Underwriting and Risk processes, procedures and documentation is an area where Vantiv can review a service provider's implementation of a PayFac model.
PayFacs must demonstrate compliance with all applicable network rules, local, country and regional laws and regulations, applicable anti-money laundering (AML) laws and other regulatory requirements. Vantiv has experience and expertise in a number of these areas.
Vantiv will review a PayFacs's internal controls by:
- Ensuring they understand the regulatory requirements
- Confirming that documentation and screening processes for sub-merchants collect and assess required information
- Making certain AML policies address current regulatory requirements
- Determining the appropriate nature of post boarding sub-merchant activity monitoring to ensure that sub-merchants are not engaged in inappropriate activities and that they have adequate refund policies in place
- Provide information related to fraud related tools or services to help minimize or mitigate fraud and/or risk
Learn about managing sub-merchants