Ekata Mitigates Payment Services Fraud Via Merchant Onboarding API

Ekata has announced a new Merchant Onboarding API that enables an automated onboarding workflow for payment service providers (PSPs), B2B lenders, and online marketplaces that are increasingly engaging with sole proprietors and “micro-merchants.” The API leverages a unique approach to risk analysis that enables more of these small accounts to be approved without manual review. 

Ekata notes that small businesses tend to lack the sort of standard commercial track record that would have been utilized in financial decision-making previously. Combine this with an increasing number of small businesses entering the marketplace and it becomes clear that a new workflow is necessary. In an attempt to solve this problem Ekata designed a new risk analysis model that looks at standard business metrics combined with data about the individuals behind the business in order to provide a more holistic view of lending risk.

The company combines automated workflows via the Merchant Onboarding API with SaaS solutions that are intended to take over for manual review when necessary. The new Merchant Onboarding API is available for use immediately.