Introducing Signal: Simplify business onboarding with real-time score insights

At Middesk, our mission is to make it easier for businesses to work together by providing instant access to the data, documents, and insights needed to onboard and transact. Today, we're excited to announce our latest innovation: Signal. This new business identity product is designed to revolutionize how companies assess the legitimacy and risk profile of businesses.

Why Choose Signal?

In today’s competitive business world, having fast and accurate insights into a prospect’s legitimacy and risk can determine whether you win them as a customer. Signal uses Middesk’s data platform, combining various data sources to provide a score-based system that gives instant insights into a business’s identity and legitimacy. Whether onboarding vendors, assessing partners, or verifying customers, making quick, informed decisions is key to reaching your business goals.

“Legacy business verification and risk-scoring processes can be slow, cumbersome and costly. Trust is at the heart of every business relationship and we see business identity verification as the key issue to solve,” explains Kyle Mack, CEO of Middesk. “The speed, accuracy, and affordability of Signal is perfect for businesses looking for a solution that can be run across the entire customer lifecycle. Our earliest partners have been most excited about using Signal at the top of the onboarding funnel, where getting an instant score of a prospect's risk and legitimacy saves time and money, increases profits, and builds relationships with the right businesses.”

Integrating Signal into your onboarding process provides a streamlined, cost-effective solution for managing high application volumes without sacrificing accuracy. Signal helps you filter out businesses that don’t meet your requirements while ensuring you don’t miss out on promising opportunities to grow your business through new customer or vendor acquisition.

Fast, Accurate, and Affordable Insights

Signal is built for speed and precision. When you hit the Signal API, it returns a composite score that ranges from 0 to 100 in a fraction of a second, alongside detailed business information that explains the score. The score helps you answer three critical questions:

• Identification: Who is this business?
• Verification: Is this business legitimate?
• Evaluation: What is the associated risk?

Whether you're looking for active registrations, business age, or possible sanctions results, Signal delivers the data you need, synchronously.

Top Data Points that Drive Signal’s Score

Here are some of the most common data points Signal uses to inform its score:

• Whether the business is a corporation, LLC, nonprofit, partnership, or trust
• Whether the business was formed more than or fewer than two years ago
• Whether the business is registered with a state authority
• Whether the business name is likely a person’s name
• Whether there are any OFAC or sanctions results
• Whether the submitted address matches a registered agent address
• Whether the business has filed for bankruptcy
• Whether the submitted business information is low quality

These data points are delivered via reason codes, which are a set of predefined categories containing data about a business that help classify the overall business risk. These straightforward reason codes, combined with the speed of Signal's results, allow you to make faster and more informed decisions at every stage of the onboarding process. Read our API docs to see the full list of reason codes.

Flexible Decisioning

Decide which reason codes to key off of at the top of your onboarding funnel to accurately and quickly qualify your business customers. Whether you're screening prospects in high volumes or targeting specific risk profiles, Signal provides instant, data-driven insights that score a business’s legitimacy and risk. With Signal, you can:

• Accelerate decision-making: Make fast, informed decisions with instant, data-driven insights
• Reduce costs: Reduce onboarding costs by filtering out unqualified leads early in the funnel
• Tailor onboarding: Create dynamic onboarding flows based on business risk factors in real-time

Key Use Cases

Customers leverage Signal to streamline onboarding, enhance decision-making, and ensure compliance, all while reducing risk and improving efficiency across their workflows: 

• Top-of-funnel compliance screening: Knock out businesses based on key criteria like missing Tax Identification Numbers or inactive Secretary of State registrations. This ensures only eligible businesses proceed to a more costly, time-consuming verification workflow.
• Low-risk decision-making: For businesses where trust and safety are important but full compliance KYB checks aren't necessary, get just enough data to make quick, low-risk decisions without slowing down your onboarding process. This provides the ideal balance of speed and risk mitigation, ensuring fast and confident onboarding.‍
• Retroactive risk reviews: Use Signal to run retroactive risk assessments on your existing customers to identify any that may have become high-risk or non-compliant over time. This helps mitigate potential risks before they become a real issue, and informs smarter future onboarding decisions by understanding the true risk profile of your customer base.
  

Integrate Signal to ensure your business is agile, competitive, and growing.

Get Started with Signal

We're excited to see how Signal can transform your business’ onboarding process, making it faster, more efficient, and more cost-effective. Ready to modernize your onboarding flow? Contact our sales team for a demo or visit our API docs to learn more.

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