12th July 2022: Today, Detected, announces the launch of its core product which has been built specifically to transform the onboarding process for the payments industry.
Detected’s unique 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. Testament to the technology’s success, Detected has already partnered with one of the world’s largest payments providers, Visa.
Detected was founded in July 2020, and since then it has become clear that the technology has a huge and immediate value to add for enterprise payments companies, who stand to benefit enormously from an automated onboarding workflow. Currently, the manual processes involved in onboarding means it takes an average of 8 weeks – and in some cases 18 weeks – for payments companies to get the right information for Know Your Business (KYB) verification, however Detected can do this in two minutes.
The technology is based on in-depth market research and technical R&D, which Detected invested in following its successful £1.5 million funding round in February, bringing its total raised so far to £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; business, credit, finance, director, PEP & sanctions screening and adverse media data in one single place. The workflow can also include integrated ID verification, UBO entry and document uploads as well as custom data capture localised per country.
Liam Chennells, Chief Executive Officer and co-founder of Detected, said:
“Finally, frictionless onboarding. We invested in deep analysis of the KYB market. The result is entirely unique technology that brings eCommerce conversion best practice to a process that hasn’t changed for many years – we know what payments businesses need. To illustrate our ambition, we will partner with existing KYB providers to enhance our data even further. It is our technology that will be the interface between payments companies and the businesses they want to onboard – you’ll just never know because it is white-labelled.”
“Right now, the payments ecosystem is held ransom by the inefficiencies of onboarding. We’ve seen it time and time again, and we are changing it to allow revenue to be realised rather than locked in manual process delays.”
Peter Youell, Chief Technology Officer and co-founder of Detected, said:
“We have approached our technology with the mindset that it can be brilliant because we started with a clean slate. The functionality we have created is underpinned by focus on security and scalability as first principles. Everything we do is meticulously documented and all releases are regression tested to ensure optimal operability. Our SOC2 accreditation and AWS Security Hub rating are testament to that approach.”
“We have built a very strong foundation to continue to grow, enhance, and scale our product to continually support payments providers, and beyond.”