US-based digital workflow company ServiceNow has announced a five-year strategic collaboration with Visa , aiming to launch additional solutions and capabilities. As per the information detailed in the press release, the initial phase of the collaboration between ServiceNow and Visa is set to include the introduction of ServiceNow Disputes Management, Built with Visa, a single and connected dispute resolution solution for issuers.

Considering that currently the process of managing disputes involves several systems and teams, many financial institutions leverage siloed solutions that are not fully integrated. The dysconnectivity present in this approach can create complexity, delay crediting and resolving disputes, potentially generate losses, and impact the customer experience. ServiceNow – Visa collaboration objectives With the ServiceNow Disputes Management, Built with Visa solution, the two companies merge ServiceNow’s AI-enabled platform and its Financial Services Operations solution with Visa’s deep technology investment.

According to company data, Visa supports the prevention of approximately USD 30 billion in fraud for consumers and small businesses leveraging technology, such as tokenisation and AI, deployed throughout the entire payments ecosystem, including dispute management. Representatives from ServiceNow underlined that the collaboration with Visa is based on a shared commitment to create improved products that help financial institutions increase employee productivity, develop enhanced customer experiences, and drive business expansion. ServiceNow intends to enable the progression of the payments industry by making Visa’s services available through its platform. Visa’s officials stated that the partnership with ServiceNow focuses on helping issuer partners resolve disputes more efficiently.

Additionally, the two companies intend to provide clients with improved technological solutions and to allow them to deliver enhanced experiences to their customers. ServiceNow Disputes Management, Built with Visa capabilities The solution aims to unify the entire dispute management process, including investigation and final resolution, and integrates a single experience for solving disputes to enable employees to have better engagement with cardholders, dashboards, automation, alerts, and the ability to audit all transactions. ServiceNow Disputes Management, Built with Visa provides a user-friendly platform that allows financial institutions to make updates to their processes, and generative AI-enabled experiences that support customer intake and agent investigation.

Additionally, it integrates constant modifications to dispute rules and applies industry practices for processes, workflows, and fraud mitigation. ServiceNow underscored its commitment to improving financial services with additional products and services. The initial integration between the company and Visa represents the inception of a more extensive, multi-phased relationship, with the two enterprises planning to continue to develop solutions and distribute Visa products to joint customers. .