VECTORsgi Solution Automates Complex Reg E Transaction Dispute Resolution

Monday 15 March 2004 16:56 CET | News

VECTORsgi, has released VECTOR:Resolve-RegE, its new solution to address many types of disputed electronic financial transactions.

The solution gets its name from the Federal Reserve Bank (FRB) regulation that governs certain electronic payments called Regulation E, which are regulated under rigid rules and must be resolved within a specific time frame. If the disputes are not settled in a timely manner the bank incurs the loss. VECTOR:Resolve-RegE will help financial institutions adhere to those guidelines as well as internal policies and procedures. Resolve-RegE will address the resolution of ATM and Debit/Check Card disputed transactions, covering more than 20 different claim types, including those originating from banks proprietary ATMs, national and regional ATM networks, POS debit card claims and ACH unauthorized and revoked claims. The widespread use of electronic transaction methods has drastically increased payment disputes, and banks are hard pressed to track and monitor the claims before the mandated deadline for chargebacks, re-presentments and requesting sales drafts. Difficulty in managing that workload is a key contributor to incurring losses, which cost the banking industry millions of dollars annually. The solution for banks in the past has been to hire more people to address e-payment disputes. VECTOR:Resolve-RegE will not only help banks meet the Reg E mandated timeframe for dispute settlements, but will also reduce the manual research and monitoring involved. Even though it is a new solution, VECTOR:Resolve-RegE has a built-in, proven workflow engine that can be customized to fit within the parameters set by the installing banks. The solution also has built-in fraud detection features that will help banks quickly identify recurring trends and potential fraudulent and improper transactions. The system is delivered with required workflows predefined.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce