Automated risk assessment for onboarding limited companies is now live

What’s changed?

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. Once onboarded, your customers will be automatically eligible for dedicated safeguarding or client money accounts. (And easy access savings accounts - watch this space!)

• 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:

1. The label for the Companies House verification step is now clearly called Companies House checks instead of Company information checks.

2. We’ve removed the following checks from the Companies House step:

   • Company name does not match to public records

   • Company registration number does not match to public records

   • Industry is high risk

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 product@griffin.com.

We’re always working to improve our products and enhance your experience. Stay tuned for more updates!

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