Partnership Reduces Operational Costs and Inefficiencies for Card Issuers While Increasing Cardholder Satisfaction
LOS ANGELES, CA–(September 8, 2015) – Verifi, Inc., the leading provider of payment and risk management solutions for card-not-present merchants, announced a global partnership with Pegasystems Inc. (NASDAQ: PEGA), the software company empowering the world’s leading enterprises with strategic business applications, that will enable credit card issuers to dramatically speed the resolution of cardholder transaction disputes, resulting in lower operational costs and higher customer satisfaction.
According to Aite Group, the total dollar value of payment cards is estimated at approximately $8 trillion worldwide, with a conservative chargeback percentage of .05 percent, or approximately $40 billion[i]. Pegasystems and Verifi have partnered to positively impact those chargeback costs for global businesses. This combined solution will not only better automate the way banks manage chargeback cases but also disintermediate some of the more tedious processes by directly connecting banks and merchants. This reduces the inherent inefficiencies for retail banks handling inevitable chargebacks while providing customers with a faster resolution to their issues.
Retail banks that automate their chargeback case management through Pegasystems’ Smart Dispute for Issuers can now seamlessly connect to Verifi’s Cardholder Dispute Resolutions Network (CDRN™) for direct-to-merchant resolutions. Verifi has relations with more than 8,900 global accounts that will enable Pegasystems customers to bypass several costly and time-consuming steps in the chargeback process. As disputed cases are quickly resolved in CDRN™, Smart Dispute for Issuer records will be updated automatically for the customer service agent, reducing the time needed to spend closing each case and helping customers reach a faster outcome.
“Our relationship with Pegasystems is a natural fit, and we are thrilled to offer their issuer network a platform to seamlessly resolve chargebacks, streamline operations, and improve the experience for the cardholder,” said Matthew Katz, CEO of Verifi, Inc.” By bringing cardholder disputes to the forefront, both companies will be able to focus on driving customer efficiencies, a key initiative for Pegasystems and Verifi.”
“This partnership with Verifi is a win not only for our retail bank customers but also for any cardholder who has experienced the pain of dealing with inaccurate or fraudulent charges,” said Scott Andrick, Director, Retail Banking and Cards, Pegasystems. “This integration with our application will significantly reduce the time and effort needed to bring chargeback cases to a quick resolution – which can ultimately turn a difficult situation into a more loyal customer.”
Available as a fully managed service or via its self-service merchant portal, CDRN™ processes hundreds of thousands of chargebacks every month for businesses of all sizes ― from emerging companies to some of the largest Fortune 500 brands. Covering both fraud and non-fraud related chargebacks, CDRN™’s easy set options require little to no IT involvement and can go live in just days.
Powered by the Pega 7 platform, Smart Dispute for Issuers breaks down operational silos by enabling increased business agility to help automate timely resolution of disputes, claims, and chargebacks. By improving straight-through-processing rates for basic disputes, organizations can focus resource efforts towards priority cases.
For more information about Verifi, visit: www.verifi.com. For more information about Pegasystems, visit: www.pega.com.
Verifi, an award-winning provider of end-to-end payment protection and management solutions, was founded in 2005 to help our clients 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.
Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 2000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use and global scale. For more information, please visit us at www.pega.com.
# # #
[i] Aite Group Research, April 2015