After installing QFD our clients will see happier account holders, reduced expenses, elimination of regulatory errors, and higher recovery rates. Read First Tech’s Success Story to learn more. Clients that use ARIA reduce losses to fraud claims and remove the possiblity of human error. Read the ARIA whitepaper to learn more.
Yes. Quavo’s fraud and dispute experts analyze pages of bi-annual association mandates and then work with our developers to automatically update Quavo’s software accordingly. Updates are provided to clients every April and October in accordance with any changes to network rules, significantly streamlining the fraud management process.
QFD™ automates dispute processing workflows for financial institutions and integrates with their core systems and channels, allowing account holders to report a dispute through a self-service portal, call center, or branch on a seamless and user-friendly platform. ARIA™ is our AI solution that automates the reasonable investigation process and presents AutoPay, AutoDeny, and refer decisions in real-time to your account holders and agents on every channel. ARIA is the industry’s only AI who performs the investigation, like a human would, and collects the data required by law to complete the investigation.
Features & Functions
There are 2 distinct types of Automation in QFD. The first type, automated decisions, are available for the following decision points: automatic pay, provisional credits, authorization to posted transaction matching, sales draft requests, fraud reporting, fee identification, Chargeback reason code determination, general ledger determination, automatic representment acceptance. The second type, automated functions, are available for the following actions: block and reissue card, fraud reporting, accounting, letter sending (mail, email, and secure messaging), chargebacks, and representments.
For full automation, the following integration points are required: ARN, account number, auth code, card ID, acquiring network, customer information, account information, transaction details, network integration, block and reissue, accounting, email, mail, and document storage. View some examples of our integrations.
Account holders can both create a new case and check status of a case through online and mobile banking. QFD significantly improves customer experience.
QFD requires account holder demographics (name, address, email), account details (number and type), transaction details (transaction amount, transaction date, ARN, Merchant Description, Auth Code, Entry Mode, POS, acquiring network) as well as integration to process block/reissue and process accounting adjustments. This info provides the highest chance of automated processing of disputes for both authorizations and posted transactions. In addition to this data and services QFD also integrates into Visa and MC to process recovery. When all that data is passed and those services are available QFD can easily automate up to 70%+ of the work.
If we have already integrated with your core processor, onboarding will be very quick. Depending on the scope of automation and availability of integration services required onboarding can take from12 weeks up to several months.
Quavo recommends a phased approach. Typically we suggest on-boarding agent facing intake with a largely manual back office process as Phase 1 allowing you to become accustomed to the workflow and immediately solve any SLA issues. From there we add in functions that solve typical pain points beginning with intake in digital channels, network integration and work through back office automation until all features you have requested are successfully part of your solution.
With our tiered pricing model, additional features can be added throughout the lifetime of our partnership. To learn more please contact your fraud and dispute expert directly or online.
While there are dozens of benefits of implementing Quavo’s solutions and services the most notable will be the outstanding reduction to your operating costs and assured compliance. Our clients on average see a 50% reduction in operating costs over their current fraud and disputes process. Our team keeps you up to date with regulatory requirements and the latest card association mandates.