Verisk'sG2 Business Announces New Strategic Alliance with National Association of Boards of Pharmacy (NABP)
BELLEVUE, Wash. (March 13, 2019) - G2, a Verisk (Nasdaq:VRSK) business and division of Verisk Financial, announced today that it has joined forces with the National Association of Boards of Pharmacy (NABP) in a new strategic alliance to help consumers easily find safe online pharmacies and avoid those engaging in prohibited practices or the sale of illegal pharmaceuticals. G2 is a leading global provider of merchant risk management solutions.
Together, the companies will play an important role in educating payments companies, marketplaces, and merchants about regulatory standards for the safe practice of pharmacy as part of a larger effort to protect consumers. Through this alliance, healthcare merchants will be verified by NABP and fulfill Visa and Mastercard requirements for card-not-present transactions. This certification will also allow merchants to meet advertising criteria from Google, Bing, Yahoo!, Twitter, and Snapchat.
Speaking at the G2 Risk Summit, the NABP shared that only 4 percent of the nearly 12,000 pharmacy websites they reviewed were in compliance with pharmacy laws and standards, including those required by credit card networks. This means that 96 percent of pharmacy websites are presumably illegitimate or unsafe. For the public, this can mean consequential health risks, including death. For acquiring banks, these statistics largely translate to one thing-high risk.
"The goal of our healthcare merchant certification program is to better protect the public from pharmacy websites that are operating out of compliance. Merchants that achieve certification through our program have proven that they are licensed, in good standing, and operating safely when conducting business online," said Carmen A. Catizone, M.S., R.Ph., D.Ph., NABP executive director/secretary.
"This new alliance will help acquirers, payment service providers, and payment facilitators serve pharma merchants safely and compliantly," said Dan Frechtling, president, G2. "NABP cares about the public's health and well-being, and its verification is recognized by Visa and Mastercard."
G2's services are used by more acquirers globally than any other merchant monitoring solution. As part of Verisk Financial, G2 is even stronger with access to proprietary risk data and technologies. NABP is the nonprofit association certified by Visa for pharmacy merchant registration. Both companies are members of the Alliance for Safe Online Pharmacies (ASOP).
Building on a successful webinar series collaboration in 2018, G2 and NABP have agreed to more formally expand their alliance.
- G2 will be celebrating its final leg of the tenth annual Risk Summit Series (RSS) in Atlanta, Georgia, on
April 18, where it will bring in industry experts to discuss payment technology advancements, hot topics and trends, high-risk merchant monitoring solutions, and data analysis. NABP will be in attendance and participate as a guest speaker.
- G2 and NABP will also be participating in and sponsoring the MAC Annual Conference in Las Vegas, Nevada, this March. The conference will highlight issues on risk, compliance, and security. To learn more about G2 and the NABP's mission, please stop by their booths at the show, or contact firstname.lastname@example.org.
About the National Association of Boards of Pharmacy (NABP)
The National Association of Boards of Pharmacy (NABP) is the impartial professional organization that supports its member state boards of pharmacy in creating uniform regulations to protect public health. Founded in 1904, NABP aims to ensure the public's health and safety through its pharmacist competence assessment programs, license transfer and verification services, as well as through pharmacy inspection and accreditation programs. For more information, please visit www.nabp.pharmacy.
G2, a Verisk (Nasdaq:VRSK) business and division of Verisk Financial, has been the world leader in merchant onboarding and monitoring since 2004. Every 30 seconds, clients using G2 discover suspicious activity, such as fraud, illegal medicines, illicit drugs, counterfeit, transaction laundering, and other violations. G2 clients leverage the most complete merchant risk data ever compiled for greater protection and productivity for their businesses. Risk professionals gain insights, refined by machine learning and expert analysts, along with unparalleled client service-all at enterprise scale. To learn more, visit www.g2llc.com.
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Source: Verisk Analytics Inc. via Globenewswire