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Web Shield Services GmbH - InvestiGate

Gold Stevie Award Winner 2018, Click to Enter The 2019 German Stevie Awards

Company: Web Shield Services GmbH, Leipzig, Sachsen
Company Description: At Web Shield, our mission is to equip the payments industry with the tools to protect itself from bad actors involved in illegal or non-compliant activities. Our highly precise research tools deliver crucial information for making informed decisions about prospective clients, and sounding the alarm when current clients behave dubiously.
Nomination Category: Kategorie für Neue Produkte und Produktmanagement Awards
Nomination Sub Category: Bestes neues Produkt oder Dienstleistung - Software - Governance-, Risk- & Compliance-Lösungen

Nomination Title: InvestiGate

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The Problem with Payments…

The payment ecosystem is under permanent threat of abuse by bad actors peddling illegal goods or fraudulent services. Acquiring banks and payment service providers (PSPs) are the gatekeepers of this space, as their risk, compliance and underwriting departments decide, which merchants they grant credit card acceptance.

If they ignore this responsibility, especially in this era of ecommerce, they leave themselves open to painful fees from credit card associations and regulators, not to mentionreputational damage. What’s more, law enforcement agencies recently decided to not only persecute criminal merchants, but also their enablers – be they willing or ignorant.

...And How to Solve It

At Web Shield, we have been workingsince 2011 to make the merchant underwriting and monitoringas efficient as possible, so acquirers and PSPs know who they are on-boarding. InvestiGate builds on this experience: it bundles its investigative modules in a single platform for maximum usability by the customer's underwriting team.

Even InvestiGate’s basic modules go far beyond the mere keyword flagging of similar solutions:

Portfolio Cross-Check reveals previously unknown relationships between entities.
Virtual Address Detection indicates if a merchant has a physical presence at the indicated address.
Underwriting Checklist gives tips for underwriting effectively.
Business Classification lets you integrate business-related recommendations into your underwriting.
Website Auto-Compliance scores the merchant’s website for compliance with best practices.
Audit Trail automatically documents the underwriting process.
SiteAlert notifies you about any hit on our crowdsourced warning list.
License Verification matches the merchant's name against associated whitelists.

Every merchant has a unique profile. With InvestiGate's optional modules, underwriters can adapt every investigation to their requirements – for a truly risk-based approach:

Transaction Laundering Detection uncovers previously unknown merchant websites potentially used for transaction laundering.
Historical Website Data lets your review historical data.
Document Service independently verifies corporate documents and ownership information.
Credit Risk Exposure Manager calculates the default risk and suggests collaterals.
Merchant Location Determination locates the principal place of business of a merchant and verify if it matches your licensing area.
Web Shield Case Service gets you a false positive cleared or completely serviced case file.
Member Area Crawling screens restricted member areas for content violations.
Persistent Monitoring monitors on-boarded merchant’s websites for violations after on-boarding.

What’s more: many third-party services are directly available through InvestiGate. It sports a growing list of accessible sanctions list providers, credit bureaus and identity verification services for our clients’ convenience.

How InvestiGate Boosted Customer Success

Since its launch during the second half of 2017, InvestiGate has nearly tripled customer growth compared to last year. At the same time, the total number of monitored websites, as well as initial merchant underwritings have increased threefold.

This is in no small part a result of InvestiGate’s ease of use and sheer speed: Compared to the 48 hours needed to thoroughly vet a merchant and its websites with its predecessor solution, InvestiGate cuts underwriting times to less than seven minutes while also reducing the associated costs by almost 75%! For our customers, this means near real-time onboarding with an affordable price. No wonder 85% of clients using our original services have already switched to InvestiGate.