Latest version of market-leading disputes
management solution helps banks speed case resolutions
CAMBRIDGE, Mass., Sept. 26, 2023 /PRNewswire/ -- Pegasystems
Inc. (NASDAQ: PEGA), the low-code platform provider empowering
the world's leading enterprises to Build for Change®, today
announced new enhancements in Pega Smart Dispute™ to help
retail banks streamline time-consuming chargeback processes. By
infusing its Pega Process AI™ technology into the software,
Pega helps banks make smarter decisions to resolve each case,
enabling them to save time, money, and effort while accelerating
the resolution of transaction disputes and fraud
claims for its customers.
Chargebacks – the process by which consumers dispute the
validity of a card transaction – are on the rise around the world,
partially driven by an increase in fraud. Each request
kicks off a time-intensive process for the card-issuing bank, which
needs to carefully investigate these disputes, determine if a
refund is warranted, and work with the various payment networks'
complex and ever-changing rules to process them.
Adding AI to Pega Smart Dispute to drive chargeback
efficiencies
By using Pega Process AI within Pega Smart
Dispute, the software automatically analyzes a transaction dispute
to predict the likelihood of it being approved through the
validation rules of payment networks like Visa. With that critical
information, banks can optimize an efficient and low-cost path to
resolution. For example, the bank might automate cases with a high
success probability while assigning more human resources to
investigate low probability cases. This not only saves banks labor
costs but also leads to faster resolution for their customers.
Pega Process AI combines Pega's industry-leading workflow
automation with real-time AI-powered decisioning, natural language
processing (NLP), and complex event processing to optimize and
automate business processes. It simplifies complex real-time
decisioning with data-driven, AI-infused arbitration to resolve
cases quickly and efficiently. Pega Process AI continuously learns
from the outcomes of its previous predictions and decisions,
helping to improve accuracy and effectiveness over time. Pega Smart
Dispute comes preconfigured with Pega Process AI use cases to
predict chargeback outcomes for network acceptance and
representments. Pega Process AI can also escalate work that may be
in danger of missing a deadline or to optimize workflows to make
processes more efficient. Clients around the world leverage Pega's
AI engine to make hundreds of millions of decisions every day.
Extending the value of Pega Smart Dispute
In addition
to Pega Process AI, the latest version of Pega Smart Dispute
includes several other significant updates to its proven solution
to help banks further streamline the disputes process,
including:
- Expanded support for different payment types: Building
on Pega's pre-built workflows for Visa, Mastercard, and American
Express, Pega Smart Dispute now provides improved workflow
templates that help banks quickly build workflows to manage new and
emerging payment types. The solution ships with pre-configured
resolution pathways for Zelle or ACH exceptions.
- Support for Regulation II: The software also supports
compliance with new Regulation II rules from the US Federal Reserve
System for cases of card-not-present (CNP) transactions.
- Updated compliance rules: Pega updates Pega Smart
Dispute with the latest chargeback rules from Visa and Mastercard
twice per year (effective in April and October), helping clients
process disputes against the latest guidance.
Pega Smart Dispute governs payment dispute and exception
processes throughout the payment lifecycle across any channel –
managing all aspects of this unique 'moment of truth' in banking.
It provides a centralized resource to both guide employees in
agent-assisted channels and automate processes within self-service
channels. This helps issuers unify dispute and fraud
claim operations to increase efficiency, customer satisfaction, and
compliance. Built on Pega's leading low-code platform, Pega Smart
Dispute also enables clients to adapt rapidly to changing
conditions and new payment types for rapid extensibility.
This latest version of Pega Smart Dispute is available today.
Pega Process AI is licensed separately. For more information,
visit: www.pega.com/industries/financial-services/smart-dispute.
Quotes & commentary
"The increase in chargebacks is causing more strain to bank staff
who are already overwhelmed with increasing amounts of regulation
and fraud in the post-pandemic world," said
Steve Morgan, industry market
leader, banking, Pega. "By introducing Pega's proven, scalable, and
secure AI into our proven Pega Smart Dispute solution, we've added
another useful innovation that will help banks further streamline
processes to resolve disputes faster, save employees time, and
increase customer satisfaction."
Supporting resources
- Product background: Pega Smart Dispute
- Video: Pega Smart Dispute overview
- Data sheet: Pega Smart Dispute
- Feature background: Pega Process AI
- eBook: The path to leadership in payment exception
operations
- PegaWorld iNspire session: Dispute, exception,
fraud and sanction management in a disruptive payments
world
About Pegasystems
Pega provides a powerful low-code platform that empowers the
world's leading enterprises to Build for Change. Clients use our
AI-powered decisioning and workflow automation to solve their most
pressing business challenges – from personalizing engagement to
automating service to streamlining operations. Since 1983, we've
built our scalable and flexible architecture to help enterprises
meet today's customer demands while continuously transforming for
tomorrow. For more information on Pegasystems (NASDAQ: PEGA), visit
www.pega.com.
Press Contact:
Sean Audet
Pegasystems
617.528.5230
sean.audet@pega.com
Twitter: @pega
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SOURCE Pegasystems Inc.