Agreement Express: The Most Integrated Intelligent Underwriting Solution
Fraud has become a successful business model with a whole fraud as a service niche. Traditional reports might not know how to properly research and evaluate risk caused by new models such as BNPL. In the past KYC has been seen as a necessary cost of doing business, it is now evolving to become a strategic competitive advantage. However, today, if businesses are not constantly looking at innovations in the KYC field, it is exposing the company to new risk without knowing. At this juncture, Agreement Express continues to build on a library of 100+ scoring rules and integrations with more integrations coming every single quarter that is available to all clients. In a nutshell, Agreement Express provides innovative solutions, including KYC, that foster growth of revenue, increase profitability, and drive down servicing costs by simplifying compliance and optimizing the onboarding experience. “Only Agreement Express provides a highly configurable and quick-to-deploy solution that allows our clientele to keep up with the pace of change in the industry. Our automatic periodic reviews or monitoring set and forget capability helps to make sure your portfolio does not become riskier when you’re not watching,” explains David O’Brien, CEO, Agreement Express.
Fraud and regulations are changing faster and more aggressively than payments providers can keep up. That is why speed and flexibility are at the core of the Agreement Express solution; allowing clients to make changes to their risk scoring models or add new scoring models as their business grows or changes. While underwriters are challenged with piecemeal information when trying to make a holistic decision about the risk of doing business with a certain merchant. There’s a disconnect between the variety of information from different sources and that single decision point. Agreement Express bridges exactly this gap. Agreement Express is the most integrated intelligent underwriting solution and allows any risk-bearing payments provider to blueprint their “secret sauce” for risk decisions into a repeatable process that allows underwriters to focus on edge cases and make informed decisions. The company’s highly configurable Merchant ScanXpress product compiles information and reports from a library of 100+ scoring rules and providers into a single weighted score based on client preference. Using this holistic approach leads to better and more consistent underwriting as well as collecting data to benchmark and improve decision making. In addition, Agreement Express makes it easy to configure blueprint risk models and as many scorecards as desired within a single system based on the breadth of merchant portfolio.
Agreement Express’ team is well aware about the fact that for merchants, every minute spent hanging around for approval is a minute of lost revenue. The company’s KYC SiteScan automate and fast-track the individual due diligence on a merchant including social media reviews, website crawls, consumer complaints etc. to save underwriters hours of manual time. Agreement Express matches this level of efficiency by compiling this and other third party reports of choice into a single area.
An instance that highlights the company’s value proposition is when they assisted an ISO client that was already successfully boarding a moderate amount of merchants in their vertical. However, the client was struggling to grow beyond this threshold due to the limitations of their current setup. This is very common for Agreement Express clients as they have often proven out their product or services to a certain degree and seek help in building on the initial success. In this case, growth was not achievable to begin with due to the nuances that needed to be made in their risk model to account for meeting additional regulations beyond their previous niche, as well as increasing capacity for their existing team of underwriters. Instead of doubling the team of underwriters, this client was able to wow and free up their existing team by taking away the frustration of manually compiling reports from all their data sources and evaluating the weight of each individual data point against others. The underwriters are now enjoying their newly gained focus of their work on edge cases where they can apply their expertise. Ultimately, the client was able to start using their existing risk model in Agreement Express within 13 days and expand successfully into new channels and territories without compromising risk or adding headcount, which led to cutting the planned expansion budget by 80%.
Over the years, the company has been a pioneer in delivering out-of-the-box solutions to its customers. Today, fueled by the direct feedback from its clients, Agreement Express is creating a solution that is lightyears ahead in depth and breadth than other KYC solutions in the market. The company’s most recent launch of MonitorX was driven by existing clients who loved using Agreement Express to board and underwrite new merchants and were not satisfied with using fragmented solutions to monitor said merchants for the entire lifecycle. On the partnership side, Agreement Express continues to launch new partnerships, including partnering with IRIS CRM, a leading premier merchant services CRM, as well as expand on key relationships including a global cashless program for one of the major card issuing companies worldwide. “Our goal is to continue to invest in providing actionable, intelligent insights to help clients learn and improve their existing models and processes. We are starting to see new ways for exposing patterns and trends that have the potential to become game changers from an operational excellence perspective and enable our clients to become market leaders in their fields,” concludes O’Brien.