Merrick Bank Partners with Kompliant to Transform the Merchant Onboarding Experience

The partnership will enhance merchant service offerings while boosting risk management capabilities

SAN JOSE, Calif., June 13, 2024 /PRNewswire/ -- In a move that highlights the importance of strong risk management in the financial services industry, Kompliant, a leading provider of intelligent automation and compliance solutions, has announced a strategic partnership with Merrick Bank, a top 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 digitize 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.

"As the financial services industry navigates an increasingly complex risk landscape, partnerships like the one with Merrick Bank are becoming essential," said Leo Patching, CEO of Kompliant. "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 – U.S. 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 $61 billion across the U.S. and Canada. With increased financial risk and continued high costs of compliance, organizations need to think strategically about how to improve compliance efficiency while maintaining customer experiences, deploying new technology, and managing costs.

"We have completely transformed and digitized the merchant onboarding experience for our clients. Partnering with Kompliant has significantly enhanced our credit and risk review capabilities and processes," said Tom Boyer, Head of Sales and Business Development at Merrick Bank Merchant Acquiring. "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."

According to the latest research report from McKinsey & Company, in the coming year, the payments industry will be confronted with high levels of risk, intensifying regulatory scrutiny and significant changes in global standards. Financial services is facing a trifecta of challenges: demanding customers, pressure on fees, and intense competition. As customer expectations increase, companies should view their risk management skills as a weapon for success, creating value and setting themselves apart from the rest. 

About Kompliant

Kompliant is a pioneer in compliance orchestration with a platform for growth-focused financial institutions. Kompliant provides intelligent automation and solutions that power commerce compliance. Kompliant's technology is designed to streamline risk management, enhance operational efficiency, and support strategic decisions through advanced data analytics. For more information, visit kompliant.com.

About Merrick Bank

Merrick Bank, a wholly-owned bank subsidiary of CardWorks, is a leading bank offering credit card, recreation lending, certificates of deposit and merchant acquiring services. With a commitment to financial growth and customer-centric solutions, Merrick Bank provides a range of innovative products and services. With Merrick Bank's Merchant Acquiring Services and Independent Sales Organizations, they support a wide range of merchant categories and merchant payment processing (servicing over 110,000 merchants and over $60 billion in payment volume per year). For more information about Merrick Bank, please visit www.merrickbank.com.

Media Contact:
Emily Baker
202-744-7567
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SOURCE Kompliant