FINBOA Launches Recovery Assist to Enhance Payment Dispute Process with Visa Verifi™ CDRN®

FINBOA Unveils Recovery Assist for Automated Payment Dispute Resolution

In an era where the financial landscape is increasingly complex, FINBOA, Inc. has stepped up to introduce "Recovery Assist," a groundbreaking solution designed to transform how payment disputes are managed. With the integration of Visa Verifi™ Cardholder Dispute Resolution Network (CDRN®), this new tool promises not only to enhance operational efficiency but also to significantly improve cardholder satisfaction.

The Challenge of Payment Disputes

As the volume of payment disputes escalates, financial institutions face mounting pressure to streamline their processes and enhance resolution times. The conventional chargeback methods are often riddled with delays, sometimes taking weeks of cross-communication between issuers, merchants, and payment networks. This not only inflates operational costs but also frustrates customers who seek prompt resolutions.

Introducing Recovery Assist

Recovery Assist steps in as a solution that automates the pre-chargeback resolution process. This allows dispute teams to manage everything from case intake to case management and chargebacks within a unified workflow. Raj Singal, CEO and Founder of FINBOA, enthusiastically claims, "Financial institutions shouldn't have to choose between delivering an exceptional cardholder experience and operating efficiently." With Recovery Assist, time-consuming manual coordination is significantly reduced.

Key Features of Recovery Assist

1. Automated Pre-Chargeback Resolution: Instead of launching immediately into traditional chargebacks, the tool provides participating merchants with the chance to address qualifying disputes directly. If they resolve the issues, customers can receive refunds swiftly, leading to expedited resolutions and improved customer sentiment.
2. Real-Time Dispute Management: By leveraging Visa Verifi™ CDRN®, Recovery Assist offers near real-time dispute resolution. Merchants can review and resolve disputes proactively before they escalate to chargebacks, helping to prevent unnecessary costs.
3. Single Integrated Workflow: Recovery Assist is built directly into FINBOA Payment Disputes, allowing financial institutions to handle all aspects of dispute management within one platform. This greatly enhances operational efficiency, reduces manual data entry, and mitigates errors associated with using multiple systems.
4. Significantly Faster Resolutions: The tool has shown the potential to resolve disputes in an average of just 17 hours, a stark contrast to the traditional 24-day processing time, thus improving overall cardholder satisfaction.
5. Scalability: Financial institutions can expand their dispute operations without needing to proportionally increase their staffing, thanks to the streamlined processes that Recovery Assist offers.

Join Our Upcoming Webinar

To fully showcase the capabilities of Recovery Assist, FINBOA will host a free webinar on August 18 from 12:00 to 12:30 PM Central Time. Attendees will gain insight into how the tool can modernize dispute operations and improve efficiency. Registration is open on the FINBOA website.

About FINBOA

Founded with a mission to support financial institutions, FINBOA offers robust intelligent process automation software aimed at simplifying compliance processing. Their solutions, including Payment Disputes and Exception Management, are trusted by over 500 financial institutions nationwide. FINBOA’s headquarters is located in Houston, where they continuously innovate to help clients reduce operational costs and achieve strategic goals. For more details, visit www.finboa.com.