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Quavo releases new automated ACH capabilities for its platform

Wednesday 31 January 2024 13:45 CET | News

Fraud and dispute management SaaS solutions provider Quavo has released new automated ACH capabilities to its cloud-based dispute management platform, QFD.

 

These include additional claim reasons in the intake questionnaire, as well as a verbal attestation functionality for WSUD compliance. This announcement follows the SaaS company's recent product upgrade to the RTP, Zelle, and Bill Pay dispute investigations.

Improved capabilities to support back-office ACH investigations

As the official press release shows, Quavo aims to reduce the inconvenience faced by account holders as much as possible. Moreover, the ACH process is currently inconvenient for consumers, with banks requiring physical or digital signatures. Therefore, after studying Nacha regulations, the company have developed a verbal attestation solution that eliminates the need for manual signature requirements. In addition, Quavo has reimagined ACH requirements for the automated back-office operations that are needed to support account holders today and in the future.

Quavo's first client to implement this improved ACH functionality completed its first automated return on August 12, 2023. Since then, 25 banks have completed 12.436 returns, recovering USD 7.69 million in funds without human intervention.

Quavo's most recent product release includes improved intake questionnaires and additional claim reasons to support back-office ACH investigations. Back-office operations are now completely up to date with automated return capability, enabling straight-through processing on ACH disputes. Additionally, QFD now features a new signer disclosure that allows verbal attestation during claim intake. When enabled, QFD prompts agents to read a disclosure to the cardholder, fulfilling the WSUD requirement by Nacha without requiring a signature.

More about Quavo

Quavo is a global provider of automated dispute management solutions for issuing banks and financial organisations. Quavo's SaaS platform, QFD (Quavo Fraud & Disputes), can automate the entire dispute lifecycle, from intake through investigation, chargeback recovery, and resolution. Moreover, QFD and the back-office investigation team, DRE (Dispute Resolution Experts) work together for a partial or fully outsourced fraud and dispute processing solution. For issuers experiencing high-volume fraud claims, Quavo's automated intelligence tool ARIA (Automated Reasonable Investigation Agent) performs entire fraud investigations within seconds to deliver auto-decisions as a human would, without the risk of human error.

Extending its capabilities, in June 2022 Quavo teamed with omnichannel payments platform Qolo to reduce dispute processing costs and fraud losses for issuing FIs. Into this partnership, Qolo leveraged Quavo's automated QFD software and Dispute Resolution Experts human intelligence service to simplify payments for its clients while lowering the cost of dispute management.


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Keywords: fraud management, fraud detection, SaaS, ACH, digital signature
Categories: Fraud & Financial Crime
Companies: Quavo
Countries: World
This article is part of category

Fraud & Financial Crime

Quavo

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