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Kompliant , a provider of automation and compliance solutions, has formed a strategic partnership with Merrick Bank , a merchant acquirer in the US
Kompliant , a provider of automation and compliance solutions, has formed a strategic partnership with Merrick Bank , a merchant acquirer in the US. This partnership aims to enhance Merrick Bank's risk management processes, operational efficiency, and data-driven decision-making through the use of Kompliant's workflow automation tools.
Merrick Bank will utilise Kompliant's platform to digitise and expedite the merchant onboarding process. This is expected to improve the customer experience and reduce operational costs. Kompliant's solutions are developed based on customer insights and market analysis, continually refined through feedback.
In the financial services industry, the cost of compliance has been rising. The 2024 True Cost of Financial Crime Compliance Study by LexisNexis Risk Solutions reports that 99% of financial institutions have seen an increase in these costs, totaling $61 billion in the U.S. and Canada.
In this context, Kompliant's technology offers enhancements that help manage compliance efficiently while maintaining customer experience. Representatives of Merrick Bank noted that partnering with Kompliant has transformed their merchant onboarding experience and significantly improved their credit and risk review processes, leading to greater efficiency and reduced compliance costs. The financial services industry faces increased regulatory scrutiny and changes in global standards.
According to McKinsey & Company, the payments industry will encounter high levels of risk, demanding customers, pressure on fees, and intense competition in the coming year. Effective risk management is essential for success in this environment. About the companies Kompliant specializes in compliance orchestration, offering automation and solutions to financial institutions.
Their technology aims to streamline risk management, enhance operational efficiency, and support strategic decisions through data analytics. Merrick Bank, a subsidiary of CardWorks, provides credit card, recreation lending, certificates of deposit, and merchant acquiring services. They support over 110,000 merchants and handle over USD 60 billion in payment volume annually.
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Jun 14, 2024 09:53
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