Highly Coveted License Allows GreenBox to Onboard Large ISO Portfolios, Further Accelerating Processing Volume Growth Potential
GreenBox POS, an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions announced it has been approved by Merrick Bank to operate a Bank Identification Number (BIN), greatly expanding the Company’s ability to onboard lucrative ISO portfolios.
Being approved to operate a BIN is only available to companies with strong compliance, operations, and expertise. While acquiring banks hold the top position in the payment’s world, having a BIN allows GreenBox to have its own sub-acquiring license within the bank and act in full responsibility and liability as if it were an acquiring bank. GreenBox can onboard ISOs and agents under its specific bank identification number (BIN) that is separate from the bank’s other clients.
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GreenBox will ultimately be responsible for know-your-customer (KYC), underwriting, and risk monitoring for all clients within its BIN. Along with increased responsibilities, heightened monitoring, and due diligence, comes the added benefit of onboarding more merchant accounts, specifically ISOs, which are more lucrative accounts, that otherwise would not be onboarded within a standard agent-referral arrangement with the bank.
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“We are very excited to be approved for our own BIN as the next logical step for GreenBox in our rapid expansion within the fintech vertical,” said Ben Errez, Chairman of GreenBox POS. “It provides enhanced flexibility, streamlined onboarding and management of new, large merchant accounts taking GreenBox to the next level in the payment processing industry.”
