Transforming KYB Compliance into Opportunity: Streamly's Innovative Approach to Modernizing Know Your Business Processes
San Francisco-based Middesk, a business identity platform, is revolutionizing the way financial institutions verify and onboard commercial customers. Designed for industries such as banks, lenders, fintechs, and marketplaces, Middesk offers a suite of identity products including business verification, credit assessment, tax registration, and entity management [1][3][4][5].
One of Middesk's key tools, the TIN Matching Tool, verifies whether a business has a valid and unique Tax Identification Number (TIN) registered with the IRS. By ensuring businesses have a legal TIN, financial institutions can quickly identify fraudulent or illegitimate businesses during onboarding [2]. This tool also reduces manual effort by matching TINs to legal business names with minimal input required, speeding up the entire onboarding and verification process.
Financial institutions benefit from Middesk's services by being able to verify business legitimacy quickly and accurately, confirm official business identities through legal name and TIN matching, automate onboarding workflows to speed up customer acquisition, and mitigate fraud and manage risk by identifying suspicious or invalid business registrations [1][2][3]. This results in enhanced operational efficiency, stronger compliance with regulations, and a more secure onboarding experience for financial services providers.
Middesk's customer base includes industry leaders such as Affirm, Plaid, and Gusto. The platform collects data from various sources, including government organizations like Secretary of State data, to create a robust profile about a business and build a comprehensive understanding of the industry the business operates in [4][6].
Jackie Wylie, who joined Middesk as the Head of Marketing and Business Development in the spring of 2024, leads the company's efforts to help its customers use the data provided for onboarding decisions. With over 15 years of experience in driving pipeline and revenue growth with technology firms like Textio, Amino, and Smartsheet, Wylie is instrumental in Middesk's mission to help its customers bring on as many of the best customers as possible, as quickly as possible [7].
Middesk's co-founders, Kyle Mack and Kurt Ruppel, have built a platform that scrapes a company's online presence for data and gathers information from a company's website to support employer filings with state and federal agencies [2]. This innovative approach allows financial institutions to make informed decisions about potential customers, ensuring a secure and compliant onboarding process.
In a world where compliance and security are paramount, Middesk is leading the charge in streamlining business onboarding for financial institutions. By leveraging technology and data, Middesk is helping its customers verify business identities, automate onboarding workflows, and mitigate fraud, ultimately leading to a more efficient and secure onboarding experience.
- Financial institutions can utilize Middesk's platform to verify the legitimacy of businesses, confirm their official identities through legal name and TIN matching, and automate onboarding workflows, thereby mitigating fraud and managing risk in business alignment with technology.
- With Middesk, businesses operating in various sectors like banks, lenders, fintechs, and marketplaces can benefit from the platform's technology, which collects data from diverse sources to create a robust business profile and support employer filings with maximum efficiency.
