Global Payment Orchestration Platform FinMont has partnered with Israel-based chargeback mitigation provider Justt to automate chargeback disputes. Via this partnership, FinMont will leverage Justt’s AI solution for handling chargeback disputes to amplify its global payment ecosystem.

Reportedly, the Payment Orchestration Platform (POP) seeks to extend the new upgraded product to its airline and travel merchant clients to enable them to defend against chargeback issues. FinMont was created by the founders of German airline Hahn Air in a bid to introduce a solution specifically catered to the travel industry that can facilitate B2C, as well as B2B payments. Reportedly, by merging both types of payments into a single view, decision-makers get the necessary visibility to fix any inefficiencies in their payment processes.

The AI solution that FinMont gains access to following the partnership can transform the time-consuming manual task of chargeback handling by automating it, thus enabling merchants to concentrate their efforts on customer relationships rather than settling payment disputes. What is more, the AI-based product leverages the data generated by transactions and the chargeback process to further boost its success rate in winning payment disputes. The new solution made available by the partnership comes to address a pain point in the travel industry.

According to data made available by Justt, the cost of chargebacks to the overall sector is considerable. Similarly, specialists estimate the financial burden associated with chargebacks for travel merchants at 1.6% of total revenue. Moreover, for the airline industry alone, the International Air Transport Association estimates yearly card fraud costs at around USD 1 billion.

FinMont’s strategy and prior developments FinMont’s platform seeks to connect banks and providers through one gateway. More precisely, the ecosystem that FinMont has built brings together banks, payment, fraud, Forex, and chargeback providers and it integrates with ERP/CRM systems as well as other distribution channels specific to the travel industry. Strategy-wise, the company strives to enhance payment authorisation and conversion rates and now, following its newest partnership with Justt, to offer its clients a solution to defend chargebacks.

Earlier in 2023, the POP garnered attention after it announced that it partnered with machine learning-based fraud prevention company Nethone, to fight fraud in the travel industry. Similarly, the company collaborated with payment provider dLocal with the goal to facilitate payments in Africa, Asia, and Latin America. This decision was aligned with a larger endeavour to amplify FinMont’s global payment ecosystem and, consequently, streamline payments throughout emerging economies.

FinMont’s efforts have also been redirected towards its activity in Europe. More to this point, in June 2023, the POP made the announcement that it partnered with Apiso intending to automate the virtual card process of the latter and granting access to its travel merchant client base in Europe. .