🎉Middesk partners with Socure to automate KYB and KYC compliance processes end-to-end

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Product Updates: Q3 2022

Kurt RuppelOctober 6, 2022

Read about our latest product updates and the work Middesk is doing to build trust between businesses. In Q3, we shipped several updates to improve our existing products and released brand new features, like our Socure integration that brings Know Your Business (KYB) and Know Your Customer (KYC) compliance into one end-to-end verification process. Learn more about what we shipped below:

Q3 Verification Updates

Middesk KYB & Socure KYC partnership
We announced 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. This enables you to run compliance on both individuals and businesses through a single integration and review KYC orders directly in your Middesk dashboard. To enable KYC, contact your Account Manager and read more about our partnership here.

Improved Address Verification
We made improvements to our address verification logic to account for slight differences in submitted addresses compared to registered addresses (e.g., Lane vs. Ln), which are now considered exact matches.

Date of Birth Verification
To reduce false positive watchlist hits for submitted individuals, add DOBs for people connected to the business and get a hit only when the DOB is an exact match (docs).

Updates to Business Status
You can now change the status of a business after making an initial decision. Update the status (Approved, Needs Review, Rejected), add notes, and view change history in the event log found in your dashboard report (docs).

Single Member LLC EIN and SSN Verification
We can now verify a TIN against a person’s name if the match against a business name fails initial verification. This is especially useful for customers with a high volume of small businesses and single member LLC’s, since it can reduce the need to request additional documentation while improving TIN match and auto-approval rates. To enable this feature, contact your Account Manager (docs).

Updates to Watchlists Settings
You can now edit and configure watchlists directly through your Middesk dashboard to reduce false positives (docs).

FMCSA Registrations
We added the ability to search FMCSA data to increase address match and name verification rates. To enable FMCSA as a data source, contact your Account Manager (docs).

Export Business Batches
You can now download and export the results of business batches as a CSV directly from your Middesk dashboard to save you time.

API Tags on Business Orders
Create custom API tags on business orders to easily identify and group businesses by certain themes or attributes.

Q3 Underwriting Updates

Masked Lien Filing
Automate your lien filing with our API or using a simple 2-click process in your Middesk dashboard. Once a lien is successfully filed to the state, view your liens and terminate as necessary. Opt into Middesk’s Masked Lien Filing solution to block competitors from approaching your customers. To request Masked Lien Filing, contact your Account Manager.

Lien Search: Federal Tax Liens
We now surface any federal tax liens the government has filed against a business. This gives you a concise and complete picture of a business’ liens to make underwriting decisions faster. Learn more about what to do if your customer has a business lien.

Lien Search: Secured Party Addresses
Lenders who file liens against businesses often need to send a PMSI (purchase money security interest) letter to inform all previous lenders. Customers running a Lien Search through the Middesk dashboard will now get the addresses of secured parties in returned lien filings. For customers using our Lien API, add the “addresses” parameter to the “secured_parties” attribute to start collecting this information (docs).

Lien Search: Documents and Collateral Analysis
Middesk will automatically search UCC portals to return documents and extracted collateral information from those documents. Middesk’s proprietary machine-learning solution will review collateral details and identify the lien type as “blanket” or “collateral.” Review this information in the Middesk dashboard or in your internal tool using our API. To enable documents and collateral analysis, contact your Account Manager.

Litigations
Review judgment and litigation data before making underwriting decisions to understand if potential customers are subject to judgments, or are currently involved in a litigation. Middesk can now surface any lawsuits that a potential business customer has been involved in – including case ID number, jurisdiction and type. To request Litigations, contact your Account Manager (docs).

Q3 Agent Updates

User Management
We’ve made it easier to add your colleagues to Agent and assign role types (admin or member). Just click on the “Middesk” menu in the bottom left corner of the dashboard and go to “Team” to manage your users.

Signature Requests
Signature requests are now automatically sent to your officers after you submit an order to Middesk.

Improved New and In Progress Registrations
When registering in a new state, choose between “Continue last registration” or “Register new” directly in the home screen. This allows you to work on multiple new registrations at once and to address any ongoing registrations.

Mark Mail as Complete
To keep track of mail you’ve addressed, you can now mark items as complete.

Agent Help Center
Have questions on our Agent product? Check out our new Agent Help Center to read articles on key topics. If you can’t find what you’re looking for, reach out to our team at [email protected].

Events

Two Birds. One Integration: Automated KYB & KYC
Middesk's Head of Operations Dani Deleon and Socure's VP, Compliance Solutions Debra Geister discussed KYB and KYC best practices, and the benefits of the Middesk and Socure partnership. To learn more, watch the webinar here.

Middesk Demo at FinovateFall
Middesk’s Co-Founder and CEO, Kyle Mack, demoed our Verification solution live at FinovateFall in New York City. Watch the recorded demo here.

Next Steps

Have any questions or feedback? Interested in trying out one of our products, or want to discuss your specific use case? If you’re a new customer, contact our team to learn more. If you’re an existing customer, get in touch with your Account Manager or reach out to [email protected].

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