MX Connect Release Version (April 24, 2023)

Enable KYC for Products

A new “Enable KYC” toggle has been added to the Edit Product > General tab, allowing users to automate Know Your Customer (KYC) and underwriting processes for select products. Depending on product classification, the toggle’s default behavior varies:

• “Card Acquiring” or “PayFac”: Defaults to "Yes" and is locked.
• “None”: Defaults to "No" but can be modified by site administrators.
• “Front End Only”: Defaults to "No" and is locked.
  KYC automation includes checks such as OFAC, IRS Match, GIACT, News Credit Bureau, and more, ensuring compliance during account submission.

Custom Merchant Agreement Section Naming

To support custom product offerings like BLUBeem, users can now define a “Merchant Agreement Section Name” in the Settings > Products > General tab. This field allows for customizable agreement headers displayed on the Merchant Facing Agreement (MFA) and synced with HelloSign. The new field accepts alpha, numeric, and special characters, while ensuring UI integrity with a two-row character limit.

Passport Onboarding Enhancements – Phase 1

As part of the Passport Merchant Funding project, the following updates have been introduced:

• Passport Tab: Displays Passport account details within the Merchant > Clients > Client view.
• Bank Accounts Tab: Lists associated bank accounts, including Passport accounts identified by a Passport icon.
• Add New Bank Account: Users can add new accounts using a dedicated screen.
• Activate Passport: A green button allows users to request a Passport checking account via HelloSign or a wet signature. Upon activation, Passport accounts can be used for funding.

Note: These tabs are restricted to D0 environments and accessible only by Site, Domain, and Risk Administrators.

Merchant Pricing Controls

Pricing controls have been introduced in MX Connect to ensure accurate and profitable pricing. Administrators and parent partners can now define controls for:

• Minimum (Min): Fees cannot be set below this amount.
• Maximum (Max): Fees cannot exceed this amount.
• Default: A preferred fee, which can be overwritten if necessary.

These controls are managed within the Agreement section of a partner and apply to App Assist, App Engine, Pricing Templates, and Merchant Record. Validation messaging notifies users of pricing discrepancies, enabling quick resolution. Future iterations will include locking and sharing options for enhanced pricing governance.

Bug Fixes and Adjustments

• Fiserv North Reporting: Default settings for KYC toggles now align with product classifications, resolving prior inconsistencies in reporting.