Verify has received a major update in the form of a brand new LTD Company onboarding workflow, featuring a built-in automated risk assessment for limited companies.
This new workflow:
Runs verification checks on the company, as well as ID&V on directors and controllers
Collects key information about the company’s business model, industry, source of funds, and other potential risk factors
Scores all the data collected to produce a detailed risk assessment and overall risk rating
This workflow is now live in our sandbox. Create an account and then try onboarding a customer to get started!
Why have we done it?
Onboarding is faster and safer than ever. This workflow is our most comprehensive to date and the first that features a fully integrated risk assessment. You can now onboard a limited company in a matter of minutes, while feeling confident that all key information has been verified and a robust risk assessment has been carried out.
A gateway to our banking products. We’re happy to take deposits from limited companies who have been accepted via this workflow without further due diligence. Once onboarded, your customers will be automatically eligible for dedicated safeguarding or client money accounts. (And easy access savings accounts - watch this space!)
A core workflow than can be tailored to your use case. Going forward, this is our default workflow for onboarding limited companies - no further configuration required. But it can also easily expanded and modified. If you have an unusual business model or complex compliance needs, we’re happy to work with you to add new checks and scoring factors to meet your requirements.
Automation guided by human expertise. The LTD Company workflow provides an overall risk rating for any new company you onboard. But it also gives you access to all check results in plain language, so your team can easily see the logic behind the decision and override if necessary.
How will this affect existing integrations?
The LTD Company onboarding workflow will automatically appear alongside your existing workflows.
We’ve added a number of new claims that cover data points such as company contact details, source of funds, international operations, and tax status. Check out our documentation for more detail!
The new risk factors will match exactly what we use in our live environment (with simulated results, as we don’t send sandbox data to third party product environments). This makes it easier for you to move from our sandbox environment to a live integration.
If you’re using our old LTD Company workflow and have hardcoded your integration to look for the old names or checks, you'll need to adjust a few things:
The label for the Companies House verification step is now clearly called Companies House checks instead of Company information checks.
We’ve removed the following checks from the Companies House step:
We still assess industry risk, but now use our own logic to assign companies a risk rating based on our risk appetite.
Thanks for reading! You'll be hearing from us again soon.
In the meantime, you can start testing our products right away when you sign up for our sandbox.
If you need support, feel free to reach out through our in-app chat or send a message to email@example.com.
We’re always working to improve our products and enhance your experience. Stay tuned for more updates!
Check out our docs
Join our developer Slack community
Experiment with Postman
Follow us on LinkedIn