Automated risk assessment for onboarding sole traders is now live

What’s changed?

Verify has received a major update in the form of a brand new sole trader onboarding workflow, featuring a built-in automated risk assessment for sole traders.

This new workflow:

• Collects key information about a sole trader

• Runs verification checks on the sole trader including ID&V

• Scores all the data collected to produce a detailed risk assessment and overall risk rating

Why have we done it?

• Like our recently released LTD Company onboarding workflow and individual onboarding workflow, this workflow features a fully integrated and comprehensive risk assessment. You can now onboard a sole trader 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 or pooled safeguarding or client money accounts. And easy access savings accounts!

• Automation guided by human expertise. The sole trader workflow provides an overall risk rating for any new sole trader you onboard. But it also gives you access to all check results in plain language.

How will this affect existing integrations?

The new sole trader onboarding workflow will automatically appear alongside your existing workflows. Check out our documentation for more detail.

If you’re using our Sample sole trader workflow in our sandbox and have hardcoded your integration to look for the old workflow name, you’ll need to adjust your integration to look for the new name - Sole Trader Default.

This workflow is now live in our sandbox. Create an account and then try onboarding a new customer to get started.

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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