Detected , a UK-based service, has launched its core product which has been built to transform the onboarding process for the payments industry. According to the official press release, Detected’s algorithm utilises over 1700 data sources to create a detailed and accurate profile of any business in the world.

It supplements this with information that can be added by the business that is being onboarded. Detected was founded in 2020, providing a technology that helps enterprise payments companies benefit from an automated onboarding workflow. The technology is based on in-depth market research and technical R&D, which Detected invested in following its GBP 1.

5 million funding round in February 2022, bringing its total raised so far to GBP 3.5 million. Beyond ensuring a frictionless customer experience, the product enables firms to meet their KYB and Know Your Customer (KYC) requirements.

At its most simple, entry of only company name and registered city provides comprehensive business data. The workflow can also include integrated ID verification, UBO entry, and document uploads as well as custom data capture localised per country. Detected plans to partner with existing KYB providers to improve their data even further.

The company aims to be the interface between payments companies and the businesses they want to onboard. The onboarding process A big part of the onboarding process is ensuring the legitimacy of the account by performing KYC procedures on the entity. The business must exist, be currently operational, and the account submission must be authorised.

This KYC process not only provides information to fulfill the bare minimum legal requirements, but also can provide insight into what further due diligence requirements are necessary. By adding fraud checks and individual ID requirements into the merchant identity assessment, the anonymous nature of questionable accounts becomes more transparent. The ability to digitalise procedures that were previously paper-driven, to automate manual processes, and to analyse and assess risk using data analysis tools provides opportunities to improve the onboarding process.