Integration Enables Card Issuers to Automate Dispute and Fraud Related Recoveries, Eliminate Operational Costs Associated with Chargebacks and Preserve Customer Experience
Ethoca, the industry standard for collaboration-based technology solutions that enable card issuers and online merchants to increase card acceptance and stop ecommerce fraud and disputes, today announced a partnership with Lean Industries, a leading provider of dispute management software solutions. Now any card issuing bank using Lean’s AdjustmentHub™ dispute processing platform will be able to automatically connect to Ethoca’s Global Collaboration Network to easily resolve fraud and customer disputes – avoiding the costly and labour intensive chargeback process entirely.
With customer experience and maintaining top position in the cardholder’s wallet as chief concerns, card issuers also struggle to cope with the increasing volume of costly fraud claims and dispute cases that put additional pressure on operating margins. Ethoca’s flagship service – Ethoca Alerts– solves this problem by giving merchants an early warning on customer disputes and fraudulent transactions that have already been confirmed by the bank with their cardholders. Merchants act on alerts immediately by stopping the fulfilment of fraudulent orders and issuing cardholders a refund to avoid the costly chargeback process. This in turn enables card issuers to eliminate operational costs associated with chargebacks and speeds the recovery of dispute and fraud losses, while ensuring a better experience for cardholders.
To increase the level of automation and speed of resolution for disputed transactions, AdjustmentHub will send disputed transaction data to Ethoca in near real time. After Ethoca’s merchant customers resolve the cardholder’s reason for dispute by issuing a refund, Ethoca Alerts sends the response back to AdjustmentHub, where the open dispute case will be updated to reflect the successful outcome of the issuer-merchant collaboration. This seamless, end-to-end process ensures no chargeback will be processed. AdjustmentHub from Lean Industries is used to manage tens of thousands of disputes each month across its issuing customer base and the integration with Ethoca Alerts is available for issuing customers worldwide.
“We make participation in the Ethoca Network virtually effortless for our card issuer customers – with no added IT burden or heavy integration required to start seeing value day one,” said Trevor Clarke, Co-Founder and EVP, Issuer Relations at Ethoca. “Through our integration with AdjustmentHub, card issuers can make their entire fraud and dispute recovery process faster, easier, more accurate and more cost-effective, while creating a vastly improved experience for cardholders. Card issuers can also recover a wider range of disputed transactions, including low value and 3DS purchases that are typically non-recoverable.”
“We share a common mission with Ethoca: our companies seek to provide faster, lower-cost dispute resolution and fraud mitigation services for the card issuing community,” said Lean Industries Chief Executive Officer, Bjorn Larsen. “Together, Lean Industries and Ethoca will increase the level of interaction between card issuers and merchants, empowering both parties to reduce the impact of costly and lengthy fraud and dispute handling processes.”
Ethoca’s global network is growing quickly around the world and includes the largest merchant and card issuer footprint in the industry. Merchant coverage includes seven of the top ten ecommerce merchants, the world’s largest digital goods brands, and more than 137,000 enrolled merchant descriptors. More merchant participation drives dramatically higher fraud and dispute related recoveries for Ethoca’s card issuer customers, now numbering more than 555 worldwide. These include six of the top ten U.S. issuers, 21 in EMEA (including nine in the UK), nine in Canada, two of the top five card issuers in Australia and more. Ethoca’s Global Network now spans more than 37 countries.