Visa integrates ServiceNow AI for dispute management

SANTA CLARA, Calif. - Visa Inc . (NYSE: NYSE:V), a global leader in digital payments, is set to enhance its dispute resolution services by incorporating ServiceNow (NYSE:NOW)’s artificial intelligence technology. ServiceNow (NYSE: NOW), with a market capitalization of $236 billion and impressive revenue growth of 23.5% over the last twelve months, will provide its AI technology to modernize Visa’s Dispute Management Service (VDMS) and Visa DPS Dispute Analysis and Support (DAS) using the ServiceNow Dispute Management, Built with Visa solution. According to InvestingPro analysis, ServiceNow maintains robust gross profit margins of 79.2%, indicating strong operational efficiency.

The collaboration is expected to streamline the resolution of payment card disputes, which can be costly and time-consuming for clients. By leveraging ServiceNow’s AI capabilities, Visa plans to improve compliance adherence and the overall cardholder experience. InvestingPro data reveals ServiceNow’s strong financial health with a "GREAT" overall score, suggesting robust operational capabilities for such strategic partnerships. Subscribers can access 15+ additional ProTips and comprehensive analysis through ServiceNow’s Pro Research Report.

ServiceNow (NYSE: NOW), recognized for its AI platform that facilitates business transformation, is extending its strategic alliance with Visa to address the increasing volume of disputes in the financial sector. This move is anticipated to accelerate the dispute resolution process and provide customers with a superior level of service and speed.

Neil Mumm, SVP & general manager at Visa DPS, highlighted the importance of the advanced capabilities of ServiceNow’s platform in improving dispute management for issuers. The engagement is designed to expedite the dispute resolution process, building upon Visa’s global managed dispute framework’s enhanced risk and compliance features.

The partnership also includes collaboration with Skyflow, a security and privacy company, to ensure PCI-compliance and the protection of cardholder account data during the dispute process.

This agreement builds on a previous five-year strategic agreement announced last year between ServiceNow and Visa, aimed at transforming payment services with a connected dispute resolution solution for issuers.

ServiceNow’s AI platform connects people, processes, data, and devices to boost productivity and optimize business outcomes. The integration with Visa’s dispute management services represents a significant step in using AI to solve complex issues within the financial industry.

The information in this article is based on a press release statement.

In other recent news, ServiceNow has expanded its partnership with Google (NASDAQ:GOOGL) Cloud, making their platform and workflow solutions available on Google Cloud Marketplace. This move aims to harness artificial intelligence to transform enterprise operations and has contributed to ServiceNow’s robust revenue growth of 23.5% over the last twelve months. Furthermore, Cantor Fitzgerald has reaffirmed an Overweight rating on ServiceNow stock, expressing optimism about the company’s medium and long-term prospects despite short-term reservations.

ServiceNow’s Workflow Data Fabric is set to integrate with Google Cloud’s BigQuery, anticipated to enhance CRM, ITSM, and SIR solutions with AI capabilities. The company also plans to acquire AI-driven conversation data analysis firm, Cuein. Analysts from TD Cowen and Goldman Sachs maintain positive outlooks on ServiceNow, with price targets of $1,300 and $1,200 respectively, despite potential currency-related headwinds.

These are recent developments in ServiceNow’s strategic growth and expansion, with the company demonstrating strong operational execution and financial performance.

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