AI-Powered Bank Dispute Platform Has Made Finscend One of American Banker’s “Six Standout Fintechs”
AUSTIN, TX, Dec. 03, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Bravatek Solutions, Inc. (OTC Pink: BVTK), a provider of software, hardware and services to clients spanning a range of industries, has announced that it has entered into a strategic alliance agreement with Finscend, a fintech firm whose unique solution for streamlining credit and debit card dispute processing has drawn worldwide interest among banks and card issuers.
Before designing its solution, Finscend first spent three years studying over 2,000 card disputes submitted to hundreds of card issuers worldwide and the chargebacks that they did, and did not, approve. The result was its Bank Dispute Platform™ (BDP), which modernizes what has been, until now, a primarily manual and subjective process by transforming it into an automated and objective one.
Powered by Artificial Intelligence (AI), BDP reduces the time it takes to onboard, investigate and adjudicate chargeback requests from three hours to a mere three minutes. In doing so, BDP slashes the dispute processing expenses of banks and other financial institutions by up to 40 percent, saving them billions of dollars. Meanwhile, for the cardholder, it turns an agonizing wait into a painless procedure that is completed via their smartphone.
According to the terms of their agreement, Finscend will designate Bravatek as a project-based business partner. In addition, Bravatek will take a referral role in reaching out to prominent fintech investors who are interested in assisting Finscend, as it expands its business development efforts.
“Our strategic alliance with Bravatek represents a significant step towards scaling our solution to larger international audiences,” states Aaron Lazor, Finscend co-founder and CEO. “It’s a sign that we are now well on our way to the next stage in our growth, which already includes pilot projects with several North American financial institutions.”
Dr. Thomas A. Cellucci, Chairman and CEO of Bravatek Solutions, Inc. notes that Bravatek’s partnerships represent a complimentary portfolio of software, tools and systems. “We view Finscend as a valuable element in our end-to-end cybersecurity-based solution set,” he said. “Identified by American Banker as a standout fintech, we believe that Finscend certainly has what it takes to become a major disruptor of the charge card ecosystem.”
The Federal Reserve Bank of Kansas City and The Nilson Report, publisher of data about the credit card industry, indicates that roughly 100 million chargebacks were filed in 2017, equivalent to about 250,000 disputes per day.
About Bravatek Solutions, Inc.
Bravatek Solutions, Inc. is a high technology security solutions portfolio provider that assists corporate entities, governments and individuals protect their organizations against both physical and cyber-attacks through its offering of the most technically advanced, cost-effective and reliable software, tools and systems.
For more information, visit https://bravatek.com
Finscend’s Banking Dispute Platform (BDP), which was introduced in 2018, is the most technologically advanced solution of its kind. BDP was conceived and designed for banks, other financial institutions and credit card issuers by financial industry veterans who have a first-hand professional understanding of the challenges of dispute resolution. The core of this unique solution is an AI-driven engine that streamlines the entire dispute process by offering real-time reporting, batch processing, fraud monitoring, and an enterprise user account area. BDP employs proprietary tools to ensure that it integrates seamlessly within the banking ecosystem, and it works in tandem with Visa® and Mastercard® schemes. By deploying BDP, banks can significantly reduce the costs of chargebacks while increasing cardholder satisfaction.
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Bravatek Solutions, Inc.
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