St George Bank has signed a $1.5 million contract with US-based electronic payment infrastructure solution provider Trintech for back-office technology to resolve credit card payment disputes.
Building on a 14-year relationship with eFunds International (the sole reseller of Trintech's Payware Resolve' software range in the Asia-Pacific region), which manages St George's ATM and Eftpos network, St George will go live with the solution in October, the bank's chief manager of electronic solutions Martin Eltoft told Computerworld.
The bank will use the software to streamline the way it manages disputed credit card payment transactions, cut costs, boost productivity and improve customer service levels through consistent management of payment disputes. The solution also automates fraud and risk management for issuers, financial transactions processors and merchants, according to eFunds.
"Customers get ticked off being pushed from pillar to post and this solution has the ability to solve the customer's dispute straight away," said eFunds Asia Pacific managing director Ray Whiteside.
The system has in-built rules to manage payment disputes on major credit cards like Mastercard and Visa.
Because the system automates the dispute resolution process, it reduces the need for paperwork. So while single cases processed via the previous paper-based system took anywhere up to two months, the automated system cuts processing time down to days, Eltoft said.
He said the software will enable disputes management to be handled about five times faster than previous paper-based processing, while the claims processing capacity will be up to 15 times more than the old system.
While Eltoft said it is still early to quantify expected cost efficiencies, the bank will achieve "substantial" savings. Eltoft also expects to achieve a complete payback on the solution within 18 months.