Aug 10, 2023
Together we can help banks & fintechs form a more complete picture of customer risk.
We are excited to announce a new partnership between Middesk and Sandbar to help the fastest-growing banks and fintechs better understand their customer risk. Together, our modern API-first solutions will enable them to more confidently onboard users and proactively stay ahead of evolving threats.
The Problem
Compliance teams have the mandate to fight financial crime — but they are too often hamstrung by the tools and approaches of yesterday.
- Detection Methods are Too Broad: Compliance teams are limited to generalized ongoing monitoring frameworks due to incomplete, out-of-date, or unreliable KYC/B data. This leads to a one-size-fits-all approach that generates unproductive alerts, overlooking genuinely risky activity and bad customer experiences.
- Siloed Data: Traditional transaction monitoring relies primarily on transaction-level data, limiting its scope to a single event in time. This approach means teams often make decisions with insufficient information and miss key risk signals they would have picked up with more information.
- Limited Resources to Fight Crime: Teams face resource constraints, including limited engineers, budgets, and analysts. Startups often have to make tough trade-offs between shipping products or enhancing their risk initiatives.
- Operational Redundancies: Redundant alerts and unnecessary tasks consume valuable time and resources. Instead of improving and enhancing programs to combat evolving risks, investigators find themselves repeatedly reworking the same sets of issues.
Coupled with intensifying regulatory scrutiny and rising threats from bad actors, these issues underscore the need for a better, more comprehensive solution.
Better Together
With Middesk and Sandbar, compliance teams can achieve more, improving risk coverage, precision, and efficiency to address financial crimes.
- Middesk’s Business Identity data streamlines KYB/KYC checks, screens entities for sanctions, surfaces state registration information, and provides ongoing monitoring so that risk & compliance decisions can be underpinned by high-quality data.
- Sandbar’s Monitoring Engine consolidates customer activity data, enabling robust monitoring to combat AML and fraud risk across all products. With prepackaged case analysis, you can make faster, informed decisions.
“We’re thrilled to partner with Middesk,” says Brock Bontrager, CEO of Sandbar. “Their rich business identity data helps confirm the trustworthiness of end-customers. Together, our clients can see a complete picture of customer risk, unlocking the clarity and agility they need to stay ahead of changing threats.”
“We’re excited to team up with Sandbar to help fight financial crime,” says Kyle Mack, CEO of Middesk. “By leveraging Sandbar’s advanced monitoring engine and Middesk’s business identity data, fintechs will be able to build a more comprehensive, real-time assessment of customer risk.”
To learn more, contact [email protected] or [email protected].
About Middesk
Middesk is the leading business identity platform. With Middesk’s identity-as-a-service APIs, businesses can verify, underwrite, and enable their customers to grow their businesses. Middesk’s current customers include Plaid, Pipe, BlueVine, Mercury Bank, Divvy, Tesla, as well as large banks and lenders.
For more information, visit middesk.com.
About Sandbar
Sandbar offers a leading, comprehensive activity monitoring system through a single API. It delivers a clear picture of customer risk, streamlines insights, removes duplicative alerts, and packages casework for efficient AML program management. Supporting innovative companies across various services, Sandbar simplifies risk management.
Discover more at sandbar.ai.