Visa Launches New Tools to Modernize Dispute Resolution

Visa has unveiled six new dispute resolution tools designed to modernize the traditional dispute resolution process, which has been characterized by high costs and complexity. The initiative aims to assist merchants and financial institutions in cutting administrative costs and reducing fraud-related losses.

Andrew Uaboi, Vice President and Cluster Head for Visa West Africa, stated that outdated technology strains the payment ecosystem, leading to frustration among consumers and increased costs for merchants and financial institutions. The expanded suite of dispute resolution services will provide clients with visibility and support for launching new products to grow their businesses.

Visa's dispute resolution network will streamline pre-dispute handling, allowing merchants to resolve potential disputes more efficiently and accelerate resolution, thereby reducing operational burdens. The tools also include a predictive score to maximize recovery and insights to help prevent unnecessary disputes from arising.