World News: 15:11 GMT Tuesday 3rd December 2019. [Bravatek Solutions, Inc. via Globe Newswire via SPi World News]
AUSTIN, TX, Dec. 03, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Bravatek Solutions, Inc. (OTC Pink: BVTK), a provider of software, hardware and services to clients spanning a range of industries, has announced that it has entered into a strategic alliance agreement with Finscend, a fintech firm whose unique solution for streamlining credit and debit card dispute processing has drawn worldwide interest among banks and card issuers.
Before designing its solution, Finscend first spent three years studying over 2,000 card disputes submitted to hundreds of card issuers worldwide and the chargebacks that they did, and did not, approve. The result was its Bank Dispute Platform™ (BDP), which modernizes what has been, until now, a primarily manual and subjective process by transforming it into an automated and objective one.
Powered by Artificial Intelligence (AI), BDP reduces the time it takes to onboard, investigate and adjudicate chargeback requests from three hours to a mere three minutes. In doing so, BDP slashes the dispute processing expenses of banks and other financial institutions by up to 40 percent, saving them billions of dollars. Meanwhile, for the cardholder, it turns an agonizing wait into a painless procedure that is completed via their smartphone.
According to the terms of their agreement, Finscend will designate Bravatek as a project-based business partner. In addition, Bravatek will take a referral role in reaching out to prominent fintech investors who are interested in assisting Finscend, as it expands its business development efforts.
“Our strategic alliance with Bravatek represents a significant step towards scaling our solution to larger international audiences,” states Aaron Lazor, Finscend co-founder and CEO. “It’s a sign that we are now well on our way to the next stage in our growth, which already includes pilot projects with several North American financial institutions.”
Dr. Thomas A. Cellucci, Chairman and CEO of Bravatek Solutions, Inc. notes that Bravatek’s partnerships represent a complimentary portfolio of software, tools and systems. “We view Finscend as a valuable element in our end-to-end cybersecurity-based solution set,” he said. “Identified by as a standout fintech, we believe that Finscend certainly has what it takes to become a major disruptor of the charge card ecosystem.”
The Federal Reserve Bank of Kansas City and The Nilson Report, publisher of data about the credit card industry, indicates that roughly 100 million chargebacks were filed in 2017, equivalent to about 250,000 disputes per day.
Bravatek Solutions, Inc. is a high technology security solutions portfolio provider that assists corporate entities, governments and individuals protect their organizations against both physical and cyber-attacks through its offering of the most technically advanced, cost-effective and reliable software, tools and systems.
For more information, visit https://bravatek.com
Finscend's Banking Dispute Platform (BDP), which was introduced in 2018, is the most technologically advanced solution of its kind. BDP was conceived and designed for banks, other financial institutions and credit card issuers by financial industry veterans who have a first-hand professional understanding of the challenges of dispute resolution. The core of this unique solution is an AI-driven engine that streamlines the entire dispute process by offering real-time reporting, batch processing, fraud monitoring, and an enterprise user account area. BDP employs proprietary tools to ensure that it integrates seamlessly within the banking ecosystem, and it works in tandem with Visa® and Mastercard® schemes. By deploying BDP, banks can significantly reduce the costs of chargebacks while increasing cardholder satisfaction.
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully develop and market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our prior filings with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Reuben EliazMedia Relations Managernews@finscend.com+1-773-312-4800+972-77-2203373
Globe Newswire: 15:11 GMT Tuesday 3rd December 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.