TEL AVIV, Israel, December 10, 2018
TEL AVIV, Israel, December 10, 2018 /PRNewswire/ --
Machine-Learning Artificial Intelligence is the Key to its Unique End-to-End Credit Card Dispute Platform for Banks
Finscend, the hot fintech start-up that has developed a unique, end-to-end credit card dispute platform for banks that is powered by artificial intelligence, received top marks from industry colleagues at the MoneyLIVE Summit 2018, Europe's leading retail banking conference, which recently concluded in London.
"The Finscend solution, which we call the Banking Dispute Platform (BDP), was created for banks by experts who work with banks, and that's who we are," notes Aaron Lazor, Finscend's co-founder and CEO. "We found that to be the key factor in communicating our concept to every banker we met with at the conference."
Hundreds of representatives of the more than 80 of the world's leading banks were in attendance.
Finscend's presentation, which was delivered by Lazor at the Fintech Central forum, was voted by peers as the "best overall pitch." In addition, Finscend was selected by participants as the start-up they were most likely to invest in and the start-up with the greatest chance of reaching scalability.
"What most impressed the attendees is that BDP is a completely customized, end-to-end system that handles all disputes, from the initial client inquiry all the way to the resolution," Lazor says. "Powered by an artificial intelligence engine, BDP electronically processes every request to open a dispute with a merchant and then categorize and calculate each one against millions of transactions and myriad data points," he continues. "The simple click of a button eliminates what has until now been the burdensome necessity to manually investigate and research every single chargeback request," he explains. "Instead, in a matter of microseconds, BDP identifies whether or not there is justification for the dispute itself," he adds. "And with the information and analytics that BDP provides, you can not only prevent disputes before they happen, but you can ensure a consistent and fair approach to handling disputes when they happen."
By deploying BDP, banks can reduce their operating costs while increasing customer satisfaction. "We estimate that we can save them 25 percent on the cost of credit card disputes while providing cardholders with a quick and consistent resolution process," Lazor concludes. "Needless to say, those are very attractive benefits to everyone."
About Finscend http://www.finscend.com
Headquartered in Israel, an international fintech hub, Finscend has developing a unique solution incorporating both an algorithm and software that works with the Visa®/MasterCard® scheme. When a bank dispute or chargeback request is opened, the solution ensures that a succinct and specific dispute file is generated, which increases the likelihood of positive outcome for the client while reducing processing time and costs for banks. The solution includes management reporting tools and an enterprise user account area, where clients can manage their entire operation. The core technology is implemented with proprietary tools.