Merrick Bank, the banking subsidiary of US-based credit and payments company CardWorks, has partnered with commerce compliance platform Kompliant to revamp its merchant onboarding process.
The bank will leverage Kompliant’s workflow automation tools to streamline risk management processes, enhance operational efficiency, and support data-driven decision-making, thereby accelerating revenue growth, according to a statement.
Tom Boyer, head of sales and business development at Merrick Bank Merchant Acquiring, remarked that the platform’s implementation has “completely transformed and digitized the merchant onboarding experience for our clients.”
He added that the technology has “significantly enhanced our credit and risk review capabilities and processes,” leading to “substantial improvements in efficiency and reductions in compliance-related costs.”
Founded in 1997, Merrick Bank offers credit cards, recreational and personal loans, certificates of deposit, and merchant acquiring services to over 110,000 merchants across the US, processing $60 billion in payment volume annually.
Leo Patching, CEO of Kompliant, stated: “Strategic partnerships like these will play a critical role in the evolution of the industry, ensuring financial institutions’ stability, security, and growth in a dynamic regulatory environment.”
Source: fintechfutures.com
