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White Paper: Digitalised dispute resolution

Digitalised dispute resolution

Why the customer journey is crucial.

Resolving disputed transactions is one of the biggest headaches in payments. Verifi's landmark 2022 study, "The Chargebacks Triangle" described dispute resolution as “the industry’s $31 billion-dollar problem”, noting that three-quarters of disputed transactions end up being resolved by banks and cost more than $9.8 billion annually in the US and UK alone.

After COVID-19, organisations of all kinds are reporting an increase in disputed transactions, making the need for process improvements more acute. According to FIS2, disputed transactions in some verticals rose by more than 300% during the pandemic. While the company expects some normalisation as the dust settles, it seems high-dispute channels such as e-commerce will continue to grow and fraud will become more complex in general.

Historically, disputes have also been a financial problem for banks, in that once a fradulent transaction is identified, recovering funds accruing from fraud to reduce losses can, all too often, be an expensive, time-consuming and fruitless task. Reviewing these challenges, it’s clear that there are massive opportunities to deliver better service in dispute resolution while dramatically reducing cost and improving efficiency.

For more information​, please contact:

Andreas Jansson
Senior product Manager