Socure and Middesk launch an integrated solution for KYB/KYC verification

This integration combines the benefits of Socure’s real-time, predictive analytics identity verification and fraud prevention platform with Middesk’s solution for verifying business entities. This is an instance where 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 solution for verifying business entities. 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 optimising and accelerating a traditionally labour-intensive process.

The new end-to-end verification process arrives during a period of growth in new business creation, as per the press release. In January 2022, the US Census Bureau reported that 5.4 million new business applications were filed in 2021, surpassing the previous record of 4.4 million set in 2020. Several of those businesses 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. Middesk also helps solve challenges faced by 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 Middesk solves that.