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Fintech Quavo: Revolutionizing ACH Disputes with Fraud Streamlining

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TLDR:

  • Fintech company Quavo, Inc. has released new automated ACH capabilities to its dispute management platform.
  • The enhancements include additional claim reasons and verbal attestation functionality for compliance with WSUD regulations.
  • The platform has already enabled a top 25 bank to complete 12,436 returns and recover $7.69m in funds without human intervention.
  • Quavo aims to streamline the back-office operations needed to support account holders and plans to continue developing its ACH requirements.

Fintech firm Quavo, Inc. has launched automated ACH (Automated Clearing House) capabilities on its cloud-based dispute management platform, QFD (Quavo Fraud & Disputes). This update includes additional claim reasons and verbal attestation functionality for compliance with WSUD (Written Statement of Unauthorised Debit) regulations. The company’s CTO and co-founder, David Chmielewski, says they want to reduce account holder friction as much as possible, as currently, ACH processes are cumbersome and require manual signatures from consumers. Quavo’s new solution eliminates the need for physical or digital signatures, making the process more efficient.

Quavo’s enhanced ACH functionality has already been implemented by a top 25 bank, which completed over 12,000 returns and recovered $7.69m in funds without any human intervention. The platform’s automated return capability enables straight-through processing on ACH disputes, streamlining back-office operations. Other features of the updated software include enhanced intake questionnaires and additional claim reasons to support ACH investigations, as well as a new signer disclosure that satisfies the WSUD requirement by Nacha without a signature.

In November 2023, Quavo announced the automation of RTP (real-time payments), Zelle, and BillPay claims, throughout the entire dispute lifecycle, supported by QFD. This enabled financial institutions to dispute transactions under various claim reasons, such as Unauthorized, Incorrect, and Merchandise or Service-related claim codes. The platform also provided step-by-step instructions for end-users working on recovery types that require exception processing.

Quavo is continuously developing its solutions to support account holders, and these recent enhancements are only the beginning. The company aims to reimagine ACH requirements for back-office operations and reduce friction for consumers. With its automated dispute management platform, Quavo is streamlining processes and allowing financial institutions to handle ACH disputes with ease.

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