BELLEVUE, Wash., and PALO ALTO, Calif., March 02, 2020 (GLOBE NEWSWIRE) -- Verisk Financial | G2, a Verisk (VRSK) business, has entered a strategic alliance with KYC SiteScan to provide an automated onboarding, underwriting, and ongoing monitoring solution delivered in a single application programming interface (API) or via web terminal. Clients using the combined solution enjoy state-of-the-art KYC business process automation as well as new and ongoing merchant risk detection.
G2 has assimilated KYC SiteScan into its product suite. At the same time, KYC SiteScan has integrated the G2 Compass Score® into its reports and API data. Existing and new clients from both organizations will have access to the combined solution with a single request.
KYC SiteScan automates the merchant KYC (Know Your Customer) process, enabling merchant processors, independent sales organizations, and acquiring banks to scale merchant underwriting, while providing consistency, quality, speed, auditability, and valuable data that further streamline the merchant underwriting process.
G2 can enable safer, more profitable commerce for payments companies and digital platforms. With G2, clients can distinguish bad actors from good actors among the merchants they serve. G2’s Compass Score is a real-time risk assessment tool that provides proprietary merchant-history data, which helps predict the likelihood of fraud or compliance violations.
Merging the two products gives clients the information they need to help accelerate merchant onboarding. The joint solution provides data and reports to create automated rule sets and weighted scorecards for underwriting along with data to implement machine learning for underwriting decisions.
“In today’s competitive landscape, boarding velocity can mean the difference between growing or going out of business,” said G2 President Dan Frechtling. “G2 is proud to collaborate with KYC SiteScan to give acquirers the state-of-the-art data and technology they need to automate their merchant onboarding, underwriting, KYC, decisioning, and persistent monitoring.”
“KYC SiteScan and G2 provide complementary products that help our many shared clients during the merchant onboarding and ongoing monitoring life cycle,” said Matthew Parker, principal and cofounder of KYC SiteScan. “It’s a natural progression that we band together to make the KYC automation and ongoing merchant monitoring process even easier for existing and new clients.”
About Verisk Financial | G2
G2, a Verisk (VRSK) business and division of Verisk Financial, has been the world leader in merchant onboarding and monitoring since 2004. Every 30 seconds, clients using G2 discover suspicious activity, such as fraud, illegal medicines, illicit drugs, counterfeit, transaction laundering, and other violations. G2 clients leverage the most complete merchant risk data ever compiled for greater protection and productivity for their businesses. Risk professionals gain insights, refined by machine learning and expert analysts, along with unparalleled client service—all at enterprise scale. To learn more, visit www.g2llc.com.
About KYC SiteScan
KYC SiteScan, a product of KYC Systems, LLC, was founded in 2011 and operated by veteran payments industry professionals that have automated the business requirements and technology needs for clients seeking worldwide Know Your Customer due diligence on merchants and other businesses. For more information, visit www.kycsitescan.com.
Edelman (for Verisk)