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Dec 11, 2023

Middesk & Hummingbird Partner to Streamline Customer Diligence and Compliance for Modern Financial Institutions

Jay Patel

Middesk & Hummingbird partner to streamline customer diligence and compliance for modern financial institutions

The Problem

Compliance teams have long faced the imperative to do more with less. But meeting this imperative has never been harder. In today’s fast-evolving market and regulatory environment, compliance teams must contend with an onslaught of emerging threats, a labyrinth of changing requirements, and growing operational challenges.

  • Customer onboarding is painful: Capturing the required information for onboarding businesses is manual and introduces friction in the customer experience. Additionally, fintechs often duplicate diligence work across their teams because they lack a single source of truth about each customer. 
  • Ineffective tools and systems: For many compliance teams, fighting financial crime also requires fighting the drag of ineffective tools and systems. Compliance organizations are saddled with homegrown solutions, clumsy combinations of Word and Excel, and legacy providers that slow down rather than speed up their team’s work. Instead of simplifying already complex compliance processes, these tools add their own burdens to already full plates.  
  • Ongoing monitoring is difficult: Compliance teams rely on many data sources to fight financial crime, but it’s hard to keep track of changes across disparate systems and know what actions are required, when. 
  • Reporting suspicious transactions is costly: Suspicious activity reporting requirements vary significantly across jurisdictions and often involve manually filling out PDFs, frequently costing compliance teams 4-6+ hours per filing.  

Now, more than ever, compliance teams need support managing—and lessening—the burden. They need new tools, new practices, new ways of thinking to increase operational efficiency and drive greater productivity.

How We Help

The integrated Middesk and Hummingbird solution provides a single source of truth for modern compliance teams and streamlines customer onboarding, monitoring, and reporting workflows. 

  • Hummingbird’s Compliance Platform puts customer knowledge, case management, investigations, and regulatory reporting into a single platform. Hummingbird makes investigators as efficient as possible, driving greater productivity and growth from compliance programs. 
  • Middesk’s Business Identity data streamlines KYB checks, screens entities for sanctions, surfaces state registration information, and provides ongoing monitoring to ensure your risk & compliance decisions are underpinned by high quality data.

Together, we free compliance teams from companies like Affirm and Novo to operate more efficiently, enabling them to accomplish more with less.  

“We are thrilled to partner with Middesk,” says Joe Robinson, CEO of Hummingbird. “Middesk’s high quality data will allow our customers to streamline important due diligence procedures and ongoing monitoring. Together, compliance teams can conduct investigations and make smart decisions—faster and more consistently. ”

“We're excited to integrate with Hummingbird to simplify risk and compliance processes. 

Hummingbird’s platform enables our customers to achieve greater operational efficiency by streamlining their case management, investigations, and regulatory filings,” says Kyle Mack, CEO of Middesk.

To learn more, book a meeting here.  

About Middesk

Middesk is the leading business identity platform. With Middesk’s identity-as-a-service APIs, businesses can verify, underwrite, and enable their customers to grow their businesses. Middesk’s current customers include Plaid, Pipe, BlueVine, Mercury Bank, Divvy, Tesla, as well as large banks and lenders. For more information, visit middesk.com.

About Hummingbird

Hummingbird is a compliance platform that’s reimagining what’s possible from financial crime investigations. Designed to streamline anti-money laundering, fraud, customer due diligence, and other compliance workflows, Hummingbird allows financial institutions to drive efficiency – without sacrificing accuracy or compromising on risk. A mission-based company, Hummingbird is here to help fight financial crime. Today’s criminals are sophisticated, tech-savvy, and agile. The tools used to fight them should be too. To learn more, visit hummingbird.co or follow us on LinkedIn.

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