to rely on spreadsheets, emails, and calendars to uphold competing and complex regulatory deadlines and case information. Yet surprisingly, most issuers are reluctant to replace manual, outdated methods with automated chargeback management solutions.
In our experience, this is often due to a misplaced trust in outdated processes that predate digital banking. Many financial organizations approach fraud management solutions with trepidation, hesitating at costly and lengthy implementations, lacking insight, and relinquishing customer experience control. But the fact remains: 80% of organization leaders say their business is threatened by a lack of updated technology and innovation.
With Quavo’s QFD™ software issuers have more control over their fraud and dispute processes. Tools like Get Next Work equips your staff with all the information required to resolve and recover fraud and dispute transactions – in one place. What’s more, Quavo software comes with continued service after onboarding to eliminate demands on your internal resources and IT teams.
5. Automated Technology Prevents Human Error
QFD™ dispute management software features automated technology that organizes work baskets capable of assigning claims according to regulatory requirements, so issuers can easily overcome non-compliance risks. QFD™ also features our seasoned fraud and dispute experts’ automatic regulatory updates to ensure a fully compliant process.
We know that fraud and dispute management is a tedious and complicated part of the financial services industry because Quavo was founded by experts with decades of experience at some of the world’s largest banks, managing nothing else but fraud and disputes. Our unique insight into what works and fails has allowed us to provide the best Disputes as a Service™ solution in the industry at a fraction of other providers’ costs.
