Provenir Empowers YapStone to Onboard Merchants in Real-time
Provenir announced the implementation of its risk decisioning and data sciences platform with YapStone, a leading international Payments-as-a-Service (PaaS) solution provider. To date, YapStone has implemented the Provenir decisioning engine for its Know Your Customer (KYC), Anti Money Laundering (AML), and fraud and risk assessments.
In a landscape in which nearly anyone can become a merchant, marketplace companies need payment partners, like YapStone, who can provide real-time merchant onboarding and monitoring capabilities to support the digital economy. Using Provenir helps streamline YapStone’s innovations in marketplace payments, equipping YapStone’s technology with the scalability and flexibility to process anticipated annual volumes in excess of 250 million transactions.
“YapStone maintains a competitive edge by mitigating risk for its marketplace partners in real-time while assuming the liability for each transaction,” says Bruce Dragt, EVP of Product at YapStone. “Provenir also proved they could provide high levels of automation for merchant onboarding while supporting real-time, low-latency processing. Their no-code, visual tools made it very easy for us to design and configure our business process and go live quickly.”
As a result of its significant focus on technological innovation and data analysis, YapStone has been separately named on the Deloitte Fast 500, The San Francisco Business Times Top 50, and the 2018 Wealthfront Career-Launching Companies List. It has also earned a place on the Inc. 5000 List of Fastest-Growing Private Companies for ten consecutive years.
“YapStone is operating in a burgeoning economy where large global marketplaces are growing at an overwhelming pace,” remarks Paul Thomas, Managing Director, Provenir. “The growth of these marketplaces has exponentially increased the opportunity for YapStone as a marketplace payments service provider that can underwrite a large volume of payments and bear the liability while its partners focus on growth.”
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