NorthRow

Blend Network

Helping Blend Network to be secure and compliant in a fast client onboarding process.

Blend Network People Onboarding

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.
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 โ€˜sit, click & collectโ€™ 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.

Blend Network website

82%

Improved client conversion rate with the NorthRow solution

5

Second reduction time to process company information and risk score output

2,000

Lenders have registered on the Blend Network since 2019

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.

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Why NorthRow?

NorthRow delivers the best due diligence and fruad protection system.

โ€œIt is crucial for us not only to be compliant but also to safeguard our clients and the integrity of our brand. With NorthRowโ€™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.โ€
Chris Bourne
The benefits

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 NorthRowโ€™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.

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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 Networkโ€™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. NorthRowโ€™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

โ€œWith NorthRowโ€™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.โ€

Zain Mirza
Head of Operations, Blend Network

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About NorthRow

Highly secure KYC/B and ID and verification cloud software.

With an extensive breadth of experience and leading software solutions, NorthRow helps businesses to successfully onboard new clients and employees. We do this through robust compliance, monitoring and remediation capabilities giving you peace of mind knowing the burden of risk management is taken care of. We unlock more time for you to focus on the single most important task โ€“ growing your business safely.

Weโ€™ve worked with hundreds of regulated businesses. Letโ€™s work together.

Book your free demo of our comprehensive ID&V, KYC, KYB and AML compliance management solution today.

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