Merchant onboarding is the gateway to growing your business, and Bynn’s AI-driven Document Fraud Detectionmakes that gateway faster and safer than ever.
The entire onboarding process includes several steps, such as collecting business information, conducting KYC and KYB checks, and setting up payment processing solutions. Traditionally, the manual merchant onboarding process was time-consuming and prone to errors, but automated solutions like Bynn streamline these steps, reducing manual tasks and improving efficiency.
Our cutting-edge platform automates Know Your Business (KYB) verification checks and catches forged or manipulated documents in real time, allowing you to approve legitimate merchants with confidence.
By eliminating tedious manual reviews, you can deliver decisions in seconds—onboarding merchants up to 5× faster—while reducing your compliance team’s workload by as much as 90%. The result? More revenue captured, lower fraud risk, and a seamless onboarding experience that sets you apart from competitors. It’s a game-changer for payment providers, marketplaces, fintech platforms, or any company that needs to verify businesses quickly without sacrificing security.
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Up to 10× fewer manual reviews
Automate document checks so your team spends far less time on repetitive verifications.
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5× faster onboarding
Slash onboarding time from days or weeks to mere minutes, getting merchants up and running sooner.
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Decisions in under 20 seconds
Receive KYB verification results almost instantly, thanks to Bynn’s lightning-fast AI analysis.
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Fast, Secure, and Adaptable KYB Process for Payment Service Providers
In today’s market, merchant onboarding must be fast to capture revenue opportunities, secure to prevent fraud, transparent to stay compliant, and adaptable to your unique business needs. As part of the KYB process, identity verification—including the collection of tax identification number and bank account information for payouts—is essential to confirm legitimacy and prevent fraud. It is also critical to collect merchant information such as business plans, revenue projections, cash flow statements, income tax returns, and other financial statements to assess the business's financial health and merchant risk.
Documentation requirements may vary depending on the industry and the specific payment service provider. Compliance documentation, such as PCI DSS and GDPR, is required, and regulatory bodies and financial institutions oversee adherence to these standards. Payment service providers use payment processing solutions, payment gateways, and payment systems to facilitate secure processing of customer payments and transactions. Protecting sensitive financial data is vital, and payment gateways play a key role by encrypting this information.
Ongoing monitoring and transaction monitoring are necessary to detect fraud, prevent money laundering, and keep merchant risk profiles current. Poor onboarding or compliance failures can result in failed transactions, delayed or failed transactions, and financial penalties. Understanding the merchant's business model, transaction limits, and merchant risk is crucial during underwriting and risk assessment. Many payment service providers are adopting automation to consolidate onboarding information and improve efficiency, with automated verification processes reducing identity-related fraud cases by up to 40%. The typical merchant onboarding process includes pre-screening, identity verification, risk assessment, and account setup. Efficient and secure processing of customer payments is essential for a seamless payment experience and customer satisfaction.
Bynn’s streamlined, risk-aware KYB process strikes this balance, helping you stay competitive while protecting against abuse and compliance issues.
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Validate merchants in seconds
Bynn’s automated checks give prospective merchants near-instant feedback. Our AI rapidly identifies ultimate beneficial owners (UBOs) and verifies submitted business documents in seconds by cross-referencing official records and using advanced forensics. This means you can approve legitimate merchants much faster (often 5× quicker than manual reviews), delighting your customers with a speedy, hassle-free onboarding experience.
Prioritize compliance and security
Every verification comes with full transparency – you see exactly what was checked and why, so compliance officers can trust the results. Bynn’s system is document-agnostic and privacy-first: it analyzes document authenticity without extracting or storing sensitive personal data. By focusing on how a document is built rather than the private data it contains, Bynn reduces your compliance burden and guards against threats like identity theft or mule accounts. The platform is also ISO 27001 certified and SOC 2 compliant, reflecting enterprise-grade security standards.
Customizable and globally compatible
Bynn adapts to your workflow and risk policies. You have granular control over verification rules – customize the AI’s decision criteria to match your risk appetite and regulatory requirements. The platform integrates seamlessly via API into your existing onboarding software, so you won’t need to rebuild your tech stack to take advantage of AI. And because Bynn works with any document from any country, you can confidently onboard merchants worldwide without missing a beat.
Real-Time Fraud Detection
With continuous monitoring and real-time analysis, Bynn’s system promptly identifies and mitigates fraudulent activities, safeguarding both the provider and its clients.
User-Friendly Integration
Bynn’s solution is designed to integrate easily into existing systems, offering APIs and SDKs that allow for quick deployment without extensive coding. This ensures minimal disruption to existing systems and processes.
Bynn’s AI-driven solution doesn’t just speed up onboarding – it also ensures each merchant’s identity is thoroughly vetted. For example, imagine your team needs to onboard a new merchant from overseas.
Traditionally this might involve days of back-and-forth emails, collecting documents, and manual checks that slow the process. With Bynn, the merchant simply uploads their company documents and identification through your portal, and our AI goes to work immediately. The system cross-checks the certificate of incorporation against global business registries, analyzes financial statements for any signs of tampering, and confirms the identities of owners through automated ID verification – all in a matter of seconds. If everything checks out, the merchant can move from application to approval in the same day, instead of waiting a week. Your team doesn’t have to sift through paperwork or chase down information; Bynn handles it automatically, and your new merchant is delighted by how fast and painless the onboarding experience is.
Merchant History Check and Risk Assessment
A robust merchant history check and risk assessment are essential pillars of a successful merchant onboarding process for payment service providers (PSPs). Before a merchant can start accepting payments, PSPs must ensure they are partnering with legitimate, trustworthy businesses that won’t expose the payment ecosystem to unnecessary risk.
The merchant history check is the first line of defense. Here, PSPs review the merchant’s payment processing history, looking for red flags such as excessive chargebacks, previous fraud incidents, or patterns of suspicious activity. This step helps PSPs build a risk profile for each applicant, taking into account their transaction volume, business model, and overall financial health. By understanding a merchant’s past behavior, PSPs can better predict future risk and make informed decisions about onboarding.
Risk assessment goes hand-in-hand with the history check. PSPs evaluate a range of factors, including the merchant’s industry, geographic location, and ownership structure. Special attention is paid to the potential for money laundering, terrorist financing, and other financial crimes. This comprehensive risk assessment process is crucial for maintaining secure payment processing and protecting all parties involved—from the acquiring bank to the end customer.
Automated onboarding solutions, like Bynn, are transforming how PSPs approach these critical checks. By leveraging advanced technology, payment service providers can quickly analyze large volumes of data, flagging inconsistencies or suspicious patterns that might otherwise go unnoticed. This not only accelerates the onboarding process but also enhances risk management, allowing PSPs to focus their resources on higher-risk cases while maintaining compliance with anti money laundering (AML) and know your customer (KYC) regulations.
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Detect Fraud and Conduct Risk Assessment in Any KYB Document
From foundational corporate paperwork to financial records, Bynn’s document fraud detection covers the full spectrum of KYB documentation. It can analyze and validate virtually any type of document a business provides during onboarding, including:
Certificates of Incorporation
Confirms a company’s official registration documents are legitimate and unaltered.
Articles of Association
Verifies that these charter documents haven’t been tampered with since issuance.
Business Licenses & Registrations
Ensures any provided licenses or registration certificates are valid and authentic.
Tax Documents
Checks tax forms and certificates for signs of forgery or manipulation.
Tax Identification Number
Verifies the business’s tax identification number to establish legitimacy and compliance.
Bank Account Information
Validates bank account information, such as account numbers and routing numbers, required for payouts and financial verification.
Bank Statements
Detects any alterations in bank statements submitted as proof of financial standing.
Income Statements
Validates profit-and-loss statements or other financial reports to ensure they are genuine.
Utility Bills
Examines utility statements (often used as proof of address) to confirm they are real and unchanged.
And more...
Bynn’s system is flexible and document-agnostic – if your onboarding requires a document, our AI can verify its authenticity, regardless of format, language, or country of origin.
Collecting merchant information, including sensitive financial data, is essential for streamlining verification, risk assessment, and ensuring compliance and security.
All submitted documents, especially those containing sensitive financial data, are thoroughly verified to protect against fraud and maintain data integrity. Financial statements, such as balance sheets and income statements, are also required to assess a business's financial health during onboarding.
Behind the scenes, Bynn’s AI leverages a massive and constantly growing knowledge base to catch fraud. It compares uploads against an extensive database of known fraudulent document templates (over 200,000 and counting) updated daily by our fraud lab. This means even if a forged document uses an uncommon format or a novel tactic, there’s a high chance our system will recognize the red flags. Coupled with machine learning models that spot anomalies invisible to the human eye, Bynn provides industry-leading accuracy in document verification. And the more documents it analyzes, the smarter it gets – continuously learning from new fraud patterns to strengthen your defenses over time. In short, you can trust that if there’s something off about a merchant’s paperwork, Bynn will flag it.
Accelerate the Merchant Onboarding Process and Cut Costs
Automating your KYB reviews doesn’t just improve speed – it also delivers significant cost savings and efficiency gains. Unlike the manual merchant onboarding process, which is time-consuming and prone to errors, an efficient merchant onboarding process enabled by automation streamlines the entire onboarding process, reducing manual tasks and consolidating steps. Automation allows payment service providers to consolidate onboarding information into a centralized system, improving data accessibility and the business's operational efficiency. By removing most manual checks, companies often see a drastic reduction (up to 90%) in the volume of files that require human review, freeing your compliance team to focus on complex cases instead of routine paperwork. Automated verification processes can lead to a 40% reduction in identity-related fraud cases. This efficiency allows you to scale your onboarding operations without a linear increase in headcount or hours. Fewer manual processes also mean fewer errors and more consistent compliance, which can reduce the risk of costly mistakes or regulatory fines. Ongoing monitoring is also a key part of the entire onboarding process, ensuring continuous compliance and proactive risk management as merchant activities and risk profiles evolve. Ultimately, an efficient merchant onboarding process not only enhances operational efficiency but also drives business growth by supporting secure, smooth transactions and enabling long-term success.
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Fast, seamless onboarding keeps prospective merchants engaged
A slow, cumbersome process can cause frustrated applicants to abandon signup and turn to competitors. In fact, an estimated 35% of merchants may drop out of onboarding entirely if it’s too slow or complex – taking with them all the revenue they would have brought. Bynn helps ensure you don’t lose those opportunities by delivering a smooth, lightning-fast experience where applicants get verified and approved quickly. In one real-world case, automation cut merchant activation time from 5–7 days to under 10 minutes. With that kind of speed, significantly more merchants complete the process, and more of your prospects convert into active, revenue-generating customers.
Meanwhile, Bynn’s advanced fraud detection stops bad actors from slipping through. By flagging fake documents and high-risk applicants before they’re onboarded, you prevent downstream losses from fraudulent merchant accounts, chargebacks, or compliance violations. The result is a win-win: you onboard more genuine merchants (and do so faster), while keeping out scammers and minimizing fraud losses.
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Easy API integration, secure, scalable infrastructure powered by Bynn.
Even your IT department will appreciate the easy API integration and the secure, scalable infrastructure powering Bynn. By implementing Bynn, all your stakeholders benefit: compliance and legal teams get thorough due diligence with minimal manual effort, fraud teams stop fake businesses at the gate, and sales teams can onboard clients without delay.