Mastercard and Salesforce have agreed a new integration to enhance trust across the ecosystem. The collaboration is designed to help customers speed up transaction disputes and reduce costs associated with resolving them.
Disputes and chargebacks represent a significant challenge to the entire payments industry.
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Chargebacks forecast to rise by 42% to 2026
Projections suggest that by 2026 there could be 337 million chargebacks annually, an increase of 42% from 2023 levels.
The integration will streamline the way issuers, like banks and other financial institutions, view and manage transaction data, such as disputes and decisions. It will enable a quicker, more efficient and transparent response to dispute inquiries.
The partnership will integrate Salesforce’s Financial Services Cloud (FSC) with Mastercard’s dispute resolution services. The result is a powerful one-stop-shop for intake, managing disputes, reporting and preventing chargebacks.
Mastercard’s services include Ethoca Alerts. This provides near real-time notifications when a financial institution raises a chargeback. Meantime, Ethoca Consumer Clarity enables the provision of rich merchant and purchase insights to issuer back-office teams.
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By GlobalDataThe data from these services is now being fed into FSC. It means that every bank agent and team member working on a dispute has more visibility from start to finish. In turn, this will deliver the best customer experience.
FSC: powered by the Einstein 1 Platform
The one platform unifies customer relationship management, AI, merchant and consumer data, development and security capabilities.
Johan Gerber, Executive Vice President, Security and Cyber Innovation at Mastercard said: “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 enhancing trust in the ways they choose to pay.”
Eran Agrios, Senior Vice President and General Manager for Financial Services at Salesforce added: “Our partnership with Mastercard is a testament to our shared vision of using trusted data and innovative technology to streamline processes and deliver great customer experiences through the Einstein 1 Platform. 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.”
