🚀 Check out the Q4 changelog for our latest product developments
Product
Jan 17, 2024

Product Updates: Q4 2023

Kurt Ruppel
Co-Founder and CTO

Reflecting on 2023 and Paving the Way for Supporting Newly-Formed Businesses in 2024

With 2023 now behind us, we wanted to take a moment to reflect on a year marked by change and growth. The industry dynamics, growth in new business formations, and increased regulatory scrutiny underscored the importance of effective risk management amid heightened regulatory attention. 

In response to the dynamic landscape, we invested in product enhancements that streamline compliance processes, adapt to regulatory demands, and boost automation. For a full review of business growth trends, industry happenings, and our own product enhancements, check out our 2023 Wrapped: Middesk’s Year in Review.

As we enter 2024, we’re committed to further empowering newly-formed small businesses and the financial institutions that support them. Our roadmap is focused on developing intelligence tools and strengthening ties between businesses and individuals to enhance onboarding decisions and combat fraud.

Learn more about everything we shipped last quarter below:

Q4 Business Verification Updates

Example results from an Adverse Media screening

Uncover customer risk with Adverse Media (in Beta)
Screen for adverse media related to a business and associated people in order to identify risk of financial crimes or terrorism and make onboarding decisions quickly. Adverse Media searches the internet in real-time for news and media sources, and determines the sentiment, risk category, and overall risk level of each source. Connect with us if you’re interested in using the product, and learn more in our docs.

Improved business overview
We revamped the business overview within the dashboard to make it easier for analysts to review returned business results and quickly make decisions on a business. You can also now reorder Business Verification reports, Lien Searches, and Business Bankruptcy Searches on a business to refresh your understanding of that business and ensure they’re still in compliance. Reach out to [email protected] if you have any questions or feedback. 

Easily track changes to businesses with Monitoring
Real-time insights from Subscriptions have been moved to the Monitoring tab in the dashboard. Track businesses for changes to SOS data, watchlist hits, and bankruptcies, and customize related notifications for ongoing compliance. Learn about how to use Monitoring via our API in our docs.

Quickly audit events in the History tab
You can now see a consolidated view of events on a business in the History tab. History will show all the events and actions on a business that you’ve enabled through Monitoring for easy auditing.

Improvements to Policies
You can now place TIN Match, Verify, Qualify, and KYC & Fraud orders within a policy, as well as enable Monitoring, to automate even more of your onboarding workflows.

Reorder TIN Match to ensure it’s real
When you’re unable to verify a business because their Tax Identification Number (TIN) is not valid, rerun TIN Match when you receive the updated TIN to ensure it matches the business in question. You can quickly confirm its legitimacy via the dashboard or API to reduce the risk of onboarding fraudulent businesses. Learn about what else you can reorder via our API in our docs.

Enhancing Webhook Security with OAuth Tokens
We've introduced a three-step OAuth token-based authentication process for webhook integration to enhance the security for enterprise customers with complex infrastructures. This feature ensures that webhook requests are authenticated and supports token caching for optimized authentication of subsequent requests – aligning with strict internal security policies and governance models. Learn more in our docs.

Q4 Payroll Compliance Updates

Middesk now collects employer tax IDs and rates directly
Partners can now obtain employers' tax IDs and rates from the Middesk dashboard or API without having to reach out to them directly.

Improved dashboard to view registrations by agency
Partners and employers can view registrations by agency – not just statewide. This makes it easier to track agency registration statuses, copy tax IDs, and rates as soon as the agency completes the registration. 

Annual filings are easier and faster
We’ve streamlined the annual filing process for employers making it faster to confirm information for annual filings in one or more states.

Have questions or feedback?

If you’re an existing customer, reach out to your Account Manager. If you’re new to Middesk, you can contact our sales team to learn more.

Check out our documentation on API Changes and Release Notes to stay up to date on technical updates to our API.

All Middesk services are subject to the Middesk Terms of Service. Beta services may be subject to additional terms and conditions.

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