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.
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 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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now