Dutch financial technology company Backbase has announced integration with US-based business identity platform Middesk to help banks and credit unions tackle risk and fraud.
Backbase has developed the Engagement Banking Platform, and Middesk is focused on automating business verification and underwriting decisions.
Under the partnership, the two firms would simplify the Know-Your-Business (KYB) verification process, allowing banks and credit unions to onboard only legitimate businesses in real-time.
In addition, the integration will also provide banks and credit unions with the capability to create custom onboarding journeys with minimal technical work.
The customisation will enable financial institutions to deploy verification tools with high-level quality, accuracy, and recency, to increase their efficiency and customer base.
Backbase product VP Robert Soetens said: “Businesses today want a seamless verification process that meets compliance standards while limiting delays during the onboarding process.
“Together with Middesk, Backbase is continuing to implement modern, flexible, scalable and API-first solutions to banks and credit unions, helping them deliver the best-in-class digital experiences to their business clients.”
According to Backbase, the financial sector has seen a rise in regulatory scrutiny, encouraging a greater focus on the need for thorough due diligence practices.
The integration of its Engagement Banking Platform with Middesk will provide financial institutions with access to real-time verification data, sourced from different databases.
The partnership provides easy-to-understand insights to financial institutions to not only reduce fraud but ensure compliance with regulatory requirements.
Middesk CEO and co-founder Kyle Mack said: “Onboarding and business verification can be a laborious process for banks and credit unions.
“It’s important that banks are equipped with the most accurate and up-to-date information about a business to perform critical business functions, especially given the recent regulatory scrutiny.
“By partnering with Backbase, we are proud to expand access to our business identity platform to help financial institutions make informed decisions with access to accurate and fresh data, updated in days rather than months.”
