Quavo, Inc. announced the release of new automated ACH capabilities to its cloud-based dispute management platform, QFD (Quavo Fraud & Disputes).
These enhancements reportedly include additional claim reasons in “the intake questionnaire, as well as innovative verbal attestation functionality for WSUD compliance.”
This announcement follows the software as a service (SaaS) company’s recent product enhancements to the RTP, Zelle, and Bill Pay dispute investigations.
Quavo’s CTO and Co-Founder David Chmielewski said:
“We want to reduce account holder friction as much as possible. For ACH, the process is cumbersome for consumers, with banks requiring physical or digital signage signatures. We poured over Nacha regulations and developed a verbal attestation solution where account holders aren’t bothered by manual signature requirements. Quavo reimagined ACH requirements for the automated back-office operations needed to support account holders today and in the future. And this is only the beginning.”
Quavo’s first client to go live with this enhanced ACH functionality has reportedly “completed its first automated return on August 12, 2023.”
Since then, the top 25 bank completed 12,436 returns and have “recovered $7.69 million in funds without human intervention.”
As noted in the update, Quavo’s latest product release “includes enhanced intake questionnaires and additional claim reasons to support back-office ACH investigations.”
Back-office operations are completely streamlined “with automated return capability, enabling straight-through processing on ACH disputes.”
Additionally, QFD now features “a new signer disclosure allowing verbal attestation during claim intake.”
When enabled, QFD prompts agents to “read a disclosure to the cardholder, thus satisfying the WSUD requirement by Nacha without requiring a signature.”
As reported in November 2023, Quavo, had announced enhanced automation of RTP (real-time payments), Zelle, and BillPay claims “throughout the entire dispute lifecycle on its automated dispute management SaaS platform QFD (Quavo Fraud & Disputes).’
The product updates include claim intake support in “the front office for RTP, Zelle, and BillPay transactions to be disputed under the Unauthorized, Incorrect, and Merchandise or Service-related claim reason codes.”
In the back office, QFD enriches RTP, Zelle, and BillPay claims to “facilitate automatic provisional credit, accounting adjustments, and account holder communications.”
The platform also provides step-by-step instructions ‘for end users working recovery types that require exception processing.’