Middesk Launches Signal, A Scoring Tool Capturing Comprehensive Business Risk in a Fraction of a Second

Signal is revolutionizing how financial institutions and companies onboard and evaluate business partners with unprecedented speed and accuracy

NEW YORK, Oct. 15, 2024 /PRNewswire/ -- Middesk, a leading business Identity company, today announces the launch of Signal, a groundbreaking product designed to revolutionize how companies assess the risk profile of businesses. Signal is powered by the same authoritative and alternative data that fuels Middesk's business identity platform to offer a score-based system that provides instant insights into the identity and legitimacy of a business.

This innovation aligns directly with Middesk's vision: to provide instant access to all of the data, insights, and documents needed to onboard and transact with any business in the world. By creating a complete, accurate, and trusted understanding of every business, Middesk will enable more businesses to work together so they can grow and compete in the global marketplace.

"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," said 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."

Unlocking greater innovation, efficiency, and opportunity in the B2B marketplace, Signal's API delivers a composite score made up of a series of reason codes segmented into three main categories: Identification (who is this business), Verification (is this business legitimate), and Evaluation (what is the risk associated with this business). The Signal composite score (scale of 0-100) provides businesses with an indicator of comprehensive risk, allowing them to make informed decisions quickly and efficiently.

Signal is able to deliver instant and reliable insights without compromising data quality. Within a fraction of a second, businesses can access comprehensive information about the legitimacy and risk profile of a potential partner or customer. It can handle high volumes of verifications quickly while reducing operational costs.

"Signal is fundamentally changing how businesses evaluate risk and build trust," said Kurt Ruppel, CTO and Co-Founder of Middesk. "By providing instant, real-time visibility into millions of businesses, Signal empowers companies to make data-driven decisions with unparalleled speed and accuracy. It's exciting to see innovative companies like Plaid leverage Signal at the top of their funnel, streamlining their onboarding processes and improving the quality of their partnerships. The breadth of use cases Signal enables—from quick risk assessment to top-of-funnel knockout in regulated industries—marks a significant step forward in the evolution of business identity and risk management."

Additionally, Middesk's platform now has the ability to identify and flag high-risk addresses by identifying connections to over 40,000 registered agents across the U.S., a common indicator of fraudulent schemes. With this information, users of Signal can better assess risk and ensure the legitimacy of the entities they engage with, improving compliance and reducing exposure to fraud. This is part of a broader set of Middesk's recently released insights into a business's online presence, including its website, industry, and classification codes such as NAICS, SIC, or MCC. These features combined provide a comprehensive risk mitigation solution, helping businesses onboard legitimate clients faster, lower operational costs, and scale with confidence.

About Middesk:

Middesk is a leading business identity platform modernizing business verification, risk evaluation, and compliance. Its fast and frictionless identity-as-a-service APIs address KYB, credit assessment, and tax registration services, updated in days rather than months. More than 500 customers in the fintech, banking, lending, marketplace, insurance, and payroll sectors trust Middesk to help them safely verify, underwrite, and grow their businesses with names that include Plaid, Bluevine, Rippling, and Novo. Middesk has been recognized as a top U.S. fintech by Forbes as one of its Fintech 50. For more information, visit middesk.com.

Media Contact:
Liang Zhao
Vansary for Middesk
[email protected]
505-720-6933

SOURCE Middesk