Payment Services Providers (PSPs) let large, small & medium businesses to accept a full range of payments anywhere they sell, including in-store, online and mobile locations. PSPs support credit and debit cards, e-wallets, automatic clearing house (ACH) bank transfers and various payment apps. Most offer immediate account approval, low or no monthly costs, economical flat-rate processing fees, plus provide sellers with seamlessly integrated point-of-sale (POS) software, card readers and online checkouts.

PSPs also take on the credit risks for fraud activities and chargebacks for their thousands of clients. When fraud and chargeback issues occur, the PSP’s merchant bank deducts these amounts, leaving the PSP to work it out with their client.

Central Banks and Regulators across the globe have started monitoring developments in the Digital and Payments landscape prevalent in-country. PSPs have been asked to apply for Payment Aggregator (PA) License and therefore would be Regulated Entities (RE). As with any Regulated Entity, Sanctions screening checks, real-time Transaction monitoring, STR Reporting and regulatory Fraud Management guidelines needs to be complied and adhered, as the sector gets better regulated. Merchant Acquisition, onboarding and Transaction monitoring is critical for PSPs.

How do you identify fraudulent Merchants in your Payment eco-system? As a Merchant Acquirer your ability to spot fraudulent Merchant behaviour needs to be quick and responsive. Merchant fraud detection can be particularly difficult, given the size, speed and complexity of the digital payments landscape. Is there an effective merchant/acquirer fraud protection solution that can detect and prevent these frauds and therefore can be more cost-effective than dealing with the consequences?

BANKiQ FRC is a Merchant Acquirer curated Fraud – Risk – Compliance solution with:

  • Sanctions screening integrations
  • Real-time Transaction Monitoring
  • STR Reporting
  • Merchant onboarding risk scoring
  • STR Rules & Acquirer curated rules & scenarios
  • In-depth Case Management
  • Access portal for Merchants & Acquiring Banks
  • Fraud Management Dashboard & Reports

As a Payment Service Provider (PSP) you can Risk score during Merchant onboarding, during processing of Transactions acquired by these merchants and during Transactions settlement. It’s a ready-to-deploy solution that can be installed and commissioned in weeks.

Payments Ecosystem Threats and Controls
Call us to know how BANKiQ FRC can provide safer Merchant Acquisition, prevent Frauds in real-time and help you adhere to Regulatory compliances