Conformance
Technologies, a fast-growing provider of operating systems,
education systems and expertise used in managing business compliance
requirements, today announced it has enhanced its PreComm ToolKit
offering with TransUnion
ID
Manager capabilities. PreComm ToolKit is a cloud-based data
collection and consolidation service that simplifies the merchant due
diligence and risk evaluation process prior to payment processing
onboarding, while addressing the difficulties associated with the Know
Your Customer (KYC) compliance requirements of Anti-Money Laundering
(AML) rules, The USA Patriot Act and card brand regulations. Merchant
acquirers and payment processors gain protection from deceitful entities
before unwittingly granting payment system access, while saving time and
money related to manual, labor-intensive, paper-based workflows. PreComm
ToolKit gathers and collates a complete underwriting data pull in as
little as 30 seconds, including credit scores and business stress and
risk indicators.
“We are excited to collaborate with TransUnion to identify unscrupulous
businesses before merchant onboarding ever takes place,” said Darrel
Anderson, president of Conformance Technologies. “By adding TransUnion’s
ID Manager capabilities, PreComm ToolKit enables risk managers to make
better and smarter business decisions during the risk and underwriting
process,” added Anderson. “This decreases costs to clients, reduces
workloads and inaccuracies, plus allows for real-time monitoring
post-boarding.”
“ID Manager’s identity and device verification plus identity
authentication capabilities are nice additions to PreComm ToolKit,” said
Chris Cartwright, executive vice president of U.S. Information Services
for TransUnion. “We are pleased to partner with Conformance Technologies
to give acquirers confidence that the merchants they board for payment
processing have been properly vetted through rigorous upfront
screening,” added Cartwright.
PreComm ToolKit automatically and accurately gathers more than 60
merchant risk data factors via deep, thorough and accurate
investigation. Findings are consolidated and presented in dashboard
format to enable significantly more accurate evaluation by risk
managers. Risk data factors include corporate ownership documentation
verification; Taxpayer Identification Number (TIN) and Employer
Identification Number (EIN) matching; Terminated Merchant File (TMF)
review; Office of Foreign Assets Control (OFAC) review; illicit,
prohibited and illegal activity scanning results; and much more.
Interested parties should email info@conformancetech.com
for more information.
About Conformance Technologies
Conformance
Technologies is a fast-growing provider of operating systems,
educational systems and expertise used in managing business compliance
requirements. More than 300,000 small and midsize business end-users
rely on Conformance Technologies’ solutions to protect their businesses
every day, both domestically and in 22 countries around the world.
Privately held and headquartered in Reno, Nevada, Conformance
Technologies evolved from a payments consultancy and PCI compliance firm
originally established in 2003. Today, the company has become a leading
provider of automated compliance and sensitive data protection systems
and services. InfoSecure Redteam, Inc. dba InfoSecure
Redteam Conformance provides Payment Card Industry Security
Standards Council (PCI SCC) Qualified Security Assessor (QSA)
services. For more information, please visit conformancetech.com.
About TransUnion
TransUnion is a leading global risk and information solutions provider
to businesses and consumers. The company provides consumer reports, risk
scores, analytical services and decisioning capabilities to businesses.
Businesses embed its solutions into their process workflows to acquire
new customers, assess consumer ability to pay for services, identify
cross-selling opportunities, measure and manage debt portfolio risk,
collect debt, verify consumer identities and investigate potential
fraud. Consumers use its solutions to view their credit profiles and
access analytical tools that help them understand and manage their
personal information and take precautions against identity theft. For
more information, please visit transunion.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190423005072/en/