Following this announcement, the partnership aims to optimise the manner in which financial institutions, fintechs, and acquirers automate merchant onboarding, monitoring, and compliance at scale.
In addition, Mastercard clients will have the possibility to gain access to Ballerine’s unified risk infrastructure, while also enabling faster launches, automated decisioning, and reduced compliance exposure across multiple markets.
According to the official press release, acquirers and payment providers will be enabled to streamline Know Your Business (KYB), fraud detection, and risk monitoring by leveraging a single platform that incorporates KYC/KYB data, as well as transactional behaviour and presence analysis.
As acquirers are under pressure to scale quickly while also needing to keep up with the growing compliance demands, the initiative between Ballerine and Mastercard is expected to make this process easier for global partners. The program will also improve the procedure of tapping into a proven AI solution that cuts onboarding time, reduces fraudulent activities, and helps platforms accelerate their card scheme services. At the same time, both Ballerine and Mastercard will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
In addition, Ballerine’s platform will continue to optimise the way financial institutions reduce merchant onboarding time by up to 70%, as well as proactively flag transaction laundering risks and eliminate the overall need for fragmented tools. The platform was developed with a modular infrastructure that supports global KYB/KYC policies, end-to-end automation, and multi-jurisdiction compliance, aiming to make it easier for companies to serve SMBs and SMEs safely and profitably.
Furthermore, Ballerine is expected to also enable a new generation of fintechs and platforms to develop trust and scale without friction. As part of the Mastercard Engage Partner Program, Ballerine will offer pre-integrated onboarding and risk monitoring solutions for Mastercard’s overall worldwide ecosystem of businesses and collaborators as well.
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