Feb 27, 2025   SOURCE: PR NewsWire

KYC SiteScan Introduces Automated Merchant Category Codes and Business Classification

PALO ALTO, Calif., Feb. 27, 2025 /PRNewswire/ -- KYC Systems LLC, the leading provider of Know Your Customer (KYC) automation services to the payments and banking industries, today announces the launch of automated Merchant Category Code (MCC) suggestions into its flagship product, KYC SiteScan.

The automated MCC coding feature offers:

    --  Primary, secondary, and tertiary suggested MCC codes for merchants and
        business entities.
    --  A confidence score for each suggested MCC code.
    --  Descriptions of each suggested business classification and MCC code.
    --  Detailed reasoning for business classifications and MCC code
        suggestions.

MCC code and business classification suggestions can now be included in KYC SiteScan reports and API responses, providing clients with accurate insights for informed decision making and required industry merchant classification.

Matthew Parker, Principal at KYC SiteScan, stated, "Our new MCC coding feature automates this critical aspect of merchant classification for the payments industry. The combination of KYC SiteScan's real data with transparent data provenance that we have always provided, plus new AI capabilities, such as the generative MCC coding feature, delivers actionable data to clients in seconds."

Key features of the MCC coding feature include:

    1. New API endpoints delivering suggested MCC codes and related data in as
       little as five seconds, without requiring a KYC SiteScan report.
    2. MCC coding suggestions for real-time merchant website analysis are
       provided in KYC SiteScan reports and API data.
    3. MCC code suggestions are available for all merchants, with or without
       websites.

The automated MCC coding feature serves three primary use cases:

    1. Merchant Application ScreeningMCC suggestion data is available in as
       little as 5 seconds via API, allowing clients to classify and filter
       businesses at the point of application, even prior to merchant
       underwriting.

    2. Merchant UnderwritingMCC suggestions are included in comprehensive KYC
       SiteScan reports. The full report automates merchant underwriting KYC due
       diligence.

    3. Portfolio MCC Correction Periodically monitor a processor's entire book
       of business or enable batch correction of improperly classified
       businesses in a processor's merchant portfolio.

Automated MCC coding further solidifies KYC SiteScan's position as the leading solution for merchant KYC automation, building upon its existing capabilities in merchant website analysis, business validation checks, consumer sentiment detection, news and web information, and required compliance screening.

For more information about KYC SiteScan and the new automated MCC coding feature, please visit www.kycsystems.com.

About KYC Systems LLC:
Founded in 2010, KYC Systems LLC provides automated Know Your Customer (KYC) solutions to perform due diligence on merchants and business entities for the payments and banking industries. Our flagship product, KYC SiteScan, automates most aspects of the merchant and business KYC process, enabling clients to make informed decisions quickly and with proper industry compliance.

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SOURCE KYC Systems LLC