Ethoca, a provider of collaboration-based technology solutions for credit card companies and online merchants, announced a new partnership on Monday (Oct. 3) with Lean Industries, a dispute management software solution provider.
The two firms are teaming up to enable card-issuing banks using Lean’s AdjustmentHub dispute processing platform to automatically connect to Ethoca’s Global Collaboration Network to mitigate fraud and address customer disputes.
The integration is aimed at reducing the costly and labor-intensive chargeback process.
“We make participation in the Ethoca Network virtually effortless for our card issuer customers — with no added IT burden or heavy integration required to start seeing value day one,” Trevor Clarke, cofounder and EVP of issuer relations at Ethoca, said in a press release.
“Through our integration with AdjustmentHub, card issuers can make their entire fraud and dispute recovery process faster, easier, more accurate and more cost-effective, while creating a vastly improved experience for cardholders. Card issuers can also recover a wider range of disputed transactions, including low-value and 3DS purchases that are typically non-recoverable.”
The Ethoca Alerts service looks to address the high cost of fraud claims and disputes cases, which are shown to be taking place at an increasing rate. The solution gives merchants an early warning on disputes and fraudulent transactions, allowing them to stop fulfillment on unauthorized orders and issue cardholders a refund.
“We share a common mission with Ethoca: Our companies seek to provide faster, lower-cost dispute resolution and fraud mitigation services for the card-issuing community,” Lean Industries CEO Bjorn Larsen added.
“Together, Lean Industries and Ethoca will increase the level of interaction between card issuers and merchants, empowering both parties to reduce the impact of costly and lengthy fraud and dispute handling processes.”