The 2019 Emerging Payments Awards (“Emerging Payments”) has selected Verifi’s collaboration solution Order Insight as a finalist for its Best Back Office Innovation Award. Order Insight was acknowledged by Emerging Payments for effectively reducing transaction disputes and chargebacks. Order Insight provides issuers with transparency in merchant billing information, resulting in an overall reduction in operational costs and resources.
Verifi worked directly with card-issuing bank partners and merchant clients to develop a collaboration solution that helps identify fraud and reduce the number of disputes at the point of transaction inquiry. Now a growing global network, Order Insight enables issuer call centres and back office staff to access order details at the time of inquiry to validate sales and deflect unwarranted disputes in near real-time, preventing chargebacks. Consumers can also review transaction details via issuer-hosted mobile application or online banking portal, reducing billing confusion and instances of disputed transactions.
“Order Insight has been live since 2016, helping some merchants deflect up to 55% of their disputed transactions” said Matthew Katz, Founder and CEO of Verifi. “Issuers also see great benefit in how dispute deflection improves operational efficiencies, placing less demand on internal resources to manage chargebacks and reducing small-balance write-offs. The increasing adoption of Order Insight helps reduce costs related to disputes for all parties in the payments ecosystem, resulting in an improved consumer experience.”
Data-sharing is quickly becoming the standard for alleviating dispute challenges experienced by all parties in the payments ecosystem. Verifi’s customer-first approach led to the innovation and development of Order Insight, the first and leading collaboration solution to benefit merchants and issuers alike.
Emerging Payments recognizes innovation implemented in the payments industry. Now in its 12th year, the awards event to be held in October will be attended by an international audience of over 850 senior decision-makers from across the emerging payments industry. The awards are curated by an international panel of judges, many innovators of payment solutions themselves who are adept at recognizing the best new innovations in the payments ecosystem.