In the ever-evolving landscape of payment solutions, JCC Payment Systems has been the beacon of innovation for businesses in Cyprus since 1989. In pursuing safer, faster, and more efficient payment experiences, JCC recognised the need to streamline its merchant onboarding and administration procedures.
The Challenge
JCC Payment Systems had a clear vision: to digitise and enhance its Know Your Customer (KYC) procedures, ensuring an impeccable onboarding and administration process for its merchants. The complexity lay in creating a tailored KYC web application that seamlessly integrated with various information providers while adhering to the unique requirements of the Cypriot market.
The Solution: Custom KYC Web Application.
Parallax Works, in collaboration with InfoCredit Group (Credit Risk Information Provider), embarked on a journey to develop a bespoke KYC web application that would revolutionise how JCC Payment Systems approached merchant onboarding and administration.
Integration with Information Providers: The heart of the solution was its seamless integration with various information providers. This integration allowed the application to retrieve crucial data about a company's structure, credit rating, detrimental issues, and shareholding arrangement. The amalgamation of this data enabled the application to construct a comprehensive entity structure, providing agents with a holistic view.
Empowering Agents: The application empowered agents with the ability to view the data and modify and supplement it as needed. This dynamic interaction ensured accuracy and completeness in the merchant profiles.
Lexis Nexis - Bridger Integration: Recognising the importance of rigorous screening, the solution was fortified with integration to Lexis Nexis - Bridger. This added layer of scrutiny allowed entities and individuals to be screened thoroughly, ensuring compliance with regulations and safeguarding against potential risks.
The Impact
The collaborative effort between JCC Payment Systems and Parallax Works resulted in a groundbreaking KYC solution that redefined merchant onboarding. The benefits were manifold:
Efficiency: The streamlined process significantly reduced onboarding time, enabling merchants to utilise JCC's services more rapidly.
Accuracy: The integration with information providers eliminated manual data entry errors, enhancing the accuracy of merchant profiles.
Compliance: The Lexis Nexis - Bridger integration fortified JCC's adherence to regulations, minimising risk exposure.
Empowerment: Agents were empowered with tools to make informed decisions, resulting in better management of merchant relationships.
Conclusion: A New Era of Onboarding
Through meticulous planning, innovative technology, and a shared vision, JCC Payment Systems and Parallax Works transformed the landscape of merchant onboarding. The custom KYC web application stood as a testament to their dedication to providing businesses with a safer, faster, and more straightforward payment experience.
As JCC continues to lead in the payment solutions realm, its partnership with Parallax Works is a shining example of technological innovation tailored to the Cypriot market.
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