Full-stack payment processor and infrastructure provider Finix has introduced the Merchant Underwriting solution to automate underwriting workflows as well as optimise processes of onboarding merchants.

The no-code solution gathers and validates necessary information through pre-built brandable forms to enable businesses to onboard more merchants faster along with reducing risk.

Finix’s latest solution simplifies the labour-intensive task of onboarding businesses for payment acceptance. It ensures compliance with ever-changing regulations from governments, card networks, and sponsor banks across various regions and sectors.

The merchant underwriting solution also minimises the time and effort needed for onboarding while mitigating the risk of non-compliance for businesses operating in the US and Canada.

Besides, the new offering verifies know your customer documentation, screens for sanctions and watchlists, and analyses reputational risks and bank accounts for anti-money laundering purposes.

These are done by gathering merchant information, automating approvals for trusted merchants, and effectively handling cases and compliance tasks.

Finix CEO and co-founder Richie Serna said: “Merchant underwriting is risky business: not only are there hefty penalties for failing to adhere to legal requirements, but onboarding the wrong businesses can put organisations at risk of significant financial loss and reputational damage.

“It’s 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’re launching it publicly to enable thousands of merchants to be onboarded within seconds versus minutes or even hours.”

According to Finix, the pre-built solution bolsters conversions and decreases user errors for businesses to deliver better customer experiences and reduce the time to revenue.

Finix’s new solution features reporting and management, automated scoring and decisions, case management, and third-party reports.