Risk-proofing the High-Stakes Underwriting Business

Finix, the full-stack payment processor enabling businesses to accept and send payments, has officially announced the launch of a new underwriting solution, which is designed to automate underwriting workflows and streamline merchant onboarding processes. According to certain reports, the stated solution comes decked up with an ability to collect and verify necessary information directly via pre-built brandable forms. This, like one might guess, does a lot to streamline the entire labor-intensive process of onboarding businesses for payment acceptance, as well as for staying aligned with evolving regulations from governments, card networks, and sponsor banks across regions and industries. Apart from making onboarding a markedly hassle-free affair, the solution also cuts back on the risk of non-compliance. Having touched on the initial bits and bobs, we now must discuss the whole value proposition on a slightly deeper level. Here, for starters, we have the promise of automated scoring and decisioning. This translates to how the technology will build custom logic to tailor risk scoring, decision thresholds, rules, and workflows as per each business’ unique requirements. Once you have conceived the given custom logic, you should also be able instantly determine risk, and at the same time, enjoy a similarly quick mechanism when it comes to approving, denying, or sending merchants for manual review based on advanced scoring of underwriting data.

Next up, we have in play a set of cutting-edge reporting and management capabilities that let you visualize the process through a dedicated dashboard. Making this dashboard all the more attractive is its ability to combine underwriting orchestration with powerful analytics, reporting, and simplified management of onboarding, compliance, and verification workflows.

“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 organizations at risk of significant financial loss and reputational damage,” said Richie Serna CEO and co-founder of Finix. “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.”

Hold on, we still have a couple of bits left to unpack, considering we still haven’t discussed how the new underwriting solution can also help you access comprehensive 3rd party reports. To prepare these reports, the solution effectively consolidates underwriting data into one view through Finix’s integrations to key identity and compliance data sources. Rounding up highlights for us is a case management facility, a facility which leverages tools to analyze, investigate, and even take the necessary action whenever underwriting requires human intervention. Such a mechanism, like one might guess, transforms the process of case management into something simpler and much more straightforward.

Founded in 2015, Finix has risen up on the back of its specialized payment processor which allows software platforms, marketplaces, and individual businesses to implement an easier mode of sending and accepting payments, all while maximizing revenue and minimizing costs. To understand the scale on which the company functions, we must acknowledge how it applies hundreds of API configurations to handle more than 432 million transactions on a daily basis. On top of that, the company also facilitates tens of billions of API calls on an annual basis. Finix’s excellence in what it does can be understood once you look at its clientele, which includes the likes of foreUP, Invii, Beyond, Passport, Revvable, Clubessential, Archy, Lunchbox, and many others.