Partnership provides issuers of closed loop, open loop and GPR cards to comply with CIP/KYC regulations and FinCEN requirements
Kansas City – Card Compliant, a compliance specialty company, and IDology, a leading identity verification provider, today announced a partnership to better serve the prepaid access and prepaid card industry. Card Compliant is leveraging IDology’s identity proofing solutions to meet CIP/KYC regulations and comply with FinCEN’s Regulatory Requirements on prepaid access cards. The partnership between the two companies allows for consumers purchasing closed loop, open loop, GPR and other prepaid cards to be verified quickly and easily when compliance regulations need to be met.
“IDology has developed an excellent identity verification solution for the prepaid industry,” said Wayne Chatham, CEO of Card Compliant. “Many banks and retailers are already using our automated solutions for unclaimed property, breakage management, derecognition accounting and compliance metrics. We are pleased to add full service FinCEN and AML compliance to our suite of services. Integrating IDology’s identity verification services into our AML and FinCEN platforms gives our customers a one stop shop for their compliance needs. ”
Card Compliant now offers a suite of services designed to implement the full MSB, CIP/KYC and AML requirements of the FinCEN regulation. They include MSB Registration, CTR and SAR support, CIP, OFAC checks, data and document retention, audit support, and more.
IDology’s identity verification solution is based on a broad amount of information, which allows Card Compliant to locate more cardholders compared to other data providers such as credit bureaus. IDology’s flexible and configurable solutions are designed specifically to identify the under and un-banked demographics associated with prepaid, resulting in more cardholder acceptance.
“Card Compliant is well known for its compliance specialty programs. Choosing us as their identity verification partner is further validation of something we have created at IDology – a flexible CIP compliance solution,” said John Dancu, CEO of IDology. “This partnership will allow all Card Compliant customers to quickly respond to the changing compliance demands in the prepaid market.”
About Card Compliant
Card Compliant, based in Kansas City, is a compliance specialty company serving the prepaid access and prepaid card industries. It addresses niche subjects, providing technology-supported solutions to the regulatory, legal and accounting challenges encountered in card programs. It engineers compliance at the design, implementation, and operational phases of a card program to enhance program value and reduce noncompliance risk. Solutions combine patent-pending technologies and business methods implementing compliance on a per card basis. Visit Card Compliant at www.cardcompliant.com or call 913-871-7430.
About IDology, Inc.
IDology, Inc. provides real-time technology solutions that verify an individual’s identity and age for anyone conducting business in consumer-not-present environments to help drive revenue, decrease costs, prevent fraud and meet compliance regulations. Founded in 2003, IDology is the only provider to offer an on-demand change management tool that allows client business-unit managers to control the entire identity proofing process, including within an integrated solution, without having to rely on internal IT resources or contact IDology’s customer service. For more information, visit www.idology.com or call 866-520-1234.