The use of cash and checks continues to decline as the volume of digital payment transactions rapidly increases. Driven by eCommerce and the wide spread adoption of electronic payment options, financial institutions are seeing growing revenues from the increase in electronic payments from their customers, giving rise to a growing number of electronic payment disputes. Most banking institutions struggle to address and resolve these disputed transactions quickly and accurately for their customers. Paper-based processes are not scalable, accurate or reliable. Inadequate communication and missing or incomplete data can prolong dispute resolution. Time is wasted and customers are unhappy.
Read the full article on Bank Business News.