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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.
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