Money 20/20: A Recap
Money20/20 USA was held in Las Vegas from October 27-30. It’s one in a series of regional Money20/20 conferences that take place in the U.S., Europe and Asia.
This was the first time Finscend participated in a Money20/20 event, and even though we’ve now been back at our desks for two weeks, we’re still amazed at what a great opportunity it was.
Sure, the organization was superb. The service was perfect. The speakers were top-notch. And the venue, well, what else can we say. But the primary reason why Money20/20 USA was a great opportunity for us is that Finscend was singled out as an up-and-coming innovator in the payments ecosystem. Its Artificial Intelligence-powered Bank Dispute Platform™ is the newest technology for handling card dispute resolution and is capable of auto-decisioning complex scenarios.
We spoke with banks, credit unions and other credit card issuers, as well as VCs. The feedback we received was overwhelming.
What resonated most with everyone we met was BDP’s potential to revolutionize the entire card dispute process. Currently, consumers who want to reverse a card transaction must contend with the existing manual process, which uses technology developed a generation ago. Onboarding a dispute, the traditional way takes an average of three hours. BDP, however, reduces that to a mere three minutes!
In addition to showing a demo on how the BDP handles complex dispute resolution scenarios, delegates asked us if BDP could be just as adept in identifying “friendly fraud.” Indeed it is! For readers who aren’t familiar with the term, “friendly fraud” refers to unjustified disputes filed by dishonest consumers in the hope of squeezing some undeserved money out of a merchant. BDP weeds out undeserved chargeback requests as well as expedite those of cardholders who truly do deserve to recover their funds.
We returned from the conference with a list of financial institutions ready to get started. Contact us at [email protected] for more details.