The Financial Services Forum (“FS Forum”) has selected Verifi, Inc.’s collaboration solution Order Insight as winner of its 2018 Product and Services Innovation Award for Payments. Verifi’s Order Insight was celebrated by FS Forum for successfully reducing transaction disputes and chargebacks, providing consumers with transparency in merchant billing information and an improved post-purchase experience.
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 consumers to review transaction details via issuer-hosted mobile application or an online banking portal, reducing billing confusion and instances of disputed transactions. Issuer call centres can also access order details to validate sales and deflect unwarranted disputes in near real-time.
“Live since 2016, Order Insight has proven to help merchants deflect up to 55% of their disputed transactions” said Matthew Katz, Founder and CEO of Verifi. “This results in a beneficial impact on operational efficiencies, reduced fraud rates, and increased profits for merchants and issuers alike. Invariably, costs to merchants and issuers incurred from disputes and chargebacks are passed along to the consumer. The increasing adoption of Order Insight helps reduce those costs, in addition to providing a more informed and improved consumer experience.”
Recognising innovation in financial services, the FS Forum Awards celebrates technological developments that deliver tangible benefits to consumers and providers. The FS Forum Awards focuses on the overall impact that innovation has had on the payments sector and consumers. According to a Javelin Research Study, commissioned by Verifi, up to 34% of disputed transactions are caused by friendly fraud or lack of information. Order Insight highlights the importance of using data-sharing and collaboration solutions to reduce the negative impacts chargebacks have on merchants, issuers, and ultimately consumers.