On February 1, DueDil, a UK fintech firm, announced a new partnership with Umazi, a London-based enterprise digital identity provider. The partnership aims to create a new onboarding standard for due diligence processes in the SME market. The collaboration between DueDil and Umazi will help to uniquely facilitate a more streamlined and robust compliance landscape.
Regulated establishments such as banks, and legislation companies should continuously scrutinize the identification and validity of small and medium-sized enterprises (SMEs) to evaluate and classify risks. However, regardless of being time-sensitive, such processes are normally inefficient. Therefore, the partnership between DueDil and Umazi aims to eliminate these burdens by combining Umazi’s open-source permissioned blockchain platform with DueDil’s Enterprise InfoGraph (B.I.G™) to create unique insights for advanced verification and validation at scale.
Justin Fitzpatrick, the COO and Co-Founder at DueDil, said: “Companies have suffered the implications of onerous due diligence necessities and backwards processes for too lengthy. Guide due diligence will not be solely costly and time-consuming but additionally leaves monetary companies suppliers open to pointless threats. By working in partnership with Umazi, our purpose is to facilitate the cross-industry adoption of extra streamlined and constantly up to date due diligence. It is an answer that’s sooner, cheaper and extra strong for each company and monetary companies’ suppliers.”
Meanwhile, Cindy van Niekerk, the CEO of Umazi, stated: “We’re delighted to work with Artesian: DueDil, a partnership that we consider will act as a catalyst for change in the best way monetary establishments conduct their due diligence on company clients. Artesian: DueDil has long-standing fame for serving banks. Insurers and FinTechs have interaction and onboard the appropriate enterprise clients. Umazi pioneering digital ledger know-how provides this, making a re-usable identification that advantages companies and monetary establishments.”
Accelerating Business Growth and Outcomes with Data
The partnership between DueDil and Umazi comes at a time when business entities are increasingly expected to enhance their know-your-customer (KYC) and customer due diligence (CDD) solutions in order to protect themselves from ‘bad actors’ and not expose their financial services to costly compliance and reputational risks. An efficient approach to critical know your customer (KYC ) and customer due diligence (CDD) workflows can help firms enhance their visibility into potential risks associated with financial crimes such as terrorist financing and money laundering while providing valuable insight into customer life events and changes.
