Pega Infuses AI into Pega Smart Dispute to Streamline Chargeback Processes
Latest version of market-leading disputes management solution helps banks speed case resolutions
CAMBRIDGE, Mass., Sept. 26, 2023 /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), the low-code platform provider empowering the world's leading enterprises to Build for Change®, today announced new enhancements in Pega Smart Dispute™ to help retail banks streamline time-consuming chargeback processes. By infusing its Pega Process AI™ technology into the software, Pega helps banks make smarter decisions to resolve each case, enabling them to save time, money, and effort while accelerating the resolution of transaction disputes and fraud claims for its customers.
Chargebacks – the process by which consumers dispute the validity of a card transaction – are on the rise around the world, partially driven by an increase in fraud. Each request kicks off a time-intensive process for the card-issuing bank, which needs to carefully investigate these disputes, determine if a refund is warranted, and work with the various payment networks' complex and ever-changing rules to process them.
Adding AI to Pega Smart Dispute to drive chargeback efficiencies
Pega Process AI combines Pega's industry-leading workflow automation with real-time AI-powered decisioning, natural language processing (NLP), and complex event processing to optimize and automate business processes. It simplifies complex real-time decisioning with data-driven, AI-infused arbitration to resolve cases quickly and efficiently. Pega Process AI continuously learns from the outcomes of its previous predictions and decisions, helping to improve accuracy and effectiveness over time. Pega Smart Dispute comes preconfigured with Pega Process AI use cases to predict chargeback outcomes for network acceptance and representments. Pega Process AI can also escalate work that maybe in danger of missing a deadline or to optimize workflows to make processes more efficient. Clients around the world leverage Pega's AI engine to make hundreds of millions of decisions every day.
Extending the value of Pega Smart Dispute
Pega Smart Dispute governs payment dispute and exception processes throughout the payment lifecycle across any channel – managing all aspects of this unique 'moment of truth' in banking. It provides a centralized resource to both guide employees in agent-assisted channels and automate processes within self-service channels. This helps issuers unify dispute and fraud claim operations to increase efficiency, customer satisfaction, and compliance. Built on Pega's leading low-code platform, Pega Smart Dispute also enables clients to adapt rapidly to changing conditions and new payment types for rapid extensibility.
This latest version of Pega Smart Dispute is available today. Pega Process AI is licensed separately. For more information, visit: www.pega.com/industries/financial-services/smart-dispute.
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SOURCE Pegasystems Inc.
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