Frictionless business onboarding results in higher conversion rates, but can also lead to increased fraud. Companies that do business onboarding successfully design a system that balances these two factors. In other words, they've figured out how to let more good actors in while keeping the bad actors out.
In order to achieve fast, efficient, and risk-free onboarding, companies need to build a holistic picture of other businesses with little upfront information. This means being able to subject potential customers to a set of regulatory requirements commonly referred to as Know Your Business (KYB), answering questions like, "is this business entity legitimate?"
But companies must also verify the identity of ultimate beneficial owners (UBOs) of the businesses using a process known as Know Your Customer (KYC), answering questions like "is this person who they say they are?", and "what is the relationship between this person and this business?"
Today, we’re excited to announce our partnership with the leading user identity verification platform, Socure, to automate customer identity verification for business onboarding. This partnership seamlessly integrates the two components of identity verification required by businesses: KYB and KYC.
With Middesk’s KYB APIs, companies can verify and onboard their business customers with ease. Our integration with all 50 states’ Secretary of State data, combined with modern artificial intelligence and machine learning makes Middesk the leader in business identity verification.
Socure’s KYC platform applies artificial intelligence and machine learning techniques along with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time.
Together, Middesk and Socure provide end-to-end customer identification for every company that needs to onboard other businesses. This partnership means you can now leverage one integration to verify the identity of your business customers, providing:
“Middesk and Socure help us scale faster than we could previously with other tools,” said John Mearls, Head of Risk and Operations at Lili. “These solutions provide a unified, comprehensive view of a potential customer’s actual digital identity, so we can make accurate risk-based decisions and onboard new customers quickly. No other solutions that we looked at even came close in terms of comprehensiveness, accuracy, and speed.”
Contact our team to learn more about how to use Middesk and Socure’s end-to-end KYB and KYC solution to streamline your identity verification process.