Visa Adds AI-Powered Reports and Auto-Fill to Dispute Processing Platform
Visa has unveiled new features and programs designed to help merchants manage the disputes process.
These new offerings will enable merchants to streamline the process and retain or recover legitimate sales, Visa said in a Tuesday (Sept. 24) press release emailed to PYMNTS.
“Visa’s innovative new features will help resolve disputes even faster, alleviating the stress and uncertainty they create for banks, merchants and consumers alike,” Rob Cameron, global head of acceptance solutions at Visa, said in the release.
To help merchants cut the amount of time they devote to disputes, Visa will add two new artificial intelligence (AI)-powered features to its global dispute processing platform, Visa Resolve Online (VROL), according to the release.
These features include Visa Dispute Intelligence, which provides merchants with a score and report that will help them decide whether to proceed with a dispute, and Visa Dispute Document Analyzer, which auto-fills dispute forms based on documents acquirers submit on behalf of merchants, per the release.
To combat fraudulent chargebacks, Visa has updated its Visa Acquirer Monitoring Program (VAMP) to help acquirers and merchants improve risk controls and oversight and updated its dispute program rules to help merchants fight friendly fraud, according to the release.
These new features and programs are being introduced at a time when dispute volumes have leapt 50% since 2019, reaching an all-time high of 100 million disputes globally in 2023, per the release.
Some disputes are legitimate, some are fraudulent, but all require merchants to spend time and money to address them, Cameron said in the release.
“We want to save everyone time and money,” Cameron said.
It was reported in June that shoppers are getting increasingly comfortable disputing credit card charges because they have discovered how easy it is to do so.
Reducing friendly fraud can enable the industry to allocate resources more effectively to resolve legitimate disputes and provide better customer service experiences, Mike Lemberger, senior vice president, regional risk officer for North America at Visa, told PYMNTS CEO Karen Webster in an interview posted in January.
“It’s all in the spirit of getting the fraudsters out of the system,” Lemberger said.
The post Visa Adds AI-Powered Reports and Auto-Fill to Dispute Processing Platform appeared first on PYMNTS.com.