Finix launches Automated Merchant Underwriting

The no-code solution enhances compliance, streamlines and reduces costs, and simplifies onboarding for improved customer experiences
GlobeNewswireApril 18, 20245 min

Finix, the full-stack payment processor enabling businesses to accept and send payments, launched its Merchant Underwriting solution to automate underwriting workflows and streamline merchant onboarding processes. Finix’s latest solution collects and verifies necessary information via pre-built brandable forms to empower businesses to onboard more merchants faster while minimizing risk.

Finix’s Merchant Underwriting solution streamlines the labor-intensive process of onboarding businesses for payment acceptance, staying current with evolving regulations from governments, card networks, and sponsor banks across regions and industries. This solution not only reduces the time and effort required for onboarding but also significantly lowers the risk of non-compliance for businesses operating in the U.S. and Canada.

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 analyzes reputational risks and bank accounts for anti-money laundering purposes. By automating these processes, Finix helps organizations avoid engaging with bad or fraudulent actors, thus mitigating potential financial losses and reputational damage.

The pre-built solution increases conversions and reduces user errors so businesses can provide better customer experiences and reduce the time to revenue. It is designed with powerful tools such as:

  • Automated Scoring and Decisions:¬†Build custom logic to tailor risk scoring, decision thresholds, rules, and workflows to the business‚Äô unique requirements. Instantly determine risk and approve, deny, or send merchants to manual review based on advanced scoring of underwriting data.
  • Reporting and Management:¬†Visualize 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 analyze, investigate, and act when underwriting requires human intervention.

‚ÄúMerchant underwriting is risky business: not only are there hefty penalties for failing to adhere to legal requirements, but onboarding the wrong businesses can put organizations at risk of significant financial loss and reputational damage,‚ÄĚ said Finix CEO and co-founder Richie Serna. ‚ÄúIt‚Äôs a highly complicated process that has significant repercussions if not executed flawlessly. We developed this technology to increase efficiency without compromising risk management for our own underwriting as a payment processor. Now, we‚Äôre launching it publicly to enable thousands of merchants to be onboarded within seconds versus minutes or even hours.‚ÄĚ

Finix is dedicated to providing comprehensive solutions that empower businesses to streamline operations, enhance compliance, and accelerate growth. The Merchant Underwriting solution expands Finix’s offering of low-code and no-code products that help SaaS platforms and marketplaces optimize payments infrastructure and deliver world-class experiences to their customers.

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