With extensive experience in delivering digital transformation solutions, Opus aims to automate merchant onboarding for banks and payment service providers. Opus facilitates application processing, due diligence, KYC and KYB verifications, underwritings, contract finalization, compliance, and legal checks.
Key Challenges Faced by Banks, and Payment Service Providers
Lengthy and complex manual offline onboarding process
Inefficient handling and storage of physical verification documents that pose security risks
Absence of standardized protocols for verifying AML, KYC, KYB, and regional-regulatory compliances
Difficult to collaborate with multiple international and local agencies to verify merchant details
Ineffective consumer support to resolve merchant’s queries promptly
Need for scalability and reliability for a digital merchant onboarding solution
Consumer spending channels are rapidly evolving into touch-free digital formats. Opus empowers banks, FinTechs, and PSPs to onboard merchants efficiently by transforming application processing, pre-screening, verification, and compliance validation. Opus employs a design thinking approach to simplify the onboarding process, cater to regional regulations and integrate international verification and payments platforms. Through AI/ML based algorithms, our team ensures top-notch security and data privacy measures and facilitates fraud prevention and dispute management.
Our Merchant Onboarding Services Include
Transforming the entire merchant onboarding journey through identity verification, business model analysis, and compliance checks
Employing AI/ML for fraud monitoring using rule-based systems to differentiate genuine and fraudulent transaction behaviors
Facilitating seamless integration with PSPs and acquirer’s payment platform to assess creditworthiness, handle complaints, and monitor fraudulent activities
Empowering the acquirer with access to international regulatory bodies and regional compliance requirements (PCI-DSS) to prevent fraudulent transactions
Enabling customizable alerts and smooth customer journeys via streamlined processes and user-friendly interface across mobile and web applications
Opus Facilitates Friction-Free Merchant Onboarding
Enhances efficiency and speed of merchant acquisition with advanced workflow automation
Minimizes card frauds and issuer declines with self-learning enabled ML models for fraud monitoring
Reduces overall onboarding and underwriting costs with quicker turnaround times for KYC and KYB verification with API-based microservices architectures
Simplifies user journeys while minimizing manual intervention and errors with intuitive and user-friendly interface.
Unlocks growth prospects and streamlines operations to ensure flexibility, scalability, and secure collaboration with client-centered digital merchant management system
Enables future-ready security and data protection mechanisms across internal and external digital interactions
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READ NEWSLETTERVIEW ALLFrequently asked questions
Merchant onboarding includes all activities related to enabling a merchant or a business to accept customer payments securely through diverse digital channels.
Merchant onboarding is a part of the broader merchant-acquiring process. It enables the acquired merchant or business to accept digital payments securely while enhancing customer experience.
Merchant onboarding is a 5 step process that involves pre-screening, identity checks, underwriting, merchant history gathering and screening, and compliance setup.
Payment onboarding is another name for merchant onboarding
A payment gateway facilitates digital transactions by communicating with banks, credit unions, and other financial services providers. Whereas, a merchant account is a temporary holding account where all payments land (in real-time) before being dispatched to the associated bank.
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