Visa plans to integrate ServiceNow Dispute Management, Built with Visa, into its Visa Dispute Management Service (VDMS) and Visa DPS Dispute Analysis and Support (DAS).
The ServiceNow platform's artificial intelligence capabilities are expected to assist in streamlining payment card dispute resolutions, helping issuers comply with regulatory requirements and reducing processing times for financial institutions.
In the company press release, officials from ServiceNow stated that financial institutions worldwide are leveraging the company’s technology to optimise customer experiences, including dispute resolution. They noted that the AI-powered platform is intended to improve operational efficiency and reduce costs for banks.
In turn, representatives from Visa DPS emphasised that integrating ServiceNow’s platform would improve the dispute resolution process for issuers. According to them, the collaboration aims to speed up case management while strengthening compliance and risk mitigation within Visa’s dispute framework.
The official press release further reports that the financial services industry continues to face challenges related to increasing dispute volumes. ServiceNow and Visa intend to further develop their dispute resolution solutions, focusing on operational efficiency and compliance. Additionally, both companies are working with Skyflow, a security and privacy firm, to enhance the protection of cardholder data during disputes and ensure adherence to PCI compliance standards.
This agreement builds upon a five-year strategic partnership announced last year between ServiceNow and Visa, which introduced ServiceNow Dispute Management, Built with Visa. The solution is designed as a unified dispute resolution platform for issuers, integrating multiple components of the dispute management process.
In essence, the two companies continue to explore ways to refine payment services and dispute management as part of their wider efforts to support financial technology solutions.
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