Both Companies Look To Partnership To Expand US & International Growth
LOS ANGELES, CA; November 17, 2015 – Verifi and Lean industries today announced the boarding of their first major issuing bank through their Chargeback Dispute Automation Partnership. Launching a top 20 US issuing bank is a crucial early win as both parties roll out their collaboration to Lean’s base of participating issuers using their AdjustmentHub dispute management system. The companies process hundreds of thousands of dispute cases monthly and provide merchants and Issuers unmatched protection through near real-time collaboration for both fraud and non-fraud chargebacks.
Verifi, Inc. is the leading provider of payment and risk management solutions for card-not-present merchants. Lean Industries is a provider of dispute automation solutions to companies that process and manage electronic payments. The partnership integrated Verifi’s award-winning Cardholder Dispute Resolution Network® (CDRN®) for card issuers with Lean Industry’s AdjustmentHub platform to facilitate seamless collaboration for addressing fraud and non fraud related customer disputes across the payments ecosystem. CDRN directly integrates with issuers to provide merchants visibility into fraud and non fraud customer disputes in near real time. CDRN provides unmatched service quality and accuracy for merchants and issuers to resolve these disputes without escalation to stop costly chargebacks while improving cardholder satisfaction and significantly reducing costs. CDRN’s unique and patented, closed loop process stops chargebacks while avoiding false positives that result in lost sales, increased manual review time and decreased profits.
The partnership combines two industry leading solutions that significantly reduces case management costs, increases the efficiency by which banks and merchants can resolve disputed payments and dramatically minimizes chargebacks and cardholder dissatisfaction.
“We are excited to launch our first issuing bank client through our partnership with Verifi’s CDRN network and we expect new issuer growth for both US and International markets near term,” said Jim Schlegel, Director of Sales & Marketing at Lean Industries. “We chose to integrate with CDRN based on their leadership position in chargeback prevention and risk mitigation. Chargebacks and the manner in which they are addressed are a significant and growing problem, negatively affecting the entire payments ecosystem. Merchants are subjected to fines, extra labor costs and potential loss of their processing rights. Issuers assume additional customer support costs and consumers suffer via increased fees and increased friction in the sales process due to fraud prevention. Our combined platform streamlines the process to effectively meet these challenges. By bringing together two best-in-class solutions, we are addressing the most challenging problem facing the industry. Merchants will benefit from lower costs and risks, as well as reduced losses in goods and services. Issuers will experience a reduced compliance burden, lowered dispute costs and an enhanced customer experience.”
AdjustmentHub™ from Lean Industries is used by issuers, processors and acquirers around the world to reduce the financial impact of disputed payments. It is a highly-configurable tool that allows clients to utilize a workflow-based approach to eliminate manual processes, and automate and expedite actions in the dispute workflows through integration with payment systems and networks that are party to the dispute resolution process – including CDRN from Verifi.
“Chargebacks are a $40 billion problem for our industry,” said Matthew Katz, CEO of Verifi. “Our partnership with Lean supports our commitment to improving the payments ecosystem and helping to create a better and more efficient mechanism to resolve costly fraud and non fraud chargebacks for all parties, issuers, merchants and cardholders alike. Our combined platforms are a key building block in our CDRN growth strategy. With the new bank partners Lean has slated to board in 2016 alone, we expect to extend our US issuer participation by about 33% and internationally beyond that.”
Verifi, an award-winning provider of end-to-end payment protection and management solutions, was founded in 2005 to help merchants effectively manage the payments challenges they face every day. Verifi helps merchants safely process payments, combat fraud, prevent and resolve costly chargebacks, as well as increase billings and keep loyal customers. Our best-in-breed solutions and white glove support are trusted by a wide range of industries from emerging companies to the Fortune 500. Headquartered in Los Angeles, California, we process more than $20 billion transactions annually and currently serve more than 12,000 accounts globally. For more information, visit: www.verifi.com.
About Lean Industries
Lean Industries develops and delivers software solutions designed to lower the costs and improve the quality of managing disputes, exceptions and adjustments for electronic payment transactions. Our solutions enable organizations of all types and sizes to become highly efficient and productive through extensive process automation, elimination of paper-based practices, and integration with critical enterprise payment applications. Our people are experts in this field and provide implementation, training and customization services to match your company’s needs. For more information, visit: www.leanindustries.com.
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