Mizanur Rahman

With the help of Fin-Tech’s, it is becoming possible to create innovative banking services for the customer. As we know that all of the good things have a questionable side similarly transaction dispute is the downside of the electronic transaction.That why dispute is making occasional mishaps alongside embarrassing situations. In such situation, abruptly mistrust and misunderstandings are being created between the customer and the bank. Although, total number of dispute transaction occurred less than 1% in the financial transaction as per central bank statistics. Most of the transactions are being successful however some numbers of transactions are happening as unforeseen disputes which weren’t a problem until it was conceivable to solve within a short timeline according to the increasing demands of the customers.

In a nutshell, when a cardholder inserts his/her card in the ATM for cash withdrawal and if the amount is debited from the account but cash is not received then that is labeled as ATM dispute of transaction. Basically, the dispute may catch heat when the cardholder is claiming that he/she did not execute a specific transaction or not received the service as per promised by the banking authorities.

On the other hand, when a customer is purchasing a product through Point of Sale (POS)/ QR Code scanner at the merchant point as well as internet banking, e-commerce including fund transfer, tuition fee & utility bill payment then if the amount is debited message however the customer account is displaying a declined that is also regarded as a dispute of transaction.

Generally, there are many reasons for being dispute. Such as a failure of electricity during the ATM is being used by the cardholder, other instances can be like, ATM is out of service, network failed, it takes extra time to receive the money from respective booths, there may can also occurred dispute due to many others reasons including human and technical errors.

In fact, some customers are panicking for the dispute transaction and are engrossed in various negative thoughts regarding transaction. But bank officials want to reassure with confidence that there is no reason to panic at those time. If the customer is sure about their dispute transaction, then have to complain to the issuer bank immediately and should provide proper information regarding specific transaction with the bank official including demand. Dispute transaction is happening that is normal matters but the question arises here that how swiftly will the refund be issued by being resolved accurately within the shortest time frame possible after the complaint has been made.

Electronic transaction is taking place through different network with maintaining different set of rules and laws also guideline for dispute resolution. If any customer is involved in a dispute while using the cards with on us ATM/POS then it can be resolved within a very short time like 1 to 3 days but it is possible to refund money to the customer in less time regarding own network transaction for special case except the cash capture. If it is put into action the cash capture dispute will needed to be awaited until the ATM booth is replenished.

As per Dispute Management Rules (DMR-May 14, 2015) of Bangladesh Bank, if a cardholder faced a dispute through NPSB Network then cardholder should claim to the bank within a calendar 60 days. Issuer’s will accept or reject of customer’s claim also issuer will initiate first chargeback within 25 days and acquirer will be accepted the claim or initiated re-presentment within 30 days as well as issuer will accept the respective claim or initiate second chargeback within 20 days, acquirer will apply for arbitration within 15 days and arbitration will be completed within 20 days. It is a long-term cycle. In addition, Visa and MasterCard network are taking much longer to resolve. In many cases, customer’s experience is very painful.

It is noteworthy that when low-income population are faced a dispute, then they have to go through a lot of hardships. Even, when someone is unable to withdraw the full amount of the monthly salary due to dispute then faced a financial crisis making them financially handicapped towards the payment for their daily expense, house rent, shopping of different festival goods, hospital bills etc.

Nowadays, The National Payment Switch Bangladesh (NPSB) is wonderful network for remote on us transaction in our country. Currently 90% of transactions are completed through NPS network with easier also faster than ever to resolve with interbank transaction disputes according to the needs of the customer. But when the aggrieved customer claimed to the issuer bank regarding specific dispute then learning from the concern official for resolution deadline of a maximum of 30 days then customers are not taking positively about the timeline policy also, they advised to amendment the rules and make it faster.

In case of emergency required as per cardholder claim, dispute team-initiated chargeback to the others bank official through Dispute Management System (DMS-NPSB) & Q-Cash Dispute Management System(QDMS, Q-Cash) web portal then concern official requested to the other banks official through various types of communication also using personal relationship for early resolve. Moreover, most of the banks are reluctant to resolve these issues in a short period of time.

Therefore, considering the overall issues & we feel that the customer is always right in the service-oriented organization. So, they are appealing to the honorable policy makers for showing a very positive attitude in the coming days where if the opportunity arises to review the policy in a new way and that is the special expectation of the sufferers. Mentionable here, The IBFT-NPSB dispute transaction has been directed to be resolved within maximum 5 days as per central bank guideline which circulated last year. Where on us transaction is taking very little time to resolve so, remote on us (Other’s bank ATM) transactions should not take too much time. In this case, it is very important to recruit the necessary experts in this arena and if have there is any workforce crisis then should be recruited immediately.

The writer is an Alternative Delivery Channel official in Bank Asia

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