Visa Prioritizes Artificial Intelligence in Its Approach to Resolving Disputes
In the rapidly evolving world of digital payments, Visa DPS is making waves with its innovative approach to dispute resolution. The Vice President of Value Added Services at Visa DPS, Shane Malloy, has announced that artificial intelligence (AI) will shift dispute negotiations from reactive to proactive procedures.
With the surge in subscription billing and eCommerce growth, legacy systems designed for simpler transactions are being strained. This has led to a significant increase in the shift of payment volume from card-present channels to card-not-present channels, and with it, a challenge in managing disputes.
Disputes, according to Malloy, are one of the highest impact moments for cardholders. Every inquiry is an opportunity for Visa DPS to help recover value for issuers and reinforce trust. In fact, a large percentage of cardholders may change their behaviour based on a bad dispute experience.
To tackle this growing challenge, Visa DPS is leveraging AI to streamline the dispute resolution process. Agentic AI, in particular, is proving to be a powerful tool. It is capable of auto-classifying disputes, validating evidence, and predicting the likelihood of resolution. This makes it especially effective for disputes involving unstructured data, multiple intake channels, and regulatory deadlines.
The use of AI is not just about speed, but also about accuracy. Issuers are currently writing off a third of their inquiries due to manual errors, wrong classifications, incomplete documentation, and missed deadlines. Visa DPS is helping issuers flag recoverable cases and automate evidence gathering to reduce unnecessary write-offs.
Moreover, AI can triage cases, help with proper classification, and route them to the right teams. This proactive approach not only speeds up the resolution process but also makes it more efficient. Faster resolution of disputes is a driver of loyalty and what Visa DPS is looking to build across the ecosystem.
Disputes have been elevated to a boardroom concern due to their impact. They are no longer just technical issues; they are critical customer touchpoints. Visa DPS aims to resolve disputes as quickly as possible, with a goal of resolving them in minutes or even seconds.
Compliance is another pressure point, and technology from Visa DPS can help automate documentation, detect anomalies, and maintain audit trails. This not only ensures compliance but also reduces the burden on issuers.
In the face of the growing complexity in dispute management, Visa DPS is positioning itself as an AI-first partner. Issuers should look for partners who can connect the entire customer journey, from fraud alerts to digital card issuance. By doing so, they can ensure a smooth and efficient customer experience, from the moment a transaction is made to the resolution of any disputes that may arise.
In conclusion, Visa DPS is leading the charge in revolutionising dispute resolution with its AI-driven approach. By making disputes a proactive rather than reactive process, Visa DPS is not only enhancing efficiency but also building trust with cardholders. This focus on customer-centric solutions is a testament to Visa DPS's commitment to shaping the future of digital payments.
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