Risk and Compliance Solutions for Payment Service Providers


When a payment service provider works with a customer, there are always precautions needed. Jose Caldera, Chief Products Officer, Acuant (formally IdentityMind), knows the key to mitigating risks for the payment service provider is to enable risk assessment solutions at the start of the onboarding process.

Some companies operate in high-risk environments, and other companies may deal with money lending or other money services. A payment service provider needs to assess any situation where a business provides a service with a high fraud risk attached.

“As a payment service provider that has to offer services and onboard these clients, you have to look at the types and dimensions of risks associated with them,” Caldera said.

With evolving processes and technology, the underwriting process of onboarding clients has also transformed.

“There is a new world of payment-providing services that don’t necessarily follow the same underwriting practices that have historically been part of this market,” Caldera said.

With the added complexity of today’s customer needs, government regulations require more stringent protocols for payment service providers to follow when underwriting and onboarding clients.

“When a payment service provider is looking at a business, they’re also looking at the structure of that business and making sure that business is not behaving like a shell company or cleaning illicit money,” Caldera said.

The added levels of scrutiny and examination required for assessing today’s businesses need new technology to do this type of review in real-time.

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