Integrate robust verification checks that enable lenders to conduct thorough due diligence efficiently. This helps identify potential risks early in the onboarding process, facilitating informed decision-making.
Fluctuating economic conditions, affect SMEs’ funding ability and heighten lenders’ risk profiles.
Stringent regulations, particularly concerning AML and KYC requirements, demand technology investment for compliance.
Lenders require risk assessments that address both financial health and potential money laundering.
The complexity of ownership structures among SMEs can make it difficult to conduct thorough customer due diligence.
SMEs expect fast, seamless lending, urging lenders to adapt while managing costs.
The rise of fintech and alternative lending creates intense competition, forcing SME lenders to innovate their services.
of SMEs need extra financing in 2024
in repayments remains stable per quarter
Highest level of lending since Q4 2022
alternative finance options in UK
of UK private sector jobs are in SMEs
Provide a friction-free experience for your clients with effortless digital onboarding and maintain compliance with evolving regulations, allowing you to focus on growing your business.
Establish comprehensive records that demonstrate clear audit trails for regulators. Each record provides details of KYC/KYB and AML actions and outcomes, ensuring accountability.
Transform your onboarding process by returning risk-based decision recommendations within minutes, helping you navigate complex and high-risk environments with confidence.
Navigate the presence of multiple ownership layers and subsidiaries that can operate across various jurisdictions with differing regulatory requirements.
ACCELERATED SUCCESS
Integrate automated compliance checks with enhanced risk assessments to achieve regulatory success while streamlining swift client onboarding.
RISK MITIGATION
Automate tailored screening against sanctions lists and PEPs to detect fraud and reduce false positives while enhancing satisfaction and minimising manual effort.
ENHANCED INSIGHTS
See beyond surface risk exposure by focusing on key indicators to identify high-risk entities, with unified profiles providing compliance teams clarity on client risk factors.
We bring together global market-leading data sources and verification technologies into a single, simple interface, accessible anywhere, any time.
Reduce false positives by integrating real-time data and customised risk criteria, enabling teams to focus on genuine threats and streamline client onboarding.
Leverage global sources to reveal hidden layers of ownership and map out relationships within a business, including beneficial owners who may be otherwise hard to identify.
Ensure compliance with FCA guidelines and maintain regulatory adherence by automating compliance processes and optimising KYC and AML checks.
Finset, an innovative car financing platform, faced a rising challenge: fraud. As the asset financing sector experiences significant fraud growth, Finset needed a robust identity verification solution to protect itself and its stakeholders, and one that continued to ensure a smooth onboarding for customers.
Have questions about improving identity verification, KYC and AML compliance in SME financing? Speak with our team to see how ID-Pal can prevent fraud losses and help you verify customers faster.
Faster and fully compliant onboarding
Verify businesses and ownership structures
Stronger fraud prevention
Lending firms can adopt automated solutions to reduce the burden of KYB processes for both customers and compliance teams.
Automated KYB platforms can streamline document collection, verification, and validation processes. These platforms can quickly collate and analyse documents, cross-check information, and flag discrepancies, reducing manual effort and speeding up approvals.
In the highly regulated UK lending market, effective Know Your Business (KYB) procedures are crucial for mitigating risk and ensuring compliance. However, lending firms often face significant challenges in KYB onboarding, which can complicate and delay the loan approval process.
A reliance on manual processes to verify complex ownership structures, coupled with significant variability and inconsistency of data across jurisdictions can be detrimental to customer experience, leading to dissatisfaction and potential loss of business.
ID-Pal integrates with lots of renowned global data providers, corporate registries and premium data sources, providing unrivalled access to the data your business needs.
With 400+ data sources covered, you can be sure ID-Pal can build an accurate picture – whether screening businesses or individuals.
At ID-Pal, we take security very seriously and we adhere to the highest, rigorous standards for data, privacy and security compliance. We have zero access to customer data at every stage, and data is fully encrypted whether in transit or at rest.
The data you send us is only used to verify your client’s identities and businesses. We never use it for any other purpose. We send it to third parties to complete the checks, and we can share our list of sub-processors with you so that you have full transparency of how your data is used.
Our products are tested continuously throughout our development process by a team of internal QA engineers. In addition to the application testing we regularly scan for vulnerabilities using third party services and undertake annual detailed penetration testing. We continually monitor new vulnerabilities and proactively work to ensure that we are protected.
ID-Pal is proud to be ISO 27001 and 9001 certified, internationally recognised standards that demonstrate the company’s commitment to the highest levels of information security and quality management.
ID-Pal can be customised and deployed in as little as a day.
Our turnkey solution is ready to use out-of-the-box and can be customised to your needs at the click of a button – no complex integrations or code required. Integrate using our API / SDK for seamless implementation without disruption to your operations and without complicated setup and troubleshooting.
