Backbase, the creator of the Engagement Banking Platform, announced today an integration with Middesk, a business identity platform designed to automate business verification and underwriting decisions to help banks and credit unions to mitigate risk and reduce fraud. This partnership will streamline Know-Your-Business (KYB) efforts to ensure that banks and credit unions onboard only real and legitimate businesses in real-time.

The financial sector has witnessed an increase in regulatory scrutiny, encouraging a greater focus on the need for thorough due diligence practices. Backbase’s Engagement Banking Platform’s integration with Middesk will provide financial institutions of all sizes with access to real-time verification data sourced from a variety of databases, including all 50 Secretaries of State, IRS, USPS, OFAC and others. By providing these financial institutions with easy-to-understand insights on the businesses they are onboarding, this partnership will not only reduce fraud but ensure compliance with regulatory requirements.

“Businesses today want a seamless verification process that meets compliance standards while limiting delays during the onboarding process," said Robert Soetens, VP of Product at Backbase. “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.”

In addition, Backbase and Middesk’s integration will equip banks and credit unions with the ability to create custom onboarding journeys with minimal technical work. With this customization, financial institutions will be able to increase their efficiency and customer base by deploying verification tools with the highest level of quality, accuracy and recency.

“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 in order to perform critical business functions, especially given the recent regulatory scrutiny" said CEO and Co-founder, Kyle Mack at Middesk. “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.”