The partnership will allow card issuing banks to rapidly plug into Ethoca’s Global Collaboration Network to automate the resolution of customer service and fraud related disputes.
Merchants will get an early warning from the Ethoca Alerts service on confirmed customer disputes and fraudulent transactions, allowing them to resolve cardholder complaints before they enter into the expensive chargeback stage.
The move helps card issuers decrease operational costs related with chargebacks and accelerate the recovery of dispute and fraud losses.
Under the partnership, any card issuing bank using Pegasystems’ Smart Dispute for Issuers can quickly connect into the Ethoca Network with minimal IT effort, accelerate the fraud and dispute recovery process without manual intervention.
Pegasystems industry principal for retail banking and cards Scott Andrick said: "Our integration with Ethoca will immediately benefit many of the world’s top card issuers that recognize the opportunity to significantly reduce the cost of customer disputes and fraud while sparing their cardholders from the pain of slow, archaic chargeback processes."
Last month, Ethoca signed an agreement with TSYS to empower card issuers and merchants in combating fraud.
Through the agreement, the companies have launched a new risk solution to harnesses card issuer-merchant collaboration to reduce fraud and chargebacks, as well as enhance customer experience.
The TSYS Transaction Recovery Network, powered by Ethoca, uses a simple process that enables speed to market and ease of integration for financial institutions.
Image: The integration enables card issuers to increase dispute and fraud related recoveries. Photo: courtesy of adamr/FreeDigitalPhotos.net.
