Automated Social Scoring Adds New Level of Underwriting Verification
DENVER – May 8, 2017 – Payments industry experts Todd Ablowitz and Deana Rich have joined forces with tech services company iClassPro to develop and launch Infinicept, an innovative, turnkey payments platform for Payment Facilitators. The system, colloquially called Payment Facilitator in a Box™, is a fully integrated suite of components that make it possible for Payment Facilitators to get up and running in weeks, not years.
Infinicept is an artful technology solution that fully supports frictionless merchant acceptance, underwriting, boarding and back office operations with a series of automated modules that can be adapted to any vertical market. Its unique, agnostic framework allows Payment Facilitators to easily integrate their platform with any sponsor, processor, gateway and CRM without starting from scratch.
“Gone are the days where Payment Facilitators need to build their own acceptance platform,” said Todd Ablowitz, Co-Founder and chief executive officer of Infinicept and president of payments consultancy Double Diamond Group. “Until now, the basic platforms offered have been insufficient in meeting Payment Facilitators’ myriad of needs. This has forced them to build their own infrastructure from the ground up, costing valuable time and resources that could be channeled into revenue generation for their growing businesses.”
Infinicept offers maximum flexibility, allowing Payment Facilitators to use only needed modules that can easily integrate into existing operational structures. It includes several proprietary underwriting tools, including automated social scoring that evaluates a merchant’s social media presence to enhance fraud detection and meet KYC requirements.
“Social media is emerging as an important underwriting tool,” said Deana Rich, Infinicept co-founder and president of Rich Consulting. “More underwriters are turning to social media to research merchants as a part of their KYC programs, but it’s usually done manually. Infinicept takes this concept to a whole new level by verifying an identity against several social media sites and providing a social score that can be evaluated with other standard underwriting checks that are also automated.”
Necessity is the Mother of Invention
The idea for Infinicept has been in the making for more than five years, when Ablowitz and Rich began consulting with payments and technology companies interested in the Payment Facilitator model.
“We’ve worked with more than 150 potential Payment Facilitators over the years, and a growing number of them are technology companies interested in integrating payments functionality into their overall service offerings,” Ablowitz said. “Every single one of those companies were faced with the daunting and time-consuming task of building their own platform or foregoing the opportunity entirely. Deana and I knew there had to be a better way to help these companies.”
One such company is iClassPro. Rich and Ablowitz consulted with the company through its own challenges of building a Payment Facilitator platform to complement the burgeoning web-based class scheduling and management business. From that experience, Chris McNabb, chief executive officer for iClassPro, recognized the opportunity of applying what his company had learned on a larger scale. Armed with industry experience and knowledge from Ablowitz and Rich and McNabb’s team of talented developers and designers, the trio set off to create the first Payment Facilitator in a box.
“According to industry estimates, Payment Facilitators have a $4.4 billion opportunity in the next five years, but it requires having the right systems and infrastructure in place,” said McNabb. “We knew if we could remove the pain points that come from developing a stand alone platform and replace that with a robust suite of products that can smooth and accelerate the interactions across the Payment Facilitator ecosystem, we could create phenomenal value for ourselves and customers.”
Infinicept, is a robust suite of automated services that collectively perform as an operational backbone for Payment Facilitators. Whether used as a fully integrated package, or a la carte, Infinicept makes it possible for Payment Facilitators to get up and running in weeks, not years. Started by payments industry veterans and Payment Facilitator consultants Todd Ablowitz and Deana Rich with the development expertise of technology innovator, iClassPro, Infinicept offers infinite acceptance possibilities for a market that is estimated to top $4.4 billion by 2021.
For more info go to https://www.infinicept.com