ServiceNow has unveiled a five-year strategic alliance with Visa aimed at revolutionizing payment services. The initial phase introduces ServiceNow Disputes Management, Built with Visa—a unified dispute resolution solution tailored for issuers.
“At the heart of our alliance is a commitment to build industry-leading products that help financial institutions boost employee productivity, create great customer experiences, and drive business growth. By making Visa’s services available through ServiceNow’s intelligent, AI-first platform, we’re powering innovation and setting a new standard in the payments industry,” said John Ball, Senior Vice President and General Manager, Customer and Industry Workflows, ServiceNow.
The current management of disputes involves navigating through various systems and teams, with financial institutions often relying on disjointed solutions that lack full integration. This approach results in complexity, delays in resolving disputes, potential financial losses, and a negative impact on customer experience. In response, ServiceNow Disputes Management, Built with Visa, offers a streamlined solution by combining the strengths of ServiceNow's AI-first platform and Financial Services Operations solution with Visa's significant technology investments.
Visa, a company that annually prevents $30 billion in fraud for consumers and small businesses through advanced technologies like tokenization and AI across the entire payments ecosystem, extends its expertise to dispute management. This collaborative effort aims to enhance efficiency, reduce complexities, and elevate the overall experience in handling payment disputes.
“Solving customer pain points is core to our business at Visa, and collaborating with an industry leader like ServiceNow will allow us to help issuer partners resolve disputes more efficiently. ServiceNow and Visa look forward to offering clients the latest technology solutions, so they can focus on delivering an excellent experience for their customers,” said Vanessa Colella, Global Head of Innovation and digital partnerships, Visa.
Facilitating the dispute resolution process
ServiceNow Disputes Management is set to streamline the entire dispute resolution process—from the early detection of suspicious charges to prompt resolution, investigation, and final resolution. This solution offers a unified platform, ensuring that employees can engage with cardholders seamlessly. It incorporates dashboards, automation, alerts, and transaction audit capabilities for a holistic dispute management experience.
Key efficiency features include a modern, user-friendly low-code platform, enabling financial institutions to swiftly adapt and enhance their dispute management processes. Additionally, including generative AI-powered experiences improves customer intake and aids in agent investigations. The solution is designed to stay dynamic with ongoing updates to dispute rules, incorporating industry best practices for processes, workflows, and fraud prevention.
As part of ServiceNow's commitment to transforming financial services, this integration signifies the initial phase of a broader, multi-stage collaboration between Visa and ServiceNow. Future plans involve developing innovative solutions and the distribution of Visa's products and services to shared customers. The collaborative efforts of ServiceNow and Visa aim to elevate the standard of dispute management for clients.
In other news, ServiceNow has announced the acquisition of UltimateSuite, a task mining company, to strengthen its process mining and intelligent automation capabilities on the Now Platform.
