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ReadersSpeak
Challenges of real-time payments "Even with P2P transfers occurring in near real-time, it
dispute processing takes roughly the same amount of time to research and
return P2P funds as it does with traditional methods in
e wish to thank Cheryl the U.S. This can create issues, as payments seen as instant
Fitzgarrald, senior project can result in dispute wait times of weeks. "Reducing
manager at BHMI, a provid- research time is one way to significantly improve this. A
W er of product-based software success story is Australia’s New Payments Platform. By
solutions focused on back-office processing of electronic processing dispute investigations and payment returns
payments, sent us the following, timely commentary: "As through the ISO messaging standard, the platform is
real-time payments adoption grows, so too does the num- resolving disputes transactions in almost real-time.
ber of disputes and the need for better dispute processing.
But how do we, as an industry, create a better process for "Improving management workflows is also key to
real-time payment dispute management? mitigating the time disparity between payment and
dispute processing. Leveraging intelligent workflows
"While traditional card-based disputes are fairly straight- to automate manual processes, walking personnel
forward, the same cannot be said for real-time payments. through the steps, and auto-filling data can significantly
With The Clearing House’s RTP Network, Mastercard and streamline resolutions. "Many companies rely on legacy
Visa push payments, Zelle network and the upcoming dispute systems that weren't designed for today’s payment
FedNow, we’re seeing use cases on everything from methods. Modernizing these decades-old systems to be
payroll to account-to-account transfers, and especially more agile is the best way to prepare for the current and
P2P transactions. "P2P is daunting since disputing these future real-time payments environment."
transactions is so different from card-based options which Your experience?
have existed for years and have well-defined programs
that the public generally understands and trusts. P2P is Are you experiencing disputes in real-time payments
relatively new, with dispute regulations and procedures transactions? Let us know how you're resolving them at
still being worked out. Consequently, consumers using greensheet@greensheet.com.
P2P payments may not realize who is financially liable for
a dispute until they become involved in one.