With the tie-up, Tide will use the company intelligence technology of DueDil, which offers insights on more than 50 million firms throughout the globe, to quicken know your customer (KYC) checks and streamline account opening for small businesses.
Tide Chief Operating and Product Officer Laurence Krieger said in the announcement, “Entrepreneurs don’t have the time to go through lengthy processes, and so we are all about using technology to find ways to reduce time spent on banking and admin.”
The integration of DueDil’s application programing interface (API) will provide Tide with an accurate picture of their clients, decrease the time analysts use to make manual KYC checks and increase automatic onboarding in the end per the announcement.
DueDil Co-Founder and CEO Justin Fitzpatrick said in the announcement, “By partnering with Tide at this important time for the market, we’re committed to showing that regulatory compliance and customer experience can go hand in hand.”
Fitzpatrick added, “Now more than ever, SMEs need financial partners that understand their business and can provide them with flexible support.”
In April, news surfaced that Tide has launched a new invoice protection service with the assistance of Hokodo to help keep small and medium-sized business (SMB) cash flow safe from late or unpaid invoices. The move came as the COVID-19 pandemic was having an immediate and potentially long-haul effect on the U.K. economy.
In separate news, Tide said earlier in July that it has a new relationship with Mastercard that makes the firm one of the card company’s principal issuers. Tide, which has its headquarters in London and has offices in other parts of the world, will settle funds directly with Mastercard with the multi-year deal.