SEATTLE – (COMMERCIAL THREAD) –Ekata, the global leader in digital identity data, today announced its merchant integration solution to help payment service providers (PSPs), B2B lenders and marketplaces integrate the growing number of micro – traders and sole proprietorships around the world faster and with more confidence. The lack of business history for these new small businesses makes it difficult for PSPs and lenders to approve them quickly and confidently using traditional risk assessment methods. Ekata is committed to helping customers improve their existing models with risk metrics that show the likelihood of fraud based on a mix of comprehensive customer data testing and best practice considerations. By providing unique data that crosses the connection between businesses and the people behind them, Ekata’s new merchant integration solution enables organizations to confidently assess risks at scale, automate business workflows integration and reduce the time spent on manual review.
The global pandemic has accelerated an existing trend of individuals setting up their own small businesses. In the United States alone, there are 30 million small traders and an additional 40 million people who have become independent entrepreneurs in 2020. Similarly, Europe has 25.1 million small businesses and growth 33 million unique owners. Faced with this trend, the Covid-19 added an unexpected additional fuel: in October 2020, the US Census Bureau published the business creation statistics for the third quarter of 2020. Business applications for the third quarter of 2020 increased by 77.4% from June to September.
This massive growth is accompanied by a growing demand for rapid and efficient integration of these merchants by PSPs and credit institutions. Companies like Stripe, Square, PayPal and others have set a new standard by reducing onboarding times from 2-3 days to minutes, often threatening the business viability of other PSPs including processes and risk assessments. can’t keep up with their pace. In this fiercely competitive market, Ekata’s solution helps PSPs and lenders meet growing expectations for faster integration.
“Merchants today have many options and will quickly turn to another payment service provider if an organization adds too much friction during onboarding or takes too long for approvals.Says Beth Shulkin, vice president of global marketing at Ekata. “It’s more than a customer experience issue for PSPs and lenders; losing a trader’s lifetime value has a real impact on bottom lines. ”
Ekata’s holistic solution is designed to solve both sides of the flow: automating the onboarding process through APIs and enabling more efficient manual reviews with a SaaS solution. Our API easily integrates with existing rules or machine learning-based risk models, and our SaaS product quickly highlights correlations between key attributes of individual and business identity on easy-to-read dashboards. .
The main advantages of the merchant integration solution include:
- Integrate micro-traders and individual businesses with greater confidence: With individual, trade and unique cross-linked signals, Ekata clients can create reliable risk profiles for micro-traders and sole proprietors who do not have the typical track record – verify information and approve or reject applications by full confidence.
- Quickly route the right customers for an automated subscription: Businesses can move low-risk merchant applications from high-friction integration steps such as collecting additional documents and manual review, to automated approval, which allows those customers to onboard those customers and generate revenue. income as quickly as possible. They can then focus on high-risk clients who need additional documentation or manual review.
- Reduce the time spent on manual review: Businesses can quickly view a key set of individual and business data, reducing the time it takes to search for data across multiple sources and help the reviewer make a faster, more efficient, and more accurate decision.
Ekata provides global identity verification through APIs and a SaaS solution to provide businesses around the world the ability to link any digital transaction to the human behind it. The Ekata product suite is powered by the Ekata Identity Engine, our proprietary intellectual property, which uses unique datasets from the Ekata Identity Graph and the Ekata Identity Network which provides identity verification data with results consistent around the world, with the best response times in the industry. , to enable businesses around the world like AliPay, Microsoft, Stripe and Airbnb to fight fraud, reduce false refusals, and make accurate risk decisions about their customers faster than the blink of an eye.
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