This integration combines the benefits of Socure’s real-time, predictive analytics identity verification and fraud prevention platform with Middesk’s comprehensive solution for verifying business entities. This is the first time that companies in the Know Your Business (KYB) and Know Your Customer (KYC) segments have created an integrated solution for end-to-end business verification.
Middesk offers a comprehensive solution for verifying business entities (KYB). As part of that process, many B2B companies must verify entity registration details of new business customers, including name, address, tax ID, and the personal details for beneficial owners. By adding Socure’s digital identity verification and fraud platform to its offering, Middesk enables B2B customers to authenticate the associated beneficial owners of the businesses they onboard, while streamlining and accelerating a traditionally labor-intensive process.
“Middesk customers are looking for easy and reliable ways to solve identity verification,” said Kyle Mack, CEO and co-founder of Middesk. “Customers can now leverage the Socure integration to validate personal attributes of beneficial owners. Additionally, Socure delivers key risk insights that determine the likelihood that someone’s identity is legitimate, and applicants are who they claim to be, which provides even more value to our customers in uncertain, but growing market conditions.”
The new end-to-end verification process arrives during a period of explosive growth in new business creation. In January, the U.S. Census Bureau reported that 5.4 million new business applications were filed in 2021, surpassing the previous record set in 2020 of 4.4 million. Meanwhile, businesses today require more assurance than in the past about the people with whom they conduct business. Many compete in regulated industries, including banks, insurance companies, mortgage brokers, and other types of financial services. Some are obligated by regulators to verify the identity of customers.
Socure and Middesk help eliminate fraud by verifying the identity of individuals and businesses with accuracy. Middesk also helps solve one of the challenges faced by many B2B marketplaces, including those connected to the gig economy. Often, these B2B companies must verify small, newly formed companies which haven’t generated much of a data footprint. In these cases, there’s frequently little information to verify, but that’s not a problem for Middesk.
“With our partnership, B2B companies will achieve an incremental lift in their business due to Socure’s industry-leading accuracy and coverage of our identity verification and fraud risk prediction solutions,” said Johnny Ayers, Socure founder and CEO. “This accuracy leads to the auto-approval of more good consumers and creates increased conversion rates and a higher assurance of onboarding trustworthy business customers.”
“Middesk and Socure help us scale faster than we could previously with other tools,” said John Mearls, head of Risk and Operations at Lili, a leader in banking and financial services for small businesses and freelancers. “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.”