It has come to our attention that a line was missing from a chart included in "Advances in data, automation speed merchant boarding," by Matt Ward-Steinman and published in The Green Sheet Feb. 23, 2015, issue 15:02:02. Here is the text in the article introducing the graphic, along with the chart itself as it should have appeared:
By using APIs and relevant data, the European PSP is now able to preliminarily approve 61 percent of new applications, quickly decline 25 percent and manually review 14 percent. Enhancing the process helped decrease the time needed to review 3,000 new merchant applications by 93 percent, while maintaining current acceptance levels (See Figure 1).
| European PSP | Monthly applications requiring manual review |
Manual review minutes per application |
Total hours per month |
| Pre-existing process | 3,000 | 30 | 1,500 |
| With automation | 420 | 15 | 105 |
| Time savings | 86% | 50% | 93% |
|---|
The online versions of this article have been corrected. Unfortunately, the issue had already gone to press when the missing line came to light, so we could not update the print version. The Green Sheet regrets the error.
We'll soon be working on our March 23 issue, which will be on display at the ETA's upcoming Transact 15 show at San Francisco's Moscone Center from March 31 through April 2. Will you be attending that show or other industry events coming up? Tell us why or why not. And remember, we always welcome feedback at greensheet@greensheet.com. 
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