Thursday, February 29, 2024

NPST Wins Contract From DCB Bank For Online Dispute Resolution


*   NPST ODR, a centralized dispute management solution, will help DCB Bank solidify customer relationships by optimizing the speed and the efficiency of its dispute redressal mechanisms

NPST, India’s leading banking and payment services provider, announced it has secured a contract for its Online Dispute Resolution (ODR) solution from DCB Bank, the country’s leading private sector bank. In line with its commitment to build trust-based customer relationships, DCB Bank will implement NPST's Online Dispute Resolution (ODR) to streamline customer complaint addressal, enhance efficiency and rationalize operational and compliance costs.

In today’s dynamic payments ecosystem marked by multiple digital channels and growing transaction volumes, efficient dispute management processes are an integral component of payment processing capabilities. Transactional disputes, including failed or pending payments, can significantly impact customer perceptions of service quality and their overall lifetime value. Moreover, with recent regulatory directives from the Reserve Bank of India tightening timelines for dispute resolution, the pressure on banks to deliver swift resolution for customer complaints, has never been greater.

NPST’s ODR, an advanced digital platform for prompt remediation of transactional disputes and customer complaints, enables DCB Bank to uphold high standards of customer service and transparency. An omni-channel solution, NPST ODR interfaces with all customer transactional channels – Mobile Banking, Internet Banking, IMPS, UPI, NEFT, and RTGS and provides a centralized system to monitor and address customer disputes efficiently. ODR manages the complete dispute life cycle, enabling DCB Bank to effectively handle issues such as missing or delayed payments and credits.

By adopting an integrated operating model for dispute classification and resolution, DCB Bank stands to benefit from enhanced productivity, potentially up to 30% and more. Additionally, the bank can potentially reduce financial losses and regulatory risks, boosting operational excellence and efficiency.

Commenting on the win, Deepak Chand Thakur, Co-founder and CEO, NPST stated; “We are delighted to announce the win with DCB Bank, reaffirming our commitment to delivering relevant innovation and sustained value to banks and their customers in the digital payment ecosystem. NPST’s Online Dispute Resolution (ODR) solution aligns with DCB Bank’s customer-centric ethos, ensuring safe and secure payments while fostering loyalty-building interactions and driving productivity and cost savings.”

The solution seamlessly ingests complaints from the customer’s preferred channel, and provides real-time visibility into dispute status through dashboards, alerts, and an extensive audit trail, reducing the time and stress involved in the dispute process for customers and banks. A modern, low-code platform enables DCB Bank to swiftly update dispute management workflows and incorporate changes in regulatory mandates, ensuring compliance while optimizing efficiency and customer satisfaction.

About NPST

Established in 2013, NPST, a Make in India company, is one of India's leading fintech firms, with a listing on the NSE Small and Medium Exchange.

With a primary focus on UPI payments and digital banking solutions, NPST functions as a Technology Service Provider (TSP) and a Third-Party Aggregator Provider (TPAP), catering to stakeholders across the financial value chain, including banks, merchant aggregators, merchants, and consumers. Committed to innovation and excellence, NPST' aims to bridge the gap between banks and FinTechs and foster the overall growth of the digital payments’ ecosystem.

Presently, NPST facilitates seamless money movement for over 100 customers, processing an impressive 60 million transactions daily, benefiting millions of businesses, merchants, and consumers nationwide. For more details visit: www.npstx.com 

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