We are proud to partner with G2 as their KYC Solutions compliment the TPPPA CMS, which is designed to help members comply with state and federal laws, rules and regulations related to payment processing and focuses heavily on Knowing Your Customer.
Washington, DC (PRWEB) April 18, 2016
The Third Party Payment Processors Association (TPPPA), a national not-for-profit industry association representing the interests of their bank and payment processor members through the development of industry best practices, is partnering with G2 Web Services, a leading provider of Know-Your-Customer (KYC) services for banks and third party payment processors (TPPPs).
The partnership enables TPPPA members to improve their regulatory compliance and reduce fraud. G2 KYC Solutions help banks and payment processors develop a risk-based approach to managing their business customers, while improving best practices in BSA/AML compliance. G2 complements existing KYC and Customer Due Diligence (CDD) services, as well as the TPPPA’s Compliance Management System (CMS), the industry's best practices developed by the TPPPA.
“We are proud to partner with G2 as their KYC Solutions compliment the TPPPA CMS, which is designed to help members comply with state and federal laws, rules and regulations related to payment processing and focuses heavily on Knowing Your Customer, and ongoing monitoring,” said Marsha Jones, president of the TPPPA.
Banks, payment processors and their partners use G2 KYC Solutions to perform better due diligence and monitoring of business customers so they can grow their portfolios, launch new services and manage changing regulations while taking on acceptable risk.
“UMS Banking has been using G2 since 2007. It is not only useful but is an integral part of our Risk Monitoring system and compliments the processes we put in place through the TPPPA Compliance Management System (CMS),” said Joyce Gaines, CEO at UMS Banking. “Their new reputational risk, persistent monitoring and risk console allows us to automate a manually intensive job into a ‘click and review’ process that is far more efficient and robust, giving us the data analytics we require for proper oversight of our portfolio in a timely manner.”
As a benefit to TPPPA members, G2 has developed a preferred pricing program for its KYC Solutions, which include:
- Business Classification: improves accuracy of NAICS classification and reveals prohibited and restricted customers in a bank or processor’s portfolio
- Reputation Monitoring: provides a comprehensive review of complaints, ratings and negative news based on thousands of industry-leading sources
- Business Customer Monitoring: includes fraud, sanctions and watch list screening, as well as ongoing business customer monitoring based on G2’s proprietary risk and compliance database
- KYC Risk Score: provides a risk score to easily pinpoint business customers that may require EDD
“G2 is honored to work with the TPPPA to support its mission to balance innovation and regulatory compliance for its membership,” said Dan Frechtling, SVP of Marketing and chief product officer at G2. “The TPPPA has established industry-leading best practices with its Compliance Management System, and our KYC Solutions are well aligned to support this framework.”
The TPPPA will be hosting a joint webinar with G2 Web Services, featuring special guest Connie Mosier, co-president of InterceptEFT, on Tuesday, May 17 at 11:00 AM PDT titled “Beating the Bad Guys by Knowing Your Customer: What Payroll and Payment Processors and the Banks that Serve Them Need to Know.” Click here for more information or to register.