Ekata, a global leader in digital identity verification data, today announced the launch of a merchant access solution to help payment service providers (PSP), B2B lenders and market platforms Approve more and more micro-merchants and self-employed individuals worldwide to access the network faster and more confidently. Due to the lack of past business records of these newly established small and micro enterprises, it is difficult for payment service providers and lending institutions to use traditional risk assessment methods to quickly and confidently complete network access approvals.
Ekata is committed to helping clients enhance their existing models with risk indicators. Risk indicators can show the possibility of fraud based on comprehensive customer data testing and best practice considerations. Ekata’s new merchant access solution provides cross-checked unique data about the relationship between the company and the individuals behind the company, allowing organizations to safely conduct large-scale risk assessments, automate the access workflow, and reduce manual review The time spent.
The global epidemic has accelerated the existing trend of individuals establishing small and micro businesses. In 2020, there will be 30 million small businesses in the United States alone , and 40 million individuals will become independent contractors . Similarly, Europe has 25.1 million small businesses , and the number of self-employed individuals is also increasing, reaching 33 million . The new crown epidemic has added some unexpected boosts to this trend: In October 2020, the U.S. Census Bureau released statistics on business patterns for the third quarter of 2020. According to the statistics, the number of applications for business opening in the third quarter of 2020 increased by 77.4% from June to September .
With the large-scale growth of the number of merchants, there is an increasing demand for payment service providers and lending institutions to conduct fast and effective online audits of these merchants. Companies such as Stripe, Square, PayPal, etc. have updated their audit standards, shortening the network access time from 2 to 3 days to just a few minutes. These measures can easily threaten the commercial viability of other payment service providers. If other payment services provide If the business process and risk assessment cannot keep up with the pace of the above-mentioned companies. This is a highly competitive market, and Ekata’s solutions can help payment service providers and lending institutions respond to the market’s growing expectations for fast access to the network.
Beth Shulkin, Vice President of Global Marketing of Ekata, said: “Nowadays, merchants have many choices. If an organization adds too many cumbersome processes when entering the network, or spends too much time on approval, the merchant will soon switch to another payment. Service providers. For payment service providers and lending institutions, this is not just a customer experience issue. Losing the lifetime value of merchants will have a real impact on corporate profits.”
Ekata’s overall solution aims to solve the problems at both ends of the process: to automate the network access process through API, and to achieve more efficient manual review through the SaaS solution. Our API can be easily integrated with existing rules or risk models based on machine learning. At the same time, our SaaS products can quickly show the correlation between key personal and corporate identity attributes in a clear and easy-to-read dashboard interface.
The main advantages of the merchant access solution include:
- More assured process for micro-merchants and self-employed individuals: With the help of individuals, companies and unique cross-correlation reminders, Ekata customers can establish reliable risk files for micro-merchants and self-employed individuals who lack typical historical records-verify information, perform approval, or The application is rejected.
- Quickly transfer high-quality customers to automatic review: Companies can separate low-risk merchant applications from the tedious steps of network access such as supplementary document collection and manual review, and transfer to the automated review process, allowing these customers to access the network as soon as possible and generate revenue. Then, companies can focus on high-risk customers who need supplementary documents or manual reviews.
- Reduce manual review time: Enterprises can quickly view a set of key personal and business data, reduce the time required to research data from multiple sources, and help reviewers make faster, more efficient, and accurate decisions.
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