Kompliant has announced a strategic partnership with Merrick Bank, a merchant acquirer in the United States. The partnership will provide Merrick Bank with Kompliant’s workflow automation tools to streamline risk management processes, enhance operational efficiency, and support data-driven decision-making while accelerating revenue growth.
By leveraging Kompliant’s frictionless platform and consumer-grade user interface and experience, Merrick Bank will digitise and expedite the merchant onboarding process, improving the customer experience and reducing operational costs. Built on real-world needs and refined through continuous feedback, Kompliant’s solutions are developed with customer insights and market analysis in mind.
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Leo Patching, CEO of Kompliant, 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. We’re thrilled to bring an enhanced level of automation and data analytics offerings to Merrick Bank, their customers, and the rest of the financial services industry.”
The enhancements that Kompliant’s technology offers are particularly crucial in an industry where the cost of compliance has been steadily rising
According to the 2024 True Cost of Financial Crime Compliance Study, US and Canada Study by LexisNexis Risk Solutions, 99% of financial institutions have experienced an increase in financial crime compliance costs, with the total cost reaching $61bn across the US and Canada.
Tom Boyer, Head of Sales and Business Development at Merrick Bank Merchant Acquiring, commented: “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.”
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