Merrick Bank partners Kompliant for digital merchant onboarding
Merrick Bank, the bank subsidiary of US-based credit and payments company CardWorks, has tapped commerce compliance platform Kompliant to “transform the merchant onboarding process”.
Merrick Bank taps Kompliant for merchant onboarding
The merchant acquirer is to utilise the vendor’s workflow automation tools to “streamline risk management processes, enhance operational efficiency, and support data-driven decision-making while accelerating revenue growth”, according to a statement.
Tom Boyer, head of sales and business development at Merrick Bank Merchant Acquiring, claims the platform’s deployment has “completely transformed and digitised the merchant onboarding experience for our clients”.
He adds that the technology has “significantly enhanced our credit and risk review capabilities and processes” amid a “substantial improvement in our efficiency and a reduction in compliance-related costs”.
Founded in 1997, Merrick Bank currently provides credit cards, recreational and personal loans, certificates of deposit and merchant acquiring services to over 110,000 merchants throughout the US, where it claims to process $60 billion in payment volume annually.
Leo Patching, CEO of Kompliant, comments: “Strategic partnerships like these will play a critical role in the evolution of the industry and ensure financial institutions’ stability, security, and growth in a dynamic regulatory environment.”
