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Aug 2, 2023

Middesk & Sandbar Partner to Help Banks & Fintechs Form a Complete Picture of Customer Risk

Jay Patel

Middesk & Sandbar partner to help banks & fintechs form a complete picture of customer risk

We are excited to announce a new partnership between Middesk and Sandbar to help the fastest growing banks and fintechs to understand their true customer risk. Together, our modern API-first solutions will enable them to more confidently onboard users and proactively stay ahead of evolving threats.

The Problem

Compliance teams have the mandate to fight financial crime – but they are too often hamstrung by the tools and approaches of yesterday. 

  • Detection Methods are Too Broad: Compliance teams are compelled to adopt generalized ongoing monitoring frameworks due to incomplete, out-of-date, and unreliable KYB data. Unfortunately, this often leads to a one-size-fits-all approach that generates unproductive alerts while overlooking genuinely risky activity.
  • Siloed Data: Traditional transaction monitoring relies primarily on transaction-level data, limiting its scope to a single event in time. This approach means teams often make decisions with insufficient information and miss key risk signals based on entity profiles.  
  • Limited Resources to Fight Crime: Teams face resource constraints, including limited engineers, budgets, and analysts. They are forced to make tough trade-offs between shipping products and enhancing risk initiatives.  
  • Operational Redundancies: Redundant alerts and unnecessary tasks consume valuable time that could be spent on catching criminals. Instead of obtaining a comprehensive understanding of all potential risks, investigators find themselves repeatedly revisiting the same issues.

Coupled with intensifying regulatory scrutiny and rising threats from bad actors, these issues emphasize the need for a comprehensive solution.

Better Together

With Middesk and Sandbar, compliance teams can achieve more risk coverage, precision, and efficiency to better fight financial crimes.

  • Middesk’s Business Identity data streamlines KYB/KYC 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.
  • Sandbar's Monitoring Engine consolidates customer activity data, enabling robust monitoring to combat AML and fraud risk across all products. With prepackaged case analysis, you can make faster, informed decisions.  

“We’re thrilled to partner with Middesk,” says Brock Bontrager, CEO of Sandbar. “Their rich business identity data helps ensure end-customers are trustworthy. Together, our clients can see a complete picture of customer risk, unlocking the clarity and agility they need to stay ahead of changing threats.”

“We’re excited to team up with Sandbar to help fight financial crime,” says Kyle Mack, CEO of Middesk. “By leveraging Sandbar's advanced monitoring engine and Middesk's business identity data, fintechs will be able to build a more comprehensive, real-time assessment of customer risk.”  

To learn more, reach out to [email protected].

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 Sandbar

Sandbar offers a leading, comprehensive activity monitoring system through a single API. It delivers a clear picture of customer risk, streamlines insights, removes duplicative alerts, and packages casework for efficient AML program management. Supporting innovative companies across various services, Sandbar simplifies risk management.

Discover more at sandbar.ai.

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