Introduction

This document is intended to provide an introduction to MonitorX - AEX’s solution for automating ongoing monitoring and compliance activities for a portfolio of merchants.

Financial Services companies are required to monitor some or all of their portfolio unless this requirement is being provided by their Sponsor Bank or Processor.

Overview

There are three ways customers can initiate monitoring of a merchant:

1. Workspace Monitoring

   1. Select a completed scorecard in Workspace, then click ‘Run Monitor’

2. API Monitoring

3. Scheduled Monitoring

Workspace Monitoring

If you select a completed scorecard in Workspace, you will see an option to Monitor in the action bar:

You will have the option to select the Scorecard Type you would like to launch, and also decide if you want to update any data before proceeding. If you choose to update data, the Scorecard will be launched in DRAFT mode. You will have the opportunity to edit fields and then click PUBLISH to initiate ScanX integrations.

API Support

Monitoring can be initiated using AEX Publishing API (v3 and v4).

Add monitoringParentId to your request:

{
  "modelId": 1,
  "monitoringParentId": 1234
}

monitoringParentId is the AEX Short ID of any completed scorecard in your company. The new monitoring scorecard will be linked to this merchant record in AEX system (eg. Underwriter sees related History).

modelId is the Scorecard Type you would like to launch.

You can also use the API to update merchant data in the monitoring scorecard:

{
  "modelId": 1,
  "monitoringParentId": 1234,
  "fieldValueMap": {
    "Owner1_Address1": "4045 WINDHILL DR",
    "Owner1_AddressCity": "INDIANAPOLIS",
    "Owner1_AddressStateProvince": "IN",
    "Owner1_Country": "US",
    "Owner1_AddressZipPostal": "46235",
    "Business_AverageTicketAmount": "100"
  }
}

In the above example, the Owner 1 Address and Business Average Ticket amount are updated, but other data fields will be retrieved from the data in the monitoringParentId scorecard.

When using the Monitoring API, you should always send a monitoringParentId value of a Scorecard with the latest updated merchant data set, or, include all data fields in your request that are needed for your target scoring model.

Common scenarios when monitoring is needed:

• High-Risk Merchant Industry

• High-Risk Merchant Volumes

• Merchant parameter increases in dollar volume/number of transactions processed during

  a specific time frame

• Ownership or Business Name change

• High seasonal volume

• Funds released from merchant reserves

• Funds released from suspension

• Industry trends

• Processing method changes (for example, keyed to swipe/EMV, retail to MOTO, MOTO to

  e-commerce

• Marketing methods changes

• Merchant bank account changes, including:

  • Large merchants with bank account changes

  • More changes than any established policy threshold within a specific time frame

• Not always High-Risk > some is just required by compliance and AML policy

  • OFAC Monitoring

  • MATCH Monitoring (best practice)

What can I do with MonitorX?

All of the scoring rules in the Scoring Rule Library can be used with MonitorX. Customers will need to be setup with Monitoring Scorecards in order for them to utilize this functionality (or they can rerun their entire scorecard but this is not recommended since many rules are not needed for monitoring).

Common scenarios include:

• Adverse Media / Negative News Monitoring (Business + Owners)

• OFAC & PEP Monitoring

• Mastercard MATCH Monitor

• Credit Monitor

• Webcrawl Monitor (High-Risk Website Content Detection)

• Bank Change Verification

• Re-underwrite merchants

Setup

Monitoring via API or Workspace is available automatically. However, most customers will need ‘Monitoring Scorecard Models’ in order to effectively use the tool. It doesn’t make sense to run a full New Merchant Scorecard on a live customer. Customers can contact their CSM to discuss how MonitorX can best fit their business needs.

To enable Scheduled Monitoring, follow the steps here.

To enable scheduling by default, go to the ‘Monitoring Defaults’ menu in the ScanX Editor and click Add Event:

Note: Only users with a Scorecard Editor Security Profile can edit and/or apply changes to scorecard templates. Reach out to AEX Support for assistance to gain scorecard editor access for yourself or a colleague.

FAQ

Add Questions and Responses here:

Q. Can my underwriter override default monitoring settings and disable them?

A. Yes, they can do this in the Action Menu.