Peer-to-Peer (P2P) property lending provider, Blend Network, needed a secure, compliant and fast client onboarding process to verify both lenders and borrowers, in a highly regulated market.
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“With NorthRow’s help, we can not only streamline client onboarding and meet AML regulations, but we know that we have the best due diligence and fraud protection system in the market.”
Zain Mirza
Head of Operations at Blend Network
Background
Blend Network is a revolutionary P2P business, connecting lenders with borrowers and property developers. Its platform is designed to be simple to use, secure and fast. Once clients register on the Blend Network website, they can browse through available loans, pick and choose the loan that works for them, and ‘sit, click & collect’ a loan.
The business needed an ID verification platform that would be fast, accurate, scalable, flexible and cost-effective whilst complying with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
Key benefits
Helping Blend Network to keep their reputation high by reducing client onboarding times and delivering their due diligence.
Real-time digital onboarding
Reduced costs and enhanced company-wide consistency.
Meet compliance regulations
Improved operational efficiency and protection.
Intelligence sharing agreement
Ensured confidentiality of personal information.
The Challenge
Ensure a flawless reputation through real-time client onboarding
Identity verification is crucial to Blend Network. It requires solid knowledge of the borrower and their repayment behaviour to ensure they are a real person and their contact information is valid. In addition, P2P lending often carries more significant risks of loan defaulting based on the non-creditworthiness of borrowers.
Blend Network wanted to ensure a flawless reputation through a real-time client onboarding process and maintain its position as a leading P2P lending provider whilst meeting compliance regulations for all its counter-party risks.
How NorthRow Helped
Improved conversions to 82%, above industry average
Brand reputation was a key factor for a fast-growing company like Blend Network when looking for an onboarding solution provider to deliver its due diligence.
Blend Network can now deliver faster client onboarding experiences with NorthRow’s single API with digital onboarding. The time taken to process company information and risk score output has been reduced to 5 seconds. With multiple identities, verification time reduced, on average, to one minute. Blend Network has improved its conversions to 82%, which is well beyond the industry average.
What Now?
Identify bad actors quickly and efficiently
Blend Network now has the ability to verify multiple identity documents of borrowers and investors, including Passports, Driving Licences, National ID Cards, BRPs and Visas. Unlike other identity verification platforms, NorthRow has an intelligence-sharing agreement with law enforcement agencies, helping to reduce Blend Network’s business risk further.
The compliance team at Blend Network can quickly identify bad actors with comprehensive risk scores and Pass, Fail or Refer notifications. NorthRow’s experienced frontline support team ensures that all queries are answered quickly and efficiently. Blend Network is a high-growth P2P lender that needs responsive, efficient and accurate client support to continue its aspirational growth targets.
Testimonial
Zain Mirza,
Head of Operations
82%
Improved client conversion rate with the NorthRow solution
5
Second reduction time to process company information and risk score output
2000
Lenders have registered on the Blend Network since 2019
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Book your free demo of our comprehensive AML compliance solution today.