Mastercard and Salesforce have partnered to streamline transaction dispute resolution processes across the payments space. This partnership aims to address disputes and chargebacks, which have long been a significant challenge for merchants and financial institutions.
Integration for Dispute Management
According to the press release, projections suggest that chargebacks could rise by 42% by 2026. Thus, the integration between Mastercard and Salesforce seeks to simplify how issuers such as banks and financial institutions handle transaction data and decisions by leveraging Salesforce's Financial Services Cloud and Mastercard's dispute resolution services.
Johan Gerber, the Executive Vice President of Security and Cyber Innovation at Mastercard, mentioned: "Technology is helping to speed up and improve the checkout experience, especially when shopping online. However, every disputed transaction can create stress for the consumer as well as resource pressures and increased costs for merchants and financial institutions. We are adding to the tools that make it easier and faster for banks and merchants to resolve disputes and further enhance trust in the ways they choose to pay."
One key feature of this integration is the ability to streamline the intake, management, and reporting of disputes, thereby enabling quicker and more transparent responses to customer inquiries. Mastercard's suite of services, including Ethoca Alerts and Ethoca Consumer Clarity, provides near real-time notifications and insights to issuer back-office teams to enhance the dispute resolution process.
Enhancing Customer Experience
Salesforce's Financial Services Cloud, powered by the Einstein 1 Platform, is a unified platform for customer relationship management, AI, and data capabilities. According to the two entities, the latest integration enables banks and financial institutions to leverage trusted data and innovative technology to deliver exceptional customer experiences and streamline processes.
"Together with the Mastercard team, we're reimagining the entire transaction dispute process. Bringing together the power of Salesforce's CRM, data, and AI with Mastercard's dispute resolution delivers an end-to-end solution that will benefit both our joint customers," Eran Agrios, the Senior Vice President and General Manager for Financial Services at Salesforce, added.
