Visa and Detected, a provider of business onboarding solutions, extended their collaboration to the United States and Canada.
The partnership aims to provide businesses in these countries with a “fast, efficient and intelligent” onboarding process, the companies said in a Monday (Feb. 19) press release. The process balances speed and risk.
Detected CEO Liam Chennells said in the release that ensuring compliance in money movement is challenging and validating business credentials efficiently is important. Detected’s Onboarding Intelligence locates registered companies worldwide with “minimal data input.”
Visa’s extended collaboration with Detected will offer Visa small business customers access to a safe and compliant ecosystem, Sarah Steele, senior director of Visa small business product, said in the release.
“Through Detected’s unique intelligence engine and ongoing monitoring capabilities, Visa customers can take advantage of a user-friendly interface,” Steele said.
Detected aims to reshape the traditional approach to business onboarding by reducing costs, improving compliance and mitigating regulatory risk for its clients, according to the release. Its customizable no-code modules allow customers to design their ideal business onboarding sequence, while connecting to Detected’s ecosystem of risk, fraud and compliance tools for thorough checks.
The announcement comes a month after Detected secured 2.2 million euros (about $2.4 million) in funding to further develop its business onboarding intelligence offering and implement a growth strategy.
“This investment round further confirms our continued progress and sets us up for the next phase of our growth as we deepen relationships with enterprise clients and rapidly increase the volume of payments businesses we work with,” Chennells said when announcing the latest round in a Jan. 15 press release.
In January 2023, Thomson Reuters Ventures and Love Ventures invested 2.5 million pounds (about $3.2 million) to help Detected grow its offering in the U.S., where it had opened a new office.
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