A significant number of the world’s major Issuing banks will also ask Pega to provide VCR Compliance through the Visa rule subscription service supported under Smart Dispute. The end game is not just compliance, but a seamless and consistent experience for their customers.
The VCR rules, policies and processes are not static, and there is no guarantee they will be at any point in the lead up to the go live date – we were informed of another round of meaningful changes recently (ahead of many of the banks that they will affect!) – and we will be incorporating these and any future changes into the Pega Visa subscriptions for our customers.
Without Pega Smart Dispute and its Visa subscription customers will need to interpret, define and encode these rules into their systems as and when they are raised by Visa, and perform testing and analysis to ensure that they deliver to the objectives that Visa has sought to achieve with them. With Pega, Issuers can take delivery of the packaged rule updates and run them in their processes without significantly impacting delivery or testing timescales.
VCR will continue to develop and change over time going forward. In line with our service levels, Pega will continue to deliver rule updates as they arise well in advance of enforcement dates, allowing our customers to install, test and deploy.
The rule deployments will also be sensitive to time of dispute, and ensure that the VCR rules in force for each dispute will be aligned to the ruleset that they need to follow (old or new dependent upon transaction date, raised date and type of changes).
As you build out your solution to VCR, keep in mind that your customers want satisfaction (minimum effort, problems fixed fast, digital service options) and your business needs productivity (costs lowered, increased STP, reduced write-offs and chargebacks).
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