Finscend

Intelligent
Credit Card Dispute Processing Platform

  • Enhanced workflow and analytics.
  • Compliance and regulatory control.
  • Up to a 25% reduction in operating costs and higher customer satisfaction.

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About Us

Finscend’s Banking Dispute Platform (BDP), which was introduced in 2018, is the most technologically advanced solution of its kind.

BDP was conceived and designed for banks, other financial institutions and credit card issuers by financial industry veterans who have a first-hand professional understanding of the challenges of dispute resolution.

The core of this unique solution is an AI-driven engine that streamlines the entire dispute process by offering real-time reporting, batch processing, fraud monitoring, and an an enterprise user account area. BDP employs proprietary tools to ensure that it integrates seamlessly within the banking ecosystem, and it works in tandem with Visa® and Mastercard® schemes.

By deploying BDP, banks can reduce the costs of chargebacks by an estimated 25 percent and significantly increase cardholder satisfaction.

Platform Benefits

The Finscend Bank Dispute Platform (BDP)

End-to-End Integration

Integrate all the data that is needed to handle a credit card dispute from transactions to chargeback

Real Time Analytics

With intuitive Dashboards that include drill down KPI, you can finally understand what is really going on

AI DoN Scoring

Finscend unique proprietary AI DoN (Dispute or Not) determines the best approach for each dispute

Focused Dispute Processing

Finscend’s Bank Dispute Platform helps focus dispute processing on what is needed, when it is needed. No more spending hours on disputes that end up costing your bank more money in processing than the value of the dispute.

Lower Cost & Happy Customers

Focused processing lowers costs and improves customer satisfaction. With Finscend’s BDP, dispute processing converts from regulated processing to customer satisfaction processing.

 

The Real Cost of Dispute Processing

Dispute processing is big business. Accord­ing to McKinsey Con­sult­ing the top 15 banks in the U.S.  spend $3 bill­ion annual­ly to handle their own dis­pute process­ing.

Finscend is revolu­tion­izing the way disputes are process­ed by cre­ating a solu­tion that will stream­line and simplify the entire process.

The Finscend Bank Dispute Plat­form (BDP) will reduce a bank’s dis­pute process­ing expenses by an estimat­ed 25 per­cent. This will be accomp­lished by:

  1. The creat­ion of a seamless end-to-end system that begins with cust­omer on­boarding and ext­ends all the way to charge­back pro­cess­ing (when needed).
  2. Placing all relevant in­form­ation onto one clear dash­board that allows bank perso­nnel to quickly pro­cess disputes and their manag­ers to monitor work­loads and analyze data.
  3. Providing an AI-generated score that indicates what the best outcome would be for any dispute.

Apart from slashing operat­ing costs, the combin­ation of these three crit­ical tools in one single platform will dra­matic­ally exped­ite dispute processing, ensure com­pli­ance and inc­rease customer satis­faction.

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Dispute Resolution Market

Dispute processing is big business

Visa_logo

Visa processed nearly $9 trillion in transactions in 2016 and garners over 50% of the market

Fraud-Related Disputes

The Nilson Report notes that for every $100 spent via credit and debit cards, slightly over 7% is a direct result of fraud

There are nearly one
billion MasterCard users worldwide

Finscend’s Proprietary Solution

Based on years of consulting experience

  • Today, dispute processing is carried out with few technological enhancements. Technology is being used, but not in a consistent end-to-end fashion. It does not necessarily connect all the critical data points or even assist in routine tasks.
  • The initial steps in the dispute process, therefore, can take anywhere from 50 to 160 minutes before a chargeback has been raised.
  • Banks should treat the dispute process like any other customer touchpoint and do what they need to do in order to retain the customer.
  • Finscend technology is based on years of consulting experience. The algorithms are being developed from methods we have used in assisting hundreds of banks process thousands of chargeback cases for cardholders.

Finscend Team

Aaron Lazor

// CEO & Founder

CEO and co-founder of FBX Group. A Chicago native, Aaron holds a B.A. in economics from the University of Illinois. He previously worked for five years as an Assistant Vice President at Chase Bank and has 10 years of experience as a Chief Financial Officer, Chief Operations Officer and Chief Regulations Officer for various European investment firms such as FXCM and Rodeler Limited.

Moshe Teren

// CTO & Founder

CTO of FBX Group. A Chicago native, Moshe holds a B.A. from University of Illinois-Chicago and an MSM/MBA from Boston University. He is a seasoned hi-tech entrepreneur with early roots in corporate enterprise technology, having worked at the Chicago Mercantile Exchange and Intel Electronics, and was VP of R&D for Wall Street-based financial tech start-up News Alert/Inlumen. Since 2000 he has founded and co-founded hi-tech startups, including Imvite (2004) and Streaming The Net (2009).

Hershel Safer

// Chief Data Scientist

Michael Cohen

// Chief Marketing Officer

 Izzy Bromberg

// Director of Product Management

Yaron Amir

// Senior DevOps Manager

Ronna T.

// Senior Programmer

M. Buxner

// Programmer

Ofir Reuven

// Product Designer

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