PreComm ToolKit™ - Merchant Due Diligence and Risk Assessment Made Easy


​Deep and thorough knowledge about merchants is crucial before onboarding. The hard part is gathering the information your business needs and is required by law to obtain to determine reputable merchants from the onew who are not. 


Merchat acquirers and payment processors are being inundated by Anti-Money Laundering (AML) rules and Know Your Customer (KYC) regulations. The USA Patriot Act and other governmental and card brand regulations require these organizations to implement KYC policies that encompass customer due diligence and risk evaluations.


While regulation is not new, compliance is difficult, if not impossible, especially when businesses must rely on multiple systems and manual processes to collect and analyze merchant data. Implementing quick fixes that rely on manual data collection and paper-based workflow processes frequently introduce incosistencies in merchant due diligence procedures and risk evaluation. To make matters worse, once an original evaluation is completed, it is NEVER performed again, leaving ISOs vulnerable.


This due diligence and risk evaluation methodology is slow, expensive, time consuming, inaccurate, risky and inconsistent. Conformance Technologies' PreComm ToolKit addresses these issues, and more.


PreComm ToolKit


PreComm ToolKit is a unique, patent pending, cloud-based intelligence gathering and collating service that simplifies the merchant due diligence and risk evaluation process, protecting your business while saving time and money, and potentially driving increased revenues.

PreComm ToolKit automatically and accurately gathers and assembles many merchant risk data factors (up to 45) obtained from deep, thorough and accurate multi-level investigations, and presents consolidated findings for further risk manager evaluation in minutes.

And then PreComm ToolKit performs it again on a monthly basis, alerting underwriters to merchants that have deviated from the standards their merchant accounts were originally approved upon. This "follow-on" underwriting capability is unique.

Data analysis information avaialbe for review is comprised of three main areas:


  • Know your Client (KYC) by ascertaining and documenting that merchants really are who they say they are, including:


         Credit Bureau Search and Results                                Social Media Account Evaluation & Matching                    INTERPOL Wanted

                                                            

          Website Ownership                                                        Specially Designated Nationals (OFAC)                             Iran-Syria Nonproliferation Act


          Correct Physical Address & Multiple Use Validations    Foreign Sanctions Evaders List                                          United Nations Consolidate


          Google Earth Image CHecking and Recording              Death Master File                                                               Consolidated Sanctions List


          Corporate Ownership Documentation Verification         Denied Persons List                                                           IRS Exempt Organizations


          TINTIN Search                                                               Excluded Parties List System                                             Iranian Sanctions Act


          EIN Matching                                                                  Designated Foreign Terrorist Organizations                      Sectoral Sactions Identifications


          Reverse Phone Number Lookup                                    Politically Exposed People                                                 Unverified List


          OFAC Sancations List                                                     FBI Wanted Lists                                                               Entity List


          TMF File Review                                                             Casino Banned Patron Lists                                              Palestinian Legislative COuncil


          MATCH List Review                                                        Address Validation                                                             Ukraine-Russia Sanctions


          Litigation Search                                                             Global Intermediary Indentification Number                      Foreign Financial Institutions

           

          Lien Search                                                                     EU Sanctions List                                                              CJL Consolidate Regulations


          U.S. Commodity Administrative &                                   Arms Export Control Act                                                    CJL Special Economic Measures

          Reparations Sanctions

                                                                                                  Anti-Terrorism Financing & Entities                                   CJL Foreign Official Asset Freeze


  • Accessing the safety and integrity of merchants BEFORE connecting them to the payments system - Vulnerable access points identification, Outdated software and security patches and open ports


  • Protecting your reputation and good name - Better Business Bureau (BBB), Social Media (Twitter, Tumblr, Instagram, LinkedIn, Facebook, YouTube), Yelp, merchant's own website 


Benefits

  • ​​Simplify compliance efforts
  • Evaluate risk with more information faster
  • Accurately price and re-price mechants to enhance revenue
  • Increase security, integrity and operational efficiency
  • Save time and money
  • Lower risk, protect reputation, reduce scrutiny
  • Reduce fraud loss
  • Potentially reduce fines
  • Protect business liability