François Chung, Ph.D.

Tag: fraud loss

Visa Claims Resolution

Visa Claims Resolution

FIS project @Brussels, Belgium (2018). It can take up to 100 days to resolve a chargeback, which means for a merchant over 3 months worrying about the disputed transaction. This is why Visa released in April 2018 its new global dispute resolution process: Visa Claims Resolution (VCR). As a consequence, disputes are now moderated by Visa’s automated tool Visa Resolve Online (VROL). Objective is to cut down on time, cost, and the number of chargebacks.

One of the main features of VCR is that invalid chargebacks are eliminated whenever possible. This means if a customer tries to initiate a chargeback when it is past the time limit, or when minimum criteria are not met, Visa will block the dispute from becoming a chargeback. Requiring this extra information from the beginning reduces unnecessary chargebacks, helps merchants understand why the chargeback occurred, and ultimately saves time for everyone involved.

Here are other important VCR features:

  • Time limit change: merchants have 30 days, instead of 45 days, to respond to a Visa chargeback;
  • Dispute workflows: new workflows are Allocation (fraud and authorization chargebacks) and Collaboration (interaction required between merchants, acquirers and issuers);
  • New reason codes: there are 4 dispute categories:
    • 10 - Fraud;
    • 11 - Authorization;
    • 12 - Processing Errors;
    • 13 - Consumer Disputes.

Within CBK product implementation teams, my role consists in discussing, clarifying and taking note of the VCR requirements expressed during on-site workshops by the clients with respect to their business processes (e.g. business, clearing, IT). These requirements are then analyzed and documented at the office, and finally validated through an agreed scope document.

References

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CBK software (FIS project)

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VCR – Visa Claims Resolution
FIS – Fidelity National Information Services Inc.

CBK software

CBK software

FIS project @Brussels, Belgium (2017). CBK is a chargeback processing software provided by FIS, which resolves disputed transactions while minimizing fraud loss. CBK is implemented at major banks and card processing centers, offers one single interface to cover all types of exception processing problems, cutting down operational costs, ensuring real financial control and relieving users from repetitive and highly time-consuming tasks to focus on decision making.

Key benefits of CBK are:

  • One single solution for both issuer and acquirer exception processing;
  • Support of the whole chargeback cycle (e.g. retrieval requests and miscellaneous);
  • Easy direct access to the original transactions;
  • Easy user interface to all data (e.g. clearing items);
  • Fast and easy generation of reports and statistics.

More precisely, some of the main features of CBK include:

  • International, domestic and on-us dispute management;
  • Multi-currency, multi-bank and multi-platform solution;
  • Fraud reporting and deadline control;
  • EMV compliance and clearing rule validation;
  • Interfaces to card, merchant and document management systems;
  • Interfaces to accounting systems;
  • Business rule automation;
  • Modular architecture and open database system.

Within the CBK team, my tasks are related to business analysis (e.g. product presentation and meeting the client to discuss its business needs), software implementation (e.g. configuration of the solution within the client’s environment and post project support) and project management (e.g. project coordination during the software implementation phase).

References

Related article

Learn more

FIS – Fidelity National Information Services Inc.