Business
New Workflows in Pega Smart Dispute Help Banks Handle the Evolving Payment Landscape
Enhanced features streamline and centralize dispute management with unified solution for new and traditional payment types CAMBRIDGE, Mass., June 28, 2022
About this update from Pegasystems Inc.
[{"type":"text","content":"Enhanced features streamline and centralize dispute management with unified solution for new and traditional payment types\nCAMBRIDGE, Mass., June 28, 2022 /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), the software company that crushes business complexity, today announced new capabilities for Pega Smart Dispute™ for Issuers. This latest update to Pega's merchant dispute and fraud claim application includes new workflows for resolving the increasing number of non-plastic claims along with expanded coverage for American Express and Zelle payment exceptions.\n\n \n \n \n \n \n \n\n \nDisruption in the payments market continues to rapidly accelerate with many new technology entrants, coupled with increasing instances of fraud. According to the most recent Capgemini World Payments Report, by 2025 more than 25% of the payment mix will be non-traditional.1 Banks need a single solution to support dispute management for all payment types to help adapt to these changes and simplify claims management. These institutions also need flexibility to enable scalable operations while staying in compliance and delivering exceptional customer experiences. Banks that are unable to accommodate new payment types tend to resort to manual processes that can lead to major back-office inefficiencies, increased costs, and regulatory compliance violations.\nPega Smart Dispute is the only application built on an industry-leading low-code platform2 that processes American Express, Visa, and Mastercard dispute rules, as well as new payment types such as Zelle out of the box. The new enhancements also include a Payment Exceptions Recovery (PER) workflow that can be configured in just weeks to automate the intake, processing, and resolution for other new payment types such as Venmo and Cash App -- providing faster time to value than other solutions currently in the market.3\nSmart Dispute streamlines and automates merchandise disputes and fraud claims with:\nGuided processing of disputes across the customer lifecycle: Pega's step-by-step guidance for customer dispute processing helps improve resolution speed for bank agents and customers while increasing first contact resolution rates and reducing errors.Automatic updates for American Express, Visa, and Mastercard: New dispute rules, including integration to Visa VROL and Mastercard MCOM, are updated bi-annua...