“The goal here is to verify that the business is legitimate and that the people opening the account or applying for the loan are authorized to do so,” Ballerine co-founder and CEO Noam Izhaki explained to TechCrunch. The bank can then connect Ballerine’s API to its internal systems, with Ballerine then running the bank’s customer data through all its own databases to verify the business.
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When a business customer tries to open an account, they will usually have to provide information such as addresses, legal names, registration numbers and so on. the SEC), sanctions credit agencies and PEP databases, among other global sources, and integrates various tools to support customer onboarding, underwriting and transaction monitoring.įor example, an online bank will no doubt want to onboard new business customers with minimal friction, but it has to balance this “need for speed” with their duties to adhere to relevant regulations, ensuring that they’re not taking on a business that may be prone to fraudulent activities. The platform ingests data from websites, social networks and company registries (e.g.
A new startup is launching out of stealth today with $5 million in seed funding as it looks to bring its flavor of open source to risk decision-making software in the finance sector.īallerine, as the startup is called, helps banks, fintechs and similar financial organizations automate key decisions around their KYC (know your customer) and KYB (know your business) obligations, including verifying the identity and associated risks of doing business with a particular person or company.
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