US-based merchant acquirer Merrick Bank has partnered with Kompliant, a provider of intelligent automation and compliance solutions, to transform the merchant onboarding experience for the former.
Through the partnership, Merrick Bank will leverage Kompliant’s workflow automation tools to optimise risk management processes and improve operational efficiency.
The bank also aims to support data-driven decision-making along with advancing revenue growth.
Based in the US, Merrick Bank is a fully owned bank subsidiary of CardWorks. The bank offers credit card, recreation lending, certificates of deposit and merchant acquiring services.
Merrick Bank also provides a broad array of innovative products and services to bolster financial growth and customer-centric solutions.
By utilising Kompliant’s seamless platform and consumer-grade user interface and experience, Merrick Bank also intends to digitise and accelerate the merchant onboarding process.
This is expected to enhance the customer experience and reduce operational costs.
Merrick Bank Merchant Acquiring sales and business development head Tom Boyer said: “We have completely transformed and digitised the merchant onboarding experience for our clients. Partnering with Kompliant has significantly enhanced our credit and risk review capabilities and processes.
“We’ve seen a substantial improvement in our efficiency and a reduction in compliance-related costs. Their commitment to excellence and understanding of our business needs makes them an invaluable partner.”
Kompliant is engaged in offering intelligent automation and solutions that power commerce compliance. It delivers compliance orchestration with a platform for growth-focused financial institutions.
The firm’s technology is designed to help clients optimise risk management, improve operational efficiency, and facilitate strategic decisions through advanced data analytics.
Kompliant CEO Leo Patching said: “As the financial services industry navigates an increasingly complex risk landscape, partnerships like the one with Merrick Bank are becoming essential.
“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.”
