TEL AVIV, Israel, May 24, 2017 /PRNewswire/ --
New office will support Asian Pacific payment industry customers with leading transaction laundering prevention and detection solution
EverCompliant, the pioneer of Transaction Laundering Detection and Prevention, announced today the opening of its new office in Shanghai, China. The expansion of its global operations will allow EverCompliant to properly meet the growing demand from its Asian customer base as well as help drive growth for the company's solution across the region.
With the rapid growth in ecommerce, new sophisticated merchant-based fraud schemes are developing at a rate that makes them increasingly difficult to detect. Transaction laundering is money laundering for the digital age and is a real threat to the modern payment industry as fraudsters are taking full advantage of payment ecosystems by funneling transactions through legitimate emerchant accounts. China ranks high in terms of vulnerability as in 2020 online retail purchases are expected to account for 68% of global sales, causing a major threat to Merchant Service Providers (MSPs) such as acquiring banks, PSPs, payment facilitators, hosting providers and online marketplaces.
"Our entry into the Asian market comes at a crucial time, as MSPs need cyber intelligence to combat the growing epidemic of transaction laundering within the payment infrastructure," said Ron Teicher, CEO of EverCompliant. "Our new office in China will enable us to bring our unique technology to our Asian customers and grow our client base while providing an uncompromising level of service."
EverCompliant is the pioneer and industry leader in transaction laundering detection and prevention. The company's flagship product, MerchantView™, is the first and only dedicated solution on the market designed from its core to detect and prevent transaction laundering. MerchantView applies proprietary cyber intelligence technology to identify unknown and hidden merchants funneling transactions through seemingly legitimate storefront websites. Its accuracy, transparency, and ability to uncover hidden ecommerce networks and merchants sets it apart from other competing platforms. EverCompliant's technology has been adopted by large-scale financial institutions and payment service providers in Asia, Europe, U.S., and the Middle East, and is an approved MasterCard MMSP. EverCompliant is headquartered in Tel Aviv, Israel with offices in New York City and Shanghai.