KYC Systems LLC, the leading provider of Know Your Customer (KYC) automation services to the payments and banking industries, announces the launch of automated Merchant Category Code (MCC) suggestions into its flagship product, KYC SiteScan.
The automated MCC coding feature offers:
- Primary, secondary, and tertiary suggested MCC codes for merchants and business entities.
- A confidence score for each suggested MCC code.
- Descriptions of each suggested business classification and MCC code.
- Detailed reasoning for business classifications and MCC code suggestions.
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MCC code and business classification suggestions can now be included in KYC SiteScan reports and API responses, providing clients with accurate insights for informed decision making and required industry merchant classification.
Matthew Parker, Principal at KYC SiteScan, stated, “Our new MCC coding feature automates this critical aspect of merchant classification for the payments industry. The combination of KYC SiteScan’s real data with transparent data provenance that we have always provided, plus new AI capabilities, such as the generative MCC coding feature, delivers actionable data to clients in seconds.”
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Key features of the MCC coding feature include:
- New API endpoints delivering suggested MCC codes and related data in as little as five seconds, without requiring a KYC SiteScan report.
- MCC coding suggestions for real-time merchant website analysis are provided in KYC SiteScan reports and API data.
- MCC code suggestions are available for all merchants, with or without websites.
The automated MCC coding feature serves three primary use cases:
- Merchant Application Screening
MCC suggestion data is available in as little as 5 seconds via API, allowing clients to classify and filter businesses at the point of application, even prior to merchant underwriting. - Merchant Underwriting
MCC suggestions are included in comprehensive KYC SiteScan reports. The full report automates merchant underwriting KYC due diligence. - Portfolio MCC Correction
Periodically monitor a processor’s entire book of business or enable batch correction of improperly classified businesses in a processor’s merchant portfolio.
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Automated MCC coding further solidifies KYC SiteScan’s position as the leading solution for merchant KYC automation, building upon its existing capabilities in merchant website analysis, business validation checks, consumer sentiment detection, news and web information, and required compliance screening.
Source: GlobeNewswire
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