A clear and consistent dispute resolution process is essential for building trust and promoting the growth of instant payments, according to two contributors to a report released on Friday (May 15) by the World Trade Organization. US Faster Payments Council (General Phosphate Company).
report “Instant Payment Fraud Dispute Resolution: U.S. Guidelines“, addresses the unique challenges of resolving fraud disputes when payments are irrevocable, and provides guidance for designing dispute resolution frameworks. The FPC said on Friday that it does not provide specific rules or liability frameworks. press release.
Three of the eleven guiding principles outlined in the report recognize that all ecosystem participants have a shared responsibility to mitigate fraud, establish structured workflows for resolving disputes, and promote transparency through ISO 20022-compliant information exchange.
“Speed and conflict resolution can coexist.” Lee Kyriakoupartner in Bagility Advisors and Chairman of the FPC Anti-Fraud and Fraud Group for Faster Payments, the statement said. “Establishing a clear and consistent dispute resolution process is essential to the adoption and growth of instant payments.”
Shelly RojanoExecutive Director of Payments Risk Management at JPMorgan Chase “Given that many forms of instant payments are irrevocable, dispute resolution has become a specific trust issue that must be adopted,” the vice chair of the FPC’s Fraud and Fraud Working Group said in the statement.
the PYMNTS INTELLIGENCE a report “Instant Myths: Debunking Fraud Concerns in Express Payments“I found that fears of fraud shape how businesses approach instant payments.
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The report found that 16% of businesses experienced payment fraud in the previous year and that their fear of fraud threatens the adoption of instant payments.
“Businesses increasingly value the benefits of speed and liquidity of real-time money movement, yet many remain hesitant due to concerns about sharing account information, exposure to fraud, and uncertainty about the safety of new rails,” the report said.
PYMNTS intelligence report focused on credit card disputes, “How card disputes represent an opportunity to enhance customer loyaltyfound that 52% of consumers said that quickly resolving a shipping label dispute was the main reason they were satisfied with its resolution.
The FPC’s new report joins other reports it has published on the topic of instant payments, including “Operational Considerations for Instant Payment Sending Side Guidelines“, who shares Best practices for financial institutions, andOperational considerations for receiving instant payments“.
