Business Bundles

This article describes the various business product bundles available in Alloy. Please reach out to your Narmi General Manager or Implementations Project Manager for more information. 

Middesk Best Practices: Business

• Business verification uses Middesk to verify TIN, business name, business address, website, industry, and includes representative matches and watchlist screening.
• Middesk Business Best Practices leverages its identity matching tools to determine if an entity matches any of the records available on all of the following sanctions lists:
  • The Anti-Money Laundering, Counter-Terrorism Financing Rules and Global Official List checks assist in identifying the risks associated with individuals due to specific or general involvement with Money Laundering (AML), Terrorism Financing (CTF), Politically Exposed Persons (PEPs), terrorists and wanted criminals.
• Middesk provides the status of each individual screening list result and flags any potential matches for review.
• With every business entity, Alloy screens the Ultimate Beneficial Owner (UBO) through the FI’s Individual KYC workflow.
• Middesk alone will eliminate the basic verification checks that most banks complete manually today, while adding additional due diligence.
• FIs can add external vendors: LexisNexis InstantID-Business & World Compliance, OpenCorporates, and/or BizChex, but will need relationships & contracts with those vendors.

Middesk Best Practices: Business + Documents

• An enhanced workflow that includes everything in Middesk Best Practices: Business plus Document Verification.
• Eliminates the need for business applicants to upload copies of the SoS filing docs as part of the application process (pulls documents on file from the SoS).

Middesk EIN Standalone Verification

• Employer Identification Number standard verification
• EIN Standalone would be used if they want a cheaper option to Middesk Business. We do not typically recommend this solution, but in certain circumstances it could be the right choice.