RENO, Nev.--(BUSINESS WIRE)--Conformance Technologies, a fast-growing provider of operating systems, education systems and expertise used in managing business compliance requirements, today announced it has enhanced its PreComm ToolKit offering with TransUnion ID Manager capabilities. PreComm ToolKit is a cloud-based data collection and consolidation service that simplifies the merchant due diligence and risk evaluation process prior to payment processing onboarding, while addressing the difficulties associated with the Know Your Customer (KYC) compliance requirements of Anti-Money Laundering (AML) rules, The USA Patriot Act and card brand regulations. Merchant acquirers and payment processors gain protection from deceitful entities before unwittingly granting payment system access, while saving time and money related to manual, labor-intensive, paper-based workflows. PreComm ToolKit gathers and collates a complete underwriting data pull in as little as 30 seconds, including credit scores and business stress and risk indicators.
“We are excited to collaborate with TransUnion to identify unscrupulous businesses before merchant onboarding ever takes place,” said Darrel Anderson, president of Conformance Technologies. “By adding TransUnion’s ID Manager capabilities, PreComm ToolKit enables risk managers to make better and smarter business decisions during the risk and underwriting process,” added Anderson. “This decreases costs to clients, reduces workloads and inaccuracies, plus allows for real-time monitoring post-boarding.”
“ID Manager’s identity and device verification plus identity authentication capabilities are nice additions to PreComm ToolKit,” said Chris Cartwright, executive vice president of U.S. Information Services for TransUnion. “We are pleased to partner with Conformance Technologies to give acquirers confidence that the merchants they board for payment processing have been properly vetted through rigorous upfront screening,” added Cartwright.
PreComm ToolKit automatically and accurately gathers more than 60 merchant risk data factors via deep, thorough and accurate investigation. Findings are consolidated and presented in dashboard format to enable significantly more accurate evaluation by risk managers. Risk data factors include corporate ownership documentation verification; Taxpayer Identification Number (TIN) and Employer Identification Number (EIN) matching; Terminated Merchant File (TMF) review; Office of Foreign Assets Control (OFAC) review; illicit, prohibited and illegal activity scanning results; and much more.
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About Conformance Technologies
Conformance Technologies is a fast-growing provider of operating systems, educational systems and expertise used in managing business compliance requirements. More than 300,000 small and midsize business end-users rely on Conformance Technologies’ solutions to protect their businesses every day, both domestically and in 22 countries around the world. Privately held and headquartered in Reno, Nevada, Conformance Technologies evolved from a payments consultancy and PCI compliance firm originally established in 2003. Today, the company has become a leading provider of automated compliance and sensitive data protection systems and services. InfoSecure Redteam, Inc. dba InfoSecure Redteam Conformance provides Payment Card Industry Security Standards Council (PCI SCC) Qualified Security Assessor (QSA) services. For more information, please visit conformancetech.com.
TransUnion is a leading global risk and information solutions provider to businesses and consumers. The company provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. Businesses embed its solutions into their process workflows to acquire new customers, assess consumer ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud. Consumers use its solutions to view their credit profiles and access analytical tools that help them understand and manage their personal information and take precautions against identity theft. For more information, please visit transunion.com.