MasterCard has completed the rollout of the next generation of its MasterCom technology, an electronic imaging system that offers the latest suite of technology services to member banks to assist their cardholders with credit card transaction disputes. Enhancements to the MasterCom system architecture and platform reduce document transmission time to three to seven seconds from 24 hours per dispute and helps monitor and reduce chargeback processing costs.
"This state-of-the-art imaging system is the first of its kind in the payment industry," says Richelle Weisbrod, vice president of MasterCard Commercial Products Support. "MasterCom represents a new generation of technology that benefits member banks and allows them to provide accurate answers and quick service to cardholders."
The MasterCom system provides features and services that members need to ensure faster processing, guaranteed delivery and lower costs. These features and services include:
- Electronic Retrieval Processing, which automates the retrieval fulfillment process from the time of the initial retrieval request to the time of resolution.
- Chargeback Support Documentation (CSD) service, which provides efficient delivery and tracking of documentation and maintains a history of chargebacks to help monitor and reduce chargeback processing costs.
- Image Interface, which automatically transmits and stores image and data files between the MasterCom workstations and a member bank's internal document management, workflow and fax systems.
- Online Document Retention for the life of the dispute, real-time transmission of images, state-of-the-art security features, and the ability to access data from any location at any time.