Pegasystems, a US-based customer relationship management (CRM) solutions provider, has launched the new version of its Smart Dispute for Issuers solution.
Powered by Pegasystems’ Build for Change platform, the new solution has been added with new features including consolidation of most consumer payment disputes and fraud claims into one single solution with added coverage for ACH, ATM and PIN transactions.
The new solution not only allows banks to meet the existing regulations, but also the ability to adopt new regulations.
Additionally, the solution has been added with parent-child subcase management and processing capabilities, which will allow banks to tackle with fraud and multi-transaction claims.
With Smart Dispute for Issuers solution, organisations can increase operational efficiency, improve regulatory compliance, decrease network compliance costs, enhance customer experience, and reduce staff on-boarding and training.
Pegasystems banking industry principal, Scott Andrick, said banks are already facing significant market changes and stiff competition to provide superior customer experiences.
"They must also simultaneously comply with new and fast-changing regulations, such as by the Consumer Financial Protection Bureau.
"If banks aren’t able to quickly and properly resolve disputes, claims and chargebacks in this challenging climate, they not only risk losing their focus on customer service, but they can also experience losses or fines. Pega’s software helps banks better engage with their customers, simplify the complexity of compliance, and rapidly adapt to change," Andrick added.