Virtually every financial institution would agree that automating their fraud and disputes process would significantly improve cross-departmental operations, as well as account holder experience, but most teams are still using manual workflows. Why is that?
Quavo experts put together a list of the top 5 obstacles issuers face when bringing on a typical chargeback management software, and how Quavo’s unique automated software solves each obstacle for quick and seamless integration.
One of the biggest challenges issuers face when looking to streamline processes with automated software is lengthy and costly implementations. Most fraud and dispute platforms, tools, and outsourcing firms promise great results, but they require customized platform integrations and seemingly endless IT and operational resources from the issuer.
On top of a lengthy and costly implementation period, financial institutions are often left with platforms that they either a) cannot customize to grow with their business, b) that can be customized but only with a costly re-installation or c) is not updated with the latest regulatory or association-driven rules. Understandably, issuers hesitate to implement automated fraud and dispute solutions, especially if the cost in resources, time, and money far outweighs the benefits they experience. That is why Quavo offers an entirely different dispute management solution. One that is accessible for financial institutions, no matter what their current dispute process may be. Quavo solutions can even be leveraged as a road map for financial institutions to bring a previously outsourced fraud and dispute expertise and management process in house.
QFD® software is the only cloud-based, automated dispute management software as a solution that streamlines processes from intake to resolution. Using cloud-based software like QFD™ eliminates lengthy and complex implementation periods. The cloud platform allows our team to instantaneously update QFD™ with the latest technology, data exchanges, and association mandates.
All Quavo dispute management solutions are continuously and completely supported by a robust team of highly experienced analysts and IT developers. We are so confident in our technology, that we created an entire list of all the things not required to implement QFD™ software.
1. No Lengthy On-Premises Installation
QFD® is a cloud-based dispute management software. This eliminates the need for an on-premises installation that requires significant support from your IT team. Your IT team will not be called upon to spin servers, patch comp fixes, or handle platform security.
2. Software that Works with All Core Banking Processors
Quavo’s dispute management software can integrate with any core banking system. Our software has been successfully integrated with solutions like Symitar Epysis, Fiserv, Co-Op, FIS, and many more. If we have not integrated with a client’s core processor, we offer a phased implementation ensuring you have access to our software while we fully integrate with your core.
3. Software Designed to Guide and Train Staff
QFD® software makes every user a fraud and dispute expert through specific questionnaires created to get the right information during the intake process. Our automated workflows are designed to get the exact information required by association mandates. This enables your team to provide consistent decisions.
4. No Annual Budget Proposals
Our solutions require zero implementation fees. Our automated dispute management platform, QFD™, pricing is based on transaction volume and is continuously supported by our team of experts and IT staff. If you are looking to outsource fraud and dispute investigations, QFD™ software may be combined with our Dispute Resolution Experts™ back-office investigation team.
5. No Minimum Transaction Requirements
QFD® increases your savings per transaction – for all transactions by preventing losses to auto write-offs. With QFD’s automated workflows and data exchange capabilities, fraud analysts can catch all instances of true fraud, no matter the dollar amount.