An early-stage fintech company offers comprehensive infrastructure for developing, launching, and expanding consumer and corporate credit card programs. With its custom API, this company enables smaller organizations, particularly those that previously lacked the means to create such solutions, to build applications that support and scale successful credit card programs.
The company’s operating system is designed to adapt to the needs of fintech firms, financial institutions, and embedded finance providers. However, for clients of this caliber, proper business verification and monitoring are vital. Without the proper resources to verify new business applicants and enrich customer records, the growth trajectory for this company is limited.
Discover how the Markaaz Global Business Identity Platform empowered this fintech company to access the most accurate business data, accelerate verification and validation processes, and automate approval decisions.
The Challenges
Like thousands of organizations in the fintech space, the company struggled with a tedious business verification and monitoring process. Matching small businesses to a single data record was challenging due to minor inconsistencies like spelling mistakes and partial addresses. Although the company wanted to scale its customer base, it couldn’t sacrifice its qualification standards to do so.
Manual Business Verification
This company spent countless hours manually verifying fintech firms, financial institutions, and embedded finance providers through state registries. Without B2B data providers to unify business records across public and private sources, it relied on human analysts to match elements like a business’s legal name, DBA (Doing Business As), address, national ID, tax ID, and more. The verification process was time-consuming and error-prone, leading to missed revenue opportunities.
Minimal Process Automation
With investors from leading fintech firms and Fortune 500 companies, this company is on a growth trajectory and requires more efficient workflows to continue scaling. It significantly lacked automated processes, particularly for business verification, and aimed to automate approvals for specific customer segments, such as businesses with loans between $50,000 and $100,000.
Multifaceted Business Data
Under anti-money laundering (AML) regulations, this company must monitor changes in business risk to ensure the organizations it has relationships with are reputable. However, its manual business verification process lacked elements of compliance reporting, such as checking whether companies had active sanctions, and required more comprehensive B2B data enrichment.
The Solution
While state registries house critical business details, anything from a recent change in address to a mistyped postal code could result in an unmatched business record, making it impossible for the company to verify businesses with confidence. Enter the Markaaz Global Identity Platform, which leverages proprietary data-matching algorithms that deliver a 30% match rate improvement versus competitors.
Advanced Match Deep Dive
The Markaaz Global Business Identity Platform brings together 480 million business records curated from 65,000+ public and private sources into our Data Directory, a scalable solution designed to accelerate business verification. Crafted by data experts and enriched with AI/ML capabilities, Markaaz’s Advanced Match API verifies even the most difficult-to-validate businesses in just two seconds, minimizing the probability of error and maximizing potential revenue opportunities.
Automated Applicant Approval
With Markaaz business verification services, the company can now apply configurable rules across nearly 200 attributes to generate application verification decisions in real time. Using customizable criteria, Markaaz helps automate approvals for specific customer segments like no other business data provider. Now, the company can scale its solution without sacrificing its qualification standards.
Access to 360-Degree Insights
The Markaaz Global Business Identity Platform simplifies compliance with AML requirements and similar standards with automated monitoring alerts. With business record coverage for 305 million active organizations, Markaaz allows the company to access compliance, firmographic, and business health data, as well as retrieve ownership details in real time to enrich current client records.
The Results
Inaccurate or incomplete data no longer slows down business verification — or company growth. The Markaaz Global Business Identity Platform compared 5,000 of the company’s business records against the business entities in the Markaaz Directory of over 480 million businesses. With Markaaz, this company was able to verify 98% of its business records with high confidence.
High confidence refers to the match quality grading scale used by the Markaaz Advanced Match API, which links company business records to records in the Directory. It also provides a Markaaz ID, or unique identifier, for every entity in the Directory. Through the Directory, the company was able to save time verifying businesses and automate approvals with configurable verification criteria.
Even more, the Markaaz Global Business Identity Platform provided the company with 360-degree compliance, firmographic, and business health insights. Markaaz continues to expand our Data Directory with real-time insights that enable fintech organizations to verify and enrich business data in a fraction of the time. Today, it takes the company only two seconds to retrieve accurate data results.
Unlock the New Global Business Identity Platform
Business verification has historically been time-consuming and expensive. With Markaaz, it doesn’t have to be. Whether as your standalone business data provider or supplemental B2B data enrichment service, Markaaz expedites the verification process, working to enhance your business records and elevate company workflows in real time.
Seamlessly identify business customers and gain invaluable insights. Connect with our team to unlock the new Global Business Identity Platform today.
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