PreComm ToolKit is a cloud-based data collection and consolidation service that aims to simplify the merchant due diligence and risk evaluation process prior to payment processing onboarding, while addressing the difficulties associated with KYC compliance requirements of Anti-Money Laundering (AML) rules, The USA Patriot Act and card brand regulations.
Merchant acquirers and payment processors gain protection from deceitful entities before unwittingly granting payment system access, while saving time and money related to manual, paper-based workflows. PreComm ToolKit gathers and collates a complete underwriting data pull in 30 seconds, including credit scores and business stress and risk indicators. Findings are consolidated and presented in dashboard format to enable more accurate evaluation by risk managers. Risk data factors include corporate ownership documentation verification; Taxpayer Identification Number (TIN) and Employer Identification Number (EIN) matching; Terminated Merchant File (TMF) review; Office of Foreign Assets Control (OFAC) review; illicit, prohibited and illegal activity scanning results; and much more.
TransUnion is a risk and information solutions provider to businesses and consumers. The company provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. Businesses embed its solutions into their process workflows to acquire new customers, assess consumer ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud.
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