Prospect is a solution that supports payment service providers to assess the risk of doing business with a merchant both at the on-boarding stage but also in-life through its extensive monitoring capability. Unlike traditional automated risk underwriting tools, Prospect goes much further than the softer assessment elements such as credit score and sector and looks at other insight to form an accurate view of the potential risk and liability that the merchant represents. This insight is generated from a number of sources including industry averages and expectations, live merchant experience where the system looks at the existing back book of the payment service provider and analyses transaction data to form opinion, scheme tools and data sources to check for earlier concerns with the merchant and combines that knowledge with traditional 3rd party data and the information provided by the merchant at the time of on-boarding to accurately calculate risk and liability.
Also, rather than simply offering a score card approach to risk assessment which is potentially open to manipulation, Prospect includes a decision tree matrix where the assessment of risk for any given merchant can take multiple routes depending on the information supplied and obtained. Rather than simply declining merchants, this greater insight can give payment service providers better visibility of risk and allow them to make more informed and calculated decisions.
Rules are managed simply through a highly configurable user interface allowing the payments business to add and manage various rules within the decision tree that is used to arrive at the ultimate decision. With an integrated workflow, applications that are pre-approved, approved, declined or referred are visible through an intuitive UI. The UI details the insight used to make the ultimate decision as part of the merchant’s application and allows users to further interrogate the decisioning process. The user can progress applications that have not been auto-approved and even set conditional approvals such as the implementation of a deposit, fixed or rolling reserve.
The in-life system looks at changes to the business’s status or the principles within that business that may affect the desire to do business with them. It also provides extensive transaction analysis looking to spot suspicious trends such as out of character transactions, excessively high ATV’s and transactions that are outside of normal operating hours. Alert thresholds are configured within the platform and can be linked to auto service suspension or holds on funding if severe risk is identified. The solution supports both regulatory and scheme compliance obligations.
Prospect is traditionally offered in conjunction with technologi’s Revolution on-boarding platform although can also be contracted independently and integrated into an existing on-boarding solution using extensive API functionality.
When used alongside Revolution, payments businesses can deliver automated end to end on-boarding including risk assessment without compromise. When used in conjunction with Velocity, the technologi money settlement engine conditional approvals can be effectively controlled and carried through and implemented as part of the boarding journey.