Verifying a business should be simple, but for financial institutions, digital marketplaces, and payment providers, access to accurate business data creates real challenges.
Consider a fintech lender onboarding a new business client, only to find conflicting records across databases. Maybe the company name is slightly different in tax filings, or key details are missing from corporate registries, causing third-party data providers to flag the business as unverified. Where do they go from here? Which source is correct, and how long will the business verification take? Will the delay cause the business to walk away?
These onboarding challenges are all too common. Some businesses provide outdated documentation, others can’t be verified at all, and compliance teams are left manually piecing together fragmented information. The process is slow, frustrating, and prone to errors.
Not only do verification barriers slow down onboarding—they create compliance headaches, increase risk exposure, and make business growth more challenging. Without better data access, verification becomes a bottleneck instead of a safeguard.
The Markaaz verification solution offers a smarter approach, providing the real-time data that companies can leverage to quickly and confidently verify businesses. With a single source of trusted business information, organizations can streamline onboarding, strengthen compliance, and eliminate unnecessary delays.
The pace of business is faster than ever, but business verification remains stuck in the past. Companies across the financial sector need fast, reliable ways to verify business identities, but fragmented data sources often slow them down.
Too often, delayed onboarding leads to lost opportunities. Businesses eager to access financial services or join marketplaces face long wait times due to verification roadblocks. Compliance teams spend days—or even weeks—cross-checking data across multiple sources, delaying approvals and frustrating both businesses and customers.
Relying on static databases and manual processes makes fraud detection harder and regulatory compliance more difficult. Without real-time data access, organizations also risk missing critical updates, leading to costly compliance violations.
The shift to digital operations has made verification more complex. Traditional verification methods struggle to keep up with the growing number of global transactions and online business interactions. Today, companies need better data access to keep up with cross-border regulations, changing business structures, and increasingly sophisticated fraud tactics.
Traditional business verification processes are slow, inefficient, and riddled with inconsistencies. Markaaz changes this by providing accurate, up-to-date business data that enables financial institutions, digital marketplaces, and payment providers to verify businesses faster and with greater confidence.
The Markaaz verification solution provides a pre-validated database of 542 million businesses across 200+ countries. All information is updated in real time, offering instant visibility into current company records. Organizations can verify businesses faster and more accurately, eliminating the need to cross-check multiple sources, reducing errors, and speeding up onboarding.
By integrating directly with existing compliance tools and verification systems, Markaaz simplifies due diligence. Automated data validation reduces manual reviews, allowing businesses to make faster, more confident decisions while meeting compliance requirements.
Markaaz uses advanced risk assessment solutions to flag inconsistencies and detect potential fraud before it becomes a problem. AI-driven insights and predictive analytics help businesses mitigate threats, strengthen regulatory compliance, and enhance overall verification efficiency.
Better data access creates a clear competitive advantage. These case studies demonstrate how the Markaaz verification platform is helping businesses overcome verification barriers and improve operations.
A global payment provider struggled with incomplete merchant records, leading to onboarding challenges and risk assessment gaps. Their traditional verification methods resulted in 70% of U.S. merchant records and 53% of international merchant records missing critical details.
After integrating with Markaaz, the provider gained access to comprehensive, real-time business data, allowing them to enrich and verify previously incomplete records. While they originally requested 11 data fields, Markaaz returned 124 verified fields. This significantly improved merchant risk profiling, optimized strategic partnerships, and enhanced their overall compliance processes.
A Fortune 500 bank had to reject many SMB credit card applicants, with insufficient data limiting their successful verification rate to just 20%. Their existing process relied on fragmented, outdated sources, slowing down approvals and frustrating potential customers. With Markaaz, the institution was able to increase verification rates by 30%, significantly reducing onboarding delays.
A top alternative lender struggled with fraud prevention and inefficient onboarding due to incomplete business records, leading to high decline rates. After leveraging Markaaz’s business verification solution, it saw an 84% improvement in business match rates and reduced verification time to just two seconds per business.
Eliminating verification barriers helps businesses onboard clients faster, reduce risk exposure, and strengthen trust with customers and partners. Organizations that rely on outdated, fragmented data risk falling behind.
Real-time data access, automated risk assessment solutions, and integrated compliance tools provide a competitive edge, allowing companies in the financial sector to operate with confidence in an increasingly complex market.
Connect with our team today to see how the Markaaz verification solution can help your organization eliminate bottlenecks and build a stronger foundation for long-term growth and compliance.
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Explore the data behind banks’ lending decisions in our latest survey report with PYMNTS—small businesses are rejected five times more often.
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