#United States #Palo Alto #KYC Systems #KYC SiteScan #Merchant Category Code

KYC SiteScan's Innovative Automated Merchant Category Codes

KYC Systems LLC, renowned for its leadership in Know Your Customer (KYC) automation services, recently made a significant announcement that promises to revolutionize merchant classification in the payments and banking sectors. Their flagship product, KYC SiteScan, now includes an outstanding automated feature for generating Merchant Category Codes (MCC). This innovative approach not only streamlines the process of merchant classification but also enhances accuracy and speed.

Key Features of the Automated MCC Coding

The introduction of automated Merchant Category Code suggestions introduces multiple functionalities aimed at improving efficiency for clients working in varied sectors. Key features include:

• - Comprehensive MCC Suggestions: KYC SiteScan's new functionality provides clients with primary, secondary, and tertiary MCC suggestions for various merchants and businesses. This feature allows stakeholders to make better-informed decisions without extensive background research.

• - Confidence Scoring: Each suggested MCC code is accompanied by a confidence score, offering insight into the reliability of the classification.

• - Descriptive Classifications: The automated system provides detailed descriptions of each suggested business classification and corresponding MCC code, adding clarity to the coding process.

• - Rationale for Suggestions: Clients are also given detailed reasoning for the suggested classifications, ensuring transparency and understanding of the methodology behind the automated suggestions.

Enhanced Reporting Capabilities

Moreover, these MCC suggestions can be seamlessly integrated into KYC SiteScan reports and API responses. This capability is set to enhance the ability of clients to derive actionable insights in real-time, which is crucial for compliance and risk management in their operations.

Matthew Parker, Principal at KYC SiteScan, highlighted the sophistication of this feature. He stated, "Our new MCC coding feature automates this critical aspect of merchant classification for the payments industry. The combination of KYC SiteScan's real data with the new AI capabilities delivers actionable data to clients within seconds, significantly enhancing their operational efficiency."

Real-World Applications of Automated MCC Coding

The new automated MCC coding feature is poised to serve three primary use cases:
1. Merchant Application Screening: Clients can access MCC suggestion data almost instantly (in as little as 5 seconds) via API. This rapid response allows for efficient classification and filtering of businesses at the point of application, ensuring a smooth merchant onboarding experience even before underwriting processes commence.
2. Merchant Underwriting: Comprehensive MCC suggestions generated from real-time data will be included in full KYC SiteScan reports, automating the due diligence process required for merchant underwriting.
3. Portfolio MCC Correction: The feature enables periodic monitoring or batch correction of misclassified businesses within a processor's merchant portfolio, fostering ongoing accuracy and compliance.

By implementing these intelligent solutions, KYC SiteScan further cements its position as a leading powerhouse in the domain of merchant KYC automation.

Conclusion

KYC Systems LLC was founded in 2010, making strides in providing advanced KYC solutions aimed at supporting businesses in the payments and banking sectors. The newly introduced automated Merchant Category Codes feature is yet another testament to their commitment to innovation and excellence. As industries grow increasingly dependent on accurate data for compliance, tools like KYC SiteScan will be indispensable for companies looking to maintain a competitive edge. For those interested in learning more about KYC SiteScan and its groundbreaking features, comprehensive information can be found at www.kycsystems.com.