For financial institutions, the importance of having short dispute resolution cycles and quick to respond technology cannot be undermined. With the increasing use of technology, increased frequency of online financial transactions, there is always a threat of instances like fraud and system failures. This leads to an increase in disputes, and a need to come up with fast track solutions. Especially in times like today, when most functions are remote, Credit Unions need to be equipped with technology which enables simplify dispute resolution processes.


Listed below are some technologies which are well known for providing effective dispute management interface and processes.

1. Aithent

Aithent’s dispute management system is capable of automating the entire lifecycle of the dispute , also ensuring regulatory compliance with regulation E timeframes. We list below some features you would like to note:

• Comprehensive and reporting capabilities, including customizable reports of disputes.
• The streamlined process of each dispute.
• Every dispute is stored in a centralized accessible actionable repository.
• It is combined with Aithent Fraud Manager, enabling stronger mitigation of operational risks.

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2. BHMI: Concourse

Concourse, BHMI’s dispute workflow management software for electronic payment transactions and mobile transactions, capable of automated chargeback Take note of the following additional features:

• Control disputes based on the characteristics of the transaction.
• Administration of network-specific dispute resolutions can be automated.
• Fully compliant with Regulation E, Regulation Z.
• Real-time dispute management, and configurable work distribution.
• User- Friendly browser interface, and documents, forms management.

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3. Deluxe: DSS-TRIPS

Avoid manually intensive dispute resolution processes through Deluxe’s TRIPS. The system is equipped with a deadline awareness process with automated case acquisition. Do note these additional features:

• Easily deployed configuration capabilities and workflow interview scripts.
• Easy to custom workflows.
• Inclusive and fully integrated back-office solutions.
• Universal case resolution and powerful data management.

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4. Finboa

Finboa Regulation E dispute management solution, which has pre-programmed automation and reg E calculator which reduces errors and saves time. We list below some additional features:

• End to end process automation.
• Digital forms and integrated digital signatures.
• Can be accessed on any device of choice.
• Track customers linked to each account.
• Centralized document management.

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5. Finser

Finser’s Regulation E dispute management system, you can manage disputes and track them in a sufficiently documented process. We list some key features below:

• Track disputes for ATM, debit card and ACH cases.
• Automated generation of ledger and application transactions.
• Multiple user functionality.
• Automated creation of form letters and customized letters for your institution.    

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6. Lean Industries

Adjustment Hub from lean industries delivers solutions for disputes in financial transactions originated by consumers dealing with the card, non-card, fraud and non-fraud disputes.

• Straight through processing, with no user interaction.
• Automated logic for predefined conditions and automatically tracks compliance
• Enterprise software license structure, software can be deployed on-premise, or hosted in a cloud-based environment.
• Ongoing support and maintenance structures for mandate industry updates.

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7. Pegasystems

The solution is a ‘fit for purpose’ dispute management tool for banking and payments. The dispute process resolution is streamlined, and the claim processing is guided. Here are some more features:

• Self-service portal -Initiate disputes and track them from start to finish across preferred channels.
• Real-time case management.
• Automation and assignment of outstanding tasks.
• Built-in industry interfaces with trusted third parties and their merchant databases.
• Automated accounting rules at specific process stages.

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8. Q2 Banking: CentrixDtS

Centrix Solution is a Q2 company with a simple, full-featured dispute tracking solution that simplifies the disputed electronic transactions and their administration. Key features are as follows:

• Paperless, browser-based user experience.
• Automated posting of adjustment transactions.
• Timeline management and comprehensive reporting.
• Fraud alert module with simple fraud and breach analysis
• The core processing system, card processor, and digital signatures systems integration.

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Conclusion

With the right dispute management software, you can reduce errors and improve member retention and satisfaction. It lowers risk and improves efficiency. With automated processes, you can complete tasks on time, and your employees can be more productive. The software should help you keep your dispute ratio low.