Identify industry risk early with our SIC code API
Middesk’s SIC code API automatically retrieves industry classification details that help you accurately assess risk so you can onboard with confidence.
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What is a SIC code API?
A SIC code API is a tool that automatically retrieves a business’ Standard Industrial Classification (SIC) code. This four-digit numerical code represents a U.S.-standardized industry classification. The SIC code was replaced by the NAICS code, which instead standardizes across the U.S., Canada, and Mexico.
It’s incredibly important to be able to classify a business’ entity when onboarding them, helping you accurately assess risk of engaging in a business relationship. This enables you to understand their risks and ensure you avoid conducting business with companies that may be a high risk.
How the SIC code API works
Step 1
The only thing you need to start is an API key, as well as the names and addresses of the business you’re looking to retrieve SIC codes for.
Step 2
Our Industry Classification package will automatically retrieve SIC codes for all the businesses you’re screening.
Step 3
Middesk will classify businesses into any of the 300+ industry groups as defined by the NAICS standard, or find a SIC or MCC code equivalent.
Step 4
Middesk identifies high-risk industries you should avoid working with, and you can optionally order Web Analysis to instantly conduct a risk assessment on a business’ entire web presence.
Information you can get using our SIC API tool
Beyond just industry classification, Middesk can retrieve a wealth of other business verification information.
Middesk Business Verification Data Sources
Data You Can Access
What Do You Need to Know?
Industry classification
What industry does the business operate in? What does the business make and/or sell? Are their operations potentially illegal, or do they have a high risk of attracting criminal activity? Does the industry have heavy regulations that demand stringent compliance requirements, and if so, are these requirements too costly to make it worth operating in this industry? Could working with businesses in this industry hurt my brand or reputation?
Business documentation
Does the business have a proper business license and is it registered to operate in a particular industry? Do the businesses' other documents match what I know about their operations and services? Are there any other risk signals that may necessitate further review before entering a B2B relationship with this business?
Watchlist screening
Are there any restrictions or prohibitions on dealing with the business due to the jurisdiction it operates in or individuals associated with the business?
Ongoing monitoring
Do I have an automated and efficient way to perform continuous compliance maintenance, checking if this business ever changes direction and enters a prohibited industry?
People associated with the business
Who owns the business and who is otherwise involved with the business? Are there any individuals that pose a financial, criminal, or reputational risk?
EIN / TIN (Business Tax ID)
Does the business have a registered tax ID for filing taxes in the jurisdiction it operates in?
Web presence analysis
Does their site and online footprint have any risk indicators that they operate in or are adjacent to a prohibited industry?
Business verification information
Does the business have basic identifying information and a physical presence? Is this information consistent with how the business is registered with government agencies and regulators?
Liens, litigations, & bankruptcy
Are there any liens against the business? Is the business currently in legal trouble or undergoing litigations that could pose a financial threat to the business? Are they in danger of losing assets if they don’t pay off their debt? Has the business ever been bankrupt in the past, or is it currently in the process of filing?
Applications for a SIC lookup API
Using our SIC code API, organizations can quickly get industry classification details for businesses they are onboarding and entering a B2B relationship with.
Fintechs
Fintechs stand out from traditional banks by focusing heavily on speed, convenience, and usability. These financial institutions prevail by gaining a competitive edge on legacy banks by catering to their customers. Being able to conduct industry classification during onboarding is essential for managing risk and meeting compliance requirements.
Insurance
Insurers need to be able to accurately identify the industries their clients operate in to assess risk and underwrite policies accordingly. We help you easily identify which businesses are operating in high-risk industries so you can establish precautions (or deny service).
Commercial banking
Traditional banks need to be careful when extending financial instruments to customers. Using our SIC code API, banks can conduct fast, accurate industry classification that helps them reliably onboard businesses and protect against fraud, money laundering, and other financial crimes.
Lenders
Lenders providing capital to businesses need to conduct adequate due diligence before onboarding, ensuring they know which industry the business operates in. Armed with this information, lenders can mitigate risk and draw up loan agreements with confidence.
Marketplaces
Marketplace managers are responsible for managing financial, criminal, and reputational risk, all while operating their shop. These organizations rely on accurate industry classifications to onboard buyers and sellers alike, allowing them to maintain marketplace integrity and trust.
Payment platforms
Payment processors facilitate the movement of large sums of money. With that comes a responsibility to protect against fraud, money laundering, and other financial crimes. Accurate industry classifications help businesses conduct adequate risk assessments so they can onboard business with ease.
Easily assess industry-based risk with our SIC code API
Determine the industry classification for any type of SIC code
Classify businesses according to their respective industry groups as defined by the SIC code standard, as well as NAICS and MCC code equivalents.
Screen for high-risk industries to stay complaint
Get industry classification details that enable you to verify or deny businesses early in the funnel.
Automate manual tasks so you can free up more time team members
Automatically classify high-risk industries so you can quickly and easily make onboarding decisions.
Obtain additional business verification details
Get business verification information for businesses, helping you get early warning signs of risk and enabling you to verify businesses with accuracy during onboarding.
Start building today with our easy-to-integrate SIC API
What makes Middesk’s SIC code API unique?
Retrieve any classification code
Easily, reliably, and confidently obtain not just SIC codes, but also NAICS code and MCC equivalents.
Confidence scores
Business verification information is accompanied by confidence scores that tell organizations how reliable an assessment is, so they can make onboarding decisions faster.
Fresh data
Over 90% of our records are refreshed within 10 days (or faster!). This means you’ll always be in the loop if there are any changes to a business’ industry classification.
How Bill introduced significant automation and efficiency to onboarding workflows
“With Middesk, we’ve introduced significant automation and efficiency into our onboarding flows. We can now compliantly auto-approve over 50% of new applicants, eliminate the risk of onboarding bad actors, and convert good customers faster using their technology."
How Checkr acquired a new customer segment by automating regulatory compliance with Middesk
"Middesk has taken the brunt of the compliance workload off of our customer support team so they can continue helping our customers with timely resolutions to any issue they encounter with their background checks."
How Radius Bank finds more hours in the day with Middesk
“Every minute we’re able to save in processing loans is a minute faster than a small business will have access to the capital they need. With Middesk, what ordinarily would have taken us hours to do is now taking us minutes. We take pride in partnering with technology companies that help us serve our customers better.”
How Novo redefines its KYB process with Middesk’s verification product
“Middesk's market-leading methods challenge the established legacy approach to verification. Their product has unlocked significant efficiency, enhancing the onboarding experience for small businesses to access Novo. Middesk’s ground-up approach to product development played an integral part in increasing confidence in KYB, both internally and with partners.”
Driving team efficiency and performance with Clearco
“Middesk's Lien Search product has allowed my team to focus on value-add activities like making deals rather than tedious tasks like sifting through UCC portals. My team is faster and happier with getting business owners the capital they need to grow their businesses.”
Leveling up Plaid’s onboarding process with seamless KYB
“When a customer signs up for Plaid, they want to start building on our APIs right away. Middesk has been a critical partner enabling us to quickly and seamlessly onboard new customers.”
Frequently Asked Questions about SIC API tool
Since SIC codes indicate the industry a particular business operates in, it’s a vital tool for organizations looking to assess risk and meet compliance requirements when onboarding B2B clients.
Organizations can leverage SIC codes during onboarding so they can more effectively verify the identity of the businesses they are working with, as well as any risk associated with forming a B2B relationship with these entities.
Businesses are assigned SIC codes by government agencies based on the types of products and services they sell, as well as the production and delivery system they use.
Yes. Businesses that offer a diverse range of products and services can be assigned more than one SIC code. Typically, businesses are assigned a primary SIC code based on their main business activity. Apple Inc. for example is commonly listed as 3571 (Electronic Computer Monitoring), but it’s sometimes assigned 7372 (Software Publishers).
The Standard Industrial Classification (SIC) codes were the previous industry classification standard in the United States. As the economies of North American countries (United States, Canada, and Mexico) became increasingly intertwined in the final decade of the 1900s, they worked to develop a collective industry classification standard. The result was the North American Industry Classification System (NAICS) code system, which replaced the SIC code system and is currently in use today.
Some U.S. agencies, like the SEC, still use the SIC code system. In some cases, businesses may need SIC codes to be crosswalked to their NAICS counterparts.
Some US agencies still use the SIC code system, which may require the SIC codes to be crosswalked to their NAICS counterparts.
Organizations prohibit businesses for a variety of reasons. Most commonly, companies are prohibited because they are required to be by law.
Others are simply too risky to do business with because they are more prone to fraud, money laundering, or financial crimes. Others still are restricted because they could cause a business reputational risk. Ultimately, businesses will need to decide how strict they need to be to manage and mitigate risk.
