The COVID-19 pandemic has taken a toll on eCommerce around the globe. We saw factories and warehouses slow operations – or cease work entirely – causing knock-on effects for global and domestic supply chains, which have also been impacted by border restrictions and social distancing measures.
While consumers have been confined to the safety of their own homes, they have taken to online shopping, which has helped countries achieve the most ideal social distancing measures, while leapfrogging businesses into the digital space. However, the same customers and businesses have been relying on supply chains that are hindered by the side-effects of COVID-19, meaning there have been issues with orders arriving late or not arriving at all.
Meanwhile, with the internet becoming the main port of call for shoppers, they are shrouded by online anonymity and friendly fraud has become increasingly easier to commit, while there is no-one at the point of exchange to confirm whether orders arrived intact.
Consequently, industries are suffering chargeback losses 10 times higher than before the pandemic, and companies throughout the entire payments value chain must face up to the growing threat if they are to recover once the virus has abated.
Fi911 Addresses the Needs of Financial Institutions
With the pandemic digitalizing the way we shop, in the “new normal” businesses and consumers will both depend on an eCommerce system that is reliable and efficient, and financial institutions will play an important role in maintaining this – especially when it comes to managing the chargeback problem.
Most don’t see the intricate and often fragmented network of issuers, acquirers, card associations, and merchants that handle the complexity of chargeback claims. And, to ensure that this process runs smoothly, the disconnect felt throughout the financial and eCommerce industries must be mended. The key is collaboration; when we work together, we’re actually more powerful than we realize.
Since the pandemic began, it’s been clear that this complex ecosystem can’t be changed with low-tech solutions, and more than ever it’s critically important to equip financial institutions with the best possible tools for today’s problems.
To ensure this is the case and to mend the disconnect being experienced by all involved, Chargebacks911 has launched its new brand Fi911, specifically for financial institutions. It provides them with a suite of next-generation chargeback and merchant lifecycle management technology that streamlines complicated processes using cutting-edge artificial intelligence, highly agile machine learning, advanced analytics, and time-saving algorithms.
Intricate and complex tasks, like chargeback lifecycle processing and other manual workflows, can be seamlessly optimized through the Fi911 platform, while financial institutions can manage their entire ecosystem, improving communication between organizations in the payment network.
What Does Fi911 Offer?
Fi911 supplies financial institutions with more intelligent tools, data connections, and flexibility, to encourage stronger data-led decision-making and promote proactive action during all chargeback-related activities.
Solutions, such as its proprietary DisputeLab™ technology, make chargeback dispute resolution faster and more efficient by optimizing each step in the dispute cycle. At the same time, it also offers merchant onboarding, post-transaction monitoring, lifecycle management, and reconciliation services, to help streamline complex internal processes.
Our product suite is entirely customizable. This enables institutions to easily cater to their customers’ needs while remaining compliant with industry regulations and best practices.
Components can be reconfigured in real-time to respond to changes in policy, and to adapt to day-to-day business needs as they develop. In addition, any changes to logic, rules, routing, decisions, and associated configuration can be made without the need to incorporate additional technology.
Organic Collaboration Between FIs and Service Providers
Fi911 is a first-of-its-kind product. Its focus on financial institutions sets the platform apart from any other chargeback service currently available. It was developed in collaboration with some of the world’s largest financial institutions and payments processors, giving us a clear and intimate understanding of the industry’s needs.
The brand offers intelligent, scalable options on a modular FinTech platform. It’s powerful and interconnected, yet decentralized and is able to quickly solve complex, interdependent problems, allowing businesses to face the sudden chargeback spike that has been experienced during COVID-19.
To learn more about Fi911, visit www.fi911.com