Artesian : DueDil, a leading UK Fintech tackling some of financial services biggest challenges, is pleased to announce a new partnership with enterprise digital identity provider, Umazi. Aiming to set a new onboarding standard for due diligence processes in the SME market, the collaboration between these two influential digital leaders will uniquely facilitate a more streamlined and robust compliance landscape.
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Regulated institutions such as banks, FSIs, and law firms must continuously scrutinise the identity and validity of SMEs to assess and classify risk. However, despite being time-sensitive, these processes are typically inefficient. This unique partnership eliminates the burden by combining Umazi’s open-sourcepermissioned blockchain platform, with Artesian : DueDil’s Business Information Graph (B.I.G ) to surface unique insights for advanced validation and verification at scale.
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Speaking about the partnership Justin Fitzpatrick, COO and Co-Founder at Artesian : DueDil, commented: “Businesses have suffered the consequences of onerous due diligence requirements and backwards processes for too long. Manual due diligence is not only expensive and time-consuming, but also leaves financial services providers open to unnecessary risk. By working in partnership with Umazi, our aim is to facilitate the cross-industry adoption of more streamlined and continuously updated due diligence. It’s a solution that is faster, cheaper and more robust for both businesses and financial services providers.”
Cindy van Niekerk, CEO of Umazi, added: “We are delighted to work with Artesian : DueDil, a partnership that we believe will act as a catalyst for change in the way financial institutions conduct their due diligence on corporate customers. Artesian : DueDil has a long-standing reputation for helping banks, insurers and FinTechs engage and onboard the right business customers. Umazi pioneering digital ledger technology adds to this, creating a re-usable identity that benefits businesses and financial institutions.”
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