Our collection of guides and reports is built for issuers who want clear, practical advice on today’s payment challenges. Download and read at your own pace.

Guides & Reports

We explore how technology, data, and smarter processes can work together to reduce costs, speed up resolution times, and improve compliance outcomes. Whether you’re making incremental improvements or planning a full system overhaul, this guide will help you focus your efforts where they matter most.

Fraud and dispute processes are evolving and issuers need to evolve with them. This eBook offers a modern playbook.


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Modernising fraud & dispute management

News

While the digital revolution offers promising solutions, banks still need help with the weight of legacy systems and resource-intensive processes, particularly in payment operations.

Rivero was launched to modernise and streamline payment operations for banks across Europe. To get a better understanding of the company, The Fintech Times sat down with co-founder 

Tell us more about your company and its offerings.

After years in the payment industry and facing its challenges firsthand, we launched Rivero AG in 2019 to streamline payment operations. 

, our initial product for scheme licence compliance management, debuted in April 2020, first in Switzerland and then across Europe. Amiko, focused on digital fraud recovery and dispute management, followed in March 2021 and has since attracted a growing European customer base.

What problem was your company set up to solve?

 to their customers. Every card issuing bank has two core processes: first, the scheme compliance processes – to stay updated with the compliance updates from the payment network to ensure compliance and seamless payment experience for their customers. Second, there is the fraud recovery and dispute process – to manage the dispute process with the customer in case of fraud or mishandling of services by merchants.

These processes are costly and resource-intensive, posing financial risks for banks. Most banks rely on legacy processes and systems to manage these processes. With our products, banks can make these processes modern, digitalised and therefore more efficient. By providing Software-as-a-Service (SaaS) products, we further reduce our clients’ integration and maintenance burden.

Since launch, how has your company evolved?

These days, we provide SaaS solutions for all players in the card payment ecosystem, such as issuers, acquirers and FinTechs, with issuing banks as our primary customers. Our competitive edge is ingrained in our unique product offering, focusing on making costly and manual payment operations seamless. Kajo, our first product, is the only solution on the market for card scheme compliance and enables all licensees of payment networks to minimise the effort and the risks involved in this process.

, is the only SaaS solution that digitalises the entire fraud recovery and dispute process. It helps banks manage this process more efficiently while being able to offer a unique self-service experience to their customers. Amiko empowers banks to promote consumer protection of card payments to their customers without being concerned with increasing volume or costs.

What has been the biggest challenge or most ‘tricky moment’ to overcome?

Our journey has been challenging and rewarding as we have navigated the complexities of reaching our break-even point. In doing so, we’ve dedicated significant effort to assemble a solid and cohesive team that drives our vision forward. Equally important to our mission, we’ve fostered strategic partnerships with some of the most prominent card issuers and financial institutions both in Switzerland and across Europe.

What are your biggest achievements or ‘proudest moments’ so far?

One of our proudest achievements was when Visa recognised the value of our products for their clients by selecting us as the very first Swiss fintech to be incorporated into the prestigious Visa Fintech Partner programme 

This selection is not merely a gateway for us to tap into Visa’s vast global client base, but it also stands as a testament to the quality and value of our offerings. Being endorsed by a giant like Visa speaks volumes about the trust and confidence they have in us.

How would you describe the culture of your company?

Our company culture is anchored in a strong ethos of open-book management. Our products result from the unique confluence of our deep-seated knowledge of payments. This is in addition to the fresh perspectives of modern SaaS design principles.

Every single member of our team plays a pivotal role in this culture. They constantly challenge the status quo, seeking ways to redefine and elevate the standards in the payment sector. We place a huge emphasis on the bedrock of our operations: maintaining banking-grade security standards. Ensuring the safety and trust of our clients and partners is critical.

Our approach combines deep payment experience with modern SaaS products. This isn’t just a formula; it’s how we think and operate. Every decision is made with our customers’ needs in mind, ensuring they benefit from practical, effective solutions.

We recognise that the world of fintech is dynamic. Instead of just adapting, we aim to be a driving force behind the change. Our commitment is unwavering: to provide clients with advanced, secure tools that truly make a difference. As the industry shifts and grows, we’ll continue prioritising efficiency-driven and customer-centric solutions.

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Behind the Idea: Rivero

Learn about the operational challenges and risks associated with the fraud & dispute process for banks and explore strategies and best practices benefitting both banks and their cardholders.

Fraud & Disputes

In this rapidly evolving digital landscape, there has been an unprecedented proliferation of payment methods, each designed to cater to ever-evolving needs for convenience and speed. However, this hasn't come without its own set of complications – namely, the rise in payment disputes. 

As fraud rates surge at an alarming pace, it has become imperative for businesses, financial institutions, and consumers alike to delve deeper into the nature and roots of these disputes. Now, more than ever, a comprehensive understanding is crucial, not just to address present challenges but also to preemptively tackle potential future issues.

Dispute Origins and Effective Resolution in Digital Payments

 are Fraud, Friendly Fraud, and Merchant Errors. Payment methods such as debit, credit cards and digital wallets using digital cards are 

While other payment methods like Account-to-account transactions (A2A) have their advantages, the hard truth is that they do not yet have a proper dispute process in place. This is why card payments, when it comes to dispute and consumer protection, are the winning payment method.

With card payments, the payment networks require banks to address customer disputes according to the standard rules defined by the schemes. So, there is little to no difference between banks when it comes to dispute rights for card payments. However, banks can have substantially different processes around how the customer should raise a dispute and how the process is managed at the bank.

Some banks require customers to contact the customer centre and mail the necessary documents to the banks. Others might provide online forms that can be filled out and sent to the banks. What is rare today are banks that enable customers to raise such disputes via a virtual agent on the banking portal or in the app. 

Such approaches would provide a much better user experience and make the process much more efficient for the bank to receive all the necessary information and documents. With a more modern approach (

 in Switzerland is one example), the bank's dispute teams can also easily reach out to customers via the digital channel to inquire for more information when needed, shortening the process and making it more efficient.

Conversely, failing to use such tools and inefficiently navigating dispute management can quickly spiral into a resource drain for banks. Delays, miscommunication, and even potential financial losses can pile up. When communication breaks down, the path to resolution becomes even more circuitous and strained.

The subscription-based economic model introduces more layers of complexity. Due to the nature of subscription services, especially those billed annually, first-party and family fraud have emerged as chief culprits behind chargebacks. With easy, device-stored payment options, tracking purchases has become a formidable task for many consumers. First-party fraud in 2020 was responsible for 

 and cost the industry over $132 billion.

This is why banks and financial entities must pivot towards modern and innovative resolution strategies. Merchant information can become invaluable – and banks can either directly integrate with APIs from entities like 

 or opt for pre-developed solutions that incorporate these APIs, such as dedicated fraud/chargeback dispute platforms.

Banks can also radically alter the chargeback landscape by ushering in a digital self-service module for cardholders. Through guided, user-friendly digital conversations, capturing important details becomes more straightforward, and validating claims sidesteps traditional, often cumbersome, channels. This method optimises communication and significantly curtails unjust disputes.

By leaning into such strategies, banks can significantly boost their fraud detection capabilities. By quickly notifying cardholders of suspicious transactions, banks ensure a faster reaction time, laying the foundation for future-proof fraud prevention frameworks.

In conclusion, as fraud rates continue to rise, the imperative for efficient dispute management has never been more critical. It is with strategic digital adoption and a proactive stance that banks can safeguard their reputations and customers.

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Combatting Fraud in Digital Payments: Essential Strategies for Issuing Banks Facing Modern Dispute Challenges

In an era where cashless transactions are the new norm, card payments have firmly established themselves as a preferred method. Still, the possibility of disputes remains. What are the most common dispute scenarios with merchants, and to what extent are customers protected compared to other payment methods, such as A2A?

Understanding cardholder protection levels requires a deeper dive into the frequent scenarios that lead to consumer disputes – and 

Cardholders often find themselves in situations where the ordered merchandise or services were not received, leading to the Merchandise/Services Not Received claim. In some cases, the order is cancelled due to an unmet delivery date or the merchandise being unavailable for pick-up. Another frequent grievance is the Cancelled Recurring scenario, where, much to the cardholder's dismay, a recurring transaction is processed even after its cancellation or post the account's closure.

Disputes also arise when the received product or service fails to match its description or is deemed defective, known as Not as Described or Defective Merchandise/Services. The booming e-commerce world, while offering variety, has unfortunately also seen a rise in counterfeit goods, culminating in the Counterfeit Merchandise claim.

A scenario that hinges on the nuances of the transaction, Misrepresentation, involves cases where the terms of sale were misreported. Adding to the list is the ever-frustrating Credit not Processed situation, in which the cardholder awaits a credit that never reflects, and the similar Cancelled Merchandise/Services, where credit remains unprocessed after a product return or service cancellation. In some instances, the Original Credit Transaction Not Accepted issue emerges, where the original credit is downright rejected.

The appeal of cards as a payment medium isn't just convenience – it's the consumer protection they provide. Organisations like 

 have established solid policies to shield cardholder rights and ensure merchants meet their commitments. 

The Chargeback process is a testament to this protective framework, outlined on 

. In a dispute, cardholders can approach their bank, prompting an investigation. A validated claim results in the bank retrieving the disputed transaction amount from the merchant’s bank, ensuring cardholders are not left out of pocket.

A2A transfers, while direct and prompt, do not possess the structured dispute resolution procedures established in card payments. While banks do offer protection against erroneous or fraudulent transfers, this shield often doesn't extend to merchant disputes. This makes card payments a more reassuring choice for consumers concerned about transactional disputes – which is why establishing a similar structured dispute process for A2A payments is essential in order to build the same level of trust customers have in card payments.

In summary, while disputes are a source of concern for many consumers, the payment method they choose can greatly influence the resolution. Card payments, supported by the rigorous policies of international brands like Visa and Mastercard, offer a comforting assurance. With clear processes addressing a broad spectrum of dispute scenarios, cardholders can shop with the confidence of knowing their interests are protected. For card issuers, emphasising this unique selling point can not only build trust but also drive transaction volumes. By promoting their cardholder-friendly processes, issuers can claim top-of-wallet positions, ensuring their cards are the preferred choice for consumers.

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Merchant Disputes Unveiled: How Card Protections Measure Up Against A2A Payments

We are frequently invited as guest speakers on topics related to payments. Here you will find our latest appearances.

Podcasts

Our co-founders Fatemeh Nikayin, PhD and Thomas Müller recently joined EM360tech for an insightful podcast discussion with Matt Harris on the increasing rates of fraud and disputes and how financial institutions can improve their use of technology to minimise the risk. Gain fresh perspectives about common pain points for CEOs and COOs and how issuing banks should be leveraging technology for fraud recovery.

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🎧 Reinventing Fraud Recovery and Disputes

As we dive deeper into 2023, the landscape of cardholder disputes continues to evolve, presenting both challenges and opportunities for issuing banks. According to the latest 

, the current environment demands a proactive approach to mitigate the impact of increasing chargebacks and changing cardholder behaviour. Let's take a closer look at the facts from an Issuing bank’s perspective:

As we dive deeper into 2023, the landscape of cardholder disputes continues to evolve, presenting both challenges and opportunities for issuing banks. According to the latest Chargeback Field Report, the current environment demands a proactive approach to mitigate the impact of increasing chargebacks and changing cardholder behaviour. Let's take a closer look at the facts from an Issuing bank’s perspective:

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The Current State of Chargebacks for Issuers

As the only fully digital dispute management SaaS solution, Amiko empowers customers with seamless dispute capabilities. By launching the Amiko Virtual Agent, Cembra enables customers to dispute transactions directly from their banking app.

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Cembra Announces Launch Of Amiko

The Converge podcast hosted our CEO Thomas Müller where he delved into the EPI's plans to establish a new European payment network. Discover among many topics the changes in the EPI’s vision and the need to establish robust consumer protection policies as it expands across Europe.

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🎧 The European Payments Initiative (EPI): Bridging instant payments across the bloc

Learn about the operational challenges and risks associated with compliance with payment networks like Visa and Mastercard and find out how to simplify this process and make it more manageable and efficient.

Scheme Compliance

One of the core aspects of card payments is to comply with license rules (

) of international payment networks (e.g. 

. Such responsibility is usually taken care of by a so-called scheme compliance manager or a team of scheme compliance experts, depending on the bank’s size.

As implied by the term, scheme compliance entails a critical responsibility: to avoid non-compliance leading to interoperability issues, non-compliance assessments, and financial losses due to not optimal interchange or scheme fees. In extreme cases, overlooking compliance requirements can cause fines and lead to a loss of the scheme licence for a bank.

Scheme Compliance Process and Related Problems as of Today

Despite the importance of the process, today’s approach is often inefficient, time-consuming and important requirements are easily overlooked.

There is vast potential to improve this process in the digitalisation age and gain control over the scheme compliance with minimal efforts. At Rivero, we have done this with our product, kajo, and now enable our customers to do it differently.

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6 Improvements for a New Approach to Card Scheme Compliance

Simplifying payment operations for banks — scheme compliance, dispute management, fraud recovery and industry trends.