Seamless, end-to-end KYB business verification

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About Shopify

A Canadian multinational e-commerce company headquartered in Ottawa, Ontario.

As the market-leading all-in-one commerce platform for online businesses, Shopify has been innovating to make online sales easier for business owners since day one. With the launch of Shopify Capital in 2016, Shopify has provided over US$3.5bn in funding to merchants to help them grow their businesses. With thousands of merchants already benefiting from Shopify Capital’s offering in the US, UK and Canada, the next step was to bring this offering to the Australian market.
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The challenge

Lengthy, complicated business verification processes

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End-to-end KYB
Provide a seamless business onboarding flow
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International KYB
Enable Shopify to enter new markets with unique compliance requirements
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Short timelines
Work within a short timeframe to implement and go to market
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Business complexity
Navigate the multiple layers of verification required for KYB

The FrankieOne solution

Shopify selected the FrankieOne solution for verifying its merchants and their businesses because of its unique ability to provide seamless, end-to-end KYB business verification. By using FrankieOne’s platform, Shopify benefited from our single commercial arrangement and single API to gain access to multiple vendors and data sources much faster than otherwise possible. In addition to verifying businesses (known as “Know your business” or “KYB”), Shopify also needed to verify the ultimate beneficial owners (“UBOs”) of each business. Through a nesting feature on our platform, the UBOs can be linked to the businesses verified, and KYC on those individuals can be performed automatically within the platform, reducing the complexity for operational teams who would otherwise need to manage multiple systems.

Single Connection

Through a single commercial agreement and SKD  connection Shopify benefited by gaining access to hundreds vendors and data sources.

International KYB Enabled

Shopify was enabled to seamlessly expand their business into the Australian market with streamlined KYB business verification.

UBO search activated

Shopify could automate it's verification of ultimate beneficial owners ("UBOs") of its customers.

KYC Enabled

With no additional development work, Shopify could seamlessly conduct verification into individuals within their customers.

End-to-end Automation

Shopify can orchestrate it's KYB and KYC end-to-end.

“We're excited to bring Shopify Capital to Australia to help Aussie businesses accelerate growth, expand to new markets, and prepare for the peak sales season. FrankieOne's expertise in automated verification and onboarding helped create the best experience for thousands of Shopify merchants to quickly access the funds they need to grow."

Shaun Broughton ~ Managing Director, APAC, Shopify

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