LOS ANGELES, CA and TORONTO, ON--(Marketwired - May 2, 2014) - Verifi Inc., a leading provider of global electronic payment and risk management solutions for card-not-present merchants, and Lean Industries, provider of the AdjustmentHub™ dispute management system, today announced the formation of a partnership that expands the opportunities for card issuers to improve the automation and resolution success rates of cardholder disputes.
As part of this partnership, Lean Industries will develop an automated interface that will access the Verifi Cardholder Dispute Resolution Network® (CDRN®) for card issuers from within their AdjustmentHub™ application. To increase the level of automation and speed of resolution for disputed payments, AdjustmentHub will obtain qualifying merchant information from Verifi and automatically submit disputed payment records to the CDRN service from issuers using both solutions. Merchant responses to these resolution requests submitted through CDRN back to the issuer will automatically update dispute case information in AdjustmentHub and prompt users to proceed with each case accordingly.
Combined, the two companies currently serve many large card issuers. AdjustmentHub from Lean Industries is used to manage tens of thousands of disputes each month across its issuing customer base. Verifi enables thousands of CNP merchants to successfully resolve disputed transactions before they are processed as chargebacks by card issuers. These merchants include most of the Internet Retail 500 as well as hundreds of specialty CNP merchants in telecom, cable, SaaS, DRTV and other markets.
"This partnership represents a movement for cross-industry collaboration to minimize the costs of handling disputed payments," said Matthew Katz, Chief Executive Officer and founder of Verifi. "The alliance expands the access of our CDRN service and, together, we're better positioned to facilitate interactions between card issuers and merchants."
"This is an innovative initiative for both companies as we seek to provide faster, low-cost dispute resolution services for the card issuing community," said Lean Industries Chief Executive Officer, Bjorn Larsen. "Together, Lean Industries and Verifi will increase the level of interaction between card issuers and merchants, empowering both merchants and issuers to reduce the impact of costly and lengthy dispute handling processes."
ABOUT LEAN INDUSTRIES
Lean Industries develops and delivers software solutions designed to lower the costs and improve the quality of managing disputes, exceptions and adjustments for electronic payment transactions.
Our solutions enable organizations of all types and sizes to become highly efficient and productive through extensive process automation, elimination of paper-based practices, and integration with critical enterprise payment applications. Our people are experts in this field and provide implementation, training and customization services to match your company's needs.
Founded in 2005, Verifi is a full-service provider of global electronic payment and risk management solutions for card-not-present (CNP) merchants. Based on a multi-layered approach, Verifi's risk management solutions empower Merchants to gain control and transparency into the entire payment process -- from global payment acceptance and processing, order screening, and recovery/maximization to fraud/risk management and payment security.