This past quarter was a very busy one for the Product team at Markaaz!
Here is a quick overview of what we’ve been up to and the new capabilities we’ve created to help our partners verify and improve the timeliness, quality, and reach of their small business services.
1. Easier and more flexible access
We’ve made it even easier for our partners to access our Directory, which holds over 300 million global business records. Flexible integration has always been important to us, and we have made changes to help customers leapfrog even small implementation delays and get started even faster.
To this end, we’ve made our APIs ridiculously simple to work with. The initial feedback has been positive. Partners have been completing their coding integration in as little as 2-3 business days.
We also complemented our API and Batch access channels with a new no-code “Business Lookup” feature in our customer portal. It’s a useful bridge for customers facing their own internal, temporary constraints connecting to our APIs. Smaller partners may find it a straightforward solution for their verification needs, while our larger partners can use it for quick, one-off lookups. It’s a new, versatile tool that caters to businesses of all sizes.
2. We’re providing deeper insights
Not only are our partners now able to access Markaaz services more easily and in more ways, but there is more to access!
Always responsive to customer requests, we’ve launched two new data groups:
- Corporate Hierarchy: This shows whether a company is part of a corporate hierarchy but also provides detailed information about the hierarchy.
- Diversity: Partners can now identify if a company is minority, veteran, or female-owned (currently available for US company records only).
This expanded dataset enhances a company’s ability to assess the financial stability of a small business and identify potential risk factors. It can also support diverse initiatives and bolster due diligence and fraud prevention.
3. Proven results
It’s the results that matter. The table below represents just a sample of the verification rates we’ve achieved for our partners.
Just a one percentage point increase in the verification rate can have a significant impact, with the potential to generate millions of dollars. For instance, onboarding one additional small business credit card customer can result in a lifetime value of $5,000-$25,000 to the financial services firm. When this impact is multiplied across a portfolio, and different lines of businesses, it can move the needle both for the enterprise and all the small businesses accessing a service that would have otherwise been unavailable to them.
We’re far from done. Our commitment is to provide our small business service partners with the tools they need to support more SMBs within a rapidly changing business landscape. The updates we’ve discussed are one way that we are delivering on this goal.
There is much more to come. We look forward to sharing more updates with you soon!
If you’re interested in learning more about Markaaz and the services we offer, reach out to our business development team.