Finix launches automated Merchant Underwriting

Finix's Merchant Underwriting solution simplifies the labour-intensive task of onboarding businesses for payment acceptance, ensuring compliance with evolving regulations from governments, card networks, and sponsor banks across various regions and industries. This solution not only saves time and effort but also minimises the risk of non-compliance for businesses operating in the US and Canada.

Streamlining KYC processes and risk management

Seamlessly collecting merchant information, automating approvals for trusted merchants, and efficiently managing cases and compliance tasks, the solution verifies Know Your Customer documentation, screens for sanctions and watchlists, and analyses reputational risks and bank accounts for anti-money laundering purposes. By automating these processes, Finix helps organisations avoid engaging with bad or fraudulent actors, thus mitigating potential financial losses and reputational damage.

Merchant Underwriting is designed with tools such as:

• Automated scoring and decisions: Build custom logic to tailor risk scoring, decision thresholds, rules, and workflows to the business’ unique requirements. Instantly determine risk and approve, deny, or send merchants to manual review based on advanced scoring of underwriting data;

• Reporting and management: Visualise the process with a dashboard that combines underwriting orchestration with powerful analytics, reporting, and simplified management of onboarding, compliance, and verification workflows;

• 3rd party reports: Consolidate underwriting data into one view through Finix's integrations to key identity and compliance data sources to automatically generate third-party underwriting reports;

• Case management: Streamline case management with tools to analyse, investigate, and act when underwriting requires human intervention.
  
  

Finix is committed to delivering holistic solutions that enable businesses to streamline operations, improve compliance, and foster growth. The Merchant Underwriting solution broadens Finix's range of low-code and no-code products, aiding SaaS platforms and marketplaces in optimising payment infrastructure and delivering augmented customer experiences.