Current Trends in Automated Onboarding

“Automation is important to stay competitive and ahead of the curve. However, to be competitive in the long run, it doesn’t mean one has to cut corners,” says Rob Lemmen, Chief Commercial Officer at Truevo. “The biggest challenge is to be appropriately vigilant while ensuring you offer merchants the fastest and easiest onboarding experience possible. When working with a high volume of merchants, it only makes sense to systemise and automate as many as possible, or most of your processes to take advantage of economies of scale. The way we’ve worked to do that at Truevo is to create a scoring system for merchants.”

COVID-19 Changes the Payments Industry

From the rolling back of mandates to the rise of contactless transactions, the payments industry has seen its fair share of changes since the world learned about COVID-19 earlier this year. Visa and Mastercard have postponed merchant requirements scheduled for the spring. Contactless payment minimums have been raised around the world to discourage surface contact on areas where the virus can thrive. The UK’s Financial Conduct Authority extended its deadline for Strong Customer Authentication (SCA) for six months.