ServiceNow (NYSE: NOW), the AI platform for business transformation, announced today an expansion of its strategic alliance with Visa, a world leader in digital payments.
Visa plans to use the ServiceNow Dispute Management, Built with Visa solution, which includes the AI capabilities of the ServiceNow Platform, to power Visa Dispute Management Service (VDMS) and Visa DPS Dispute Analysis and Support (DAS). Visa will use ServiceNow’s platform to further streamline costly, lengthy payment card dispute resolutions for clients, help issuers meet compliance requirements, and ultimately improve the cardholder experience.
“Banks worldwide are using ServiceNow to deliver frictionless, AI-powered customer experiences, ranging from onboarding and daily servicing to resolving disputes,” said Vidya Balakrishnan, vice president and general manager, Financial Services Industry, ServiceNow. “Our AI Platform for Business Transformation is designed to help banks expand customer relationships and drive growth, all while cutting bottom-line costs.”
“Harnessing the advanced capabilities of ServiceNow's platform will improve how we manage disputes for issuers," said Neil Mumm, SVP & general manager at Visa DPS. "This engagement should accelerate the dispute resolution process, offering an unmatched level of service and speed to customers, building on the enhanced risk and compliance capabilities within our global managed dispute framework.”
Rising dispute volumes are a challenge across the financial services industry. Visa and ServiceNow will continue to innovate to improve the dispute resolution process and overall cardholder experience. ServiceNow and Visa have also collaborated with Skyflow, the security and privacy company for the modern AI data stack, to address PCI-compliance and protection of cardholder account data during the dispute process.
The new agreement expands on last year’s announcement of a five-year strategic agreement between the two companies to transform payment services and the launch of ServiceNow Dispute Management, Built with Visa - a single, connected dispute resolution solution for issuers.