Markaaz Announces Partnership With Equifax To Help SMBs Mitigate Operational Risk
Markaaz Directory to Leverage Equifax Commercial Data and Fraud Prevention Solutions
Markaaz, the world’s first platform to comprehensively enable small businesses to grow customers, manage suppliers and improve cash flow, today announced a partnership with Equifax, a global data, analytics and technology company. Markaaz will leverage Equifax commercial data and fraud prevention solutions as part of the Markaaz Directory of pre-verified businesses to help empower small and medium sized businesses (SMBs) to mitigate operational risk.
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“Small businesses are the lifeblood of the American economy and have been impacted in a variety of ways by the pandemic,” said Joy Wilder Lybeer, Chief Revenue Officer and SVP of Global Partnerships, of Equifax. “Our goal is to help businesses get back to growth by helping them connect to their supplier ecosystem easily and confidently. Before a small business signs a contract with a new business partner or creates a purchase order with another supplier, they need to know who they are doing business with. Our relationship with Markaaz underscores our commitment to providing small businesses with the insights they need to manage risk and optimize growth.”
The Markaaz Directory holistically solves for the critical needs of small businesses, including an easier and more affordable way to find, monitor and pay pre-verified suppliers and partners.
The Markaaz Directory builds on the company’s partnership with Equifax to provide three levels of supplier and partner verification. First, all 119 million businesses in the Directory, which will grow to more than 300 million later this year, are pre-screened against the Office of Foreign Assets Control (OFAC) list of Specially Designated Nationals and other non-SDN sanctioned persons as well as the most current global sanctions database. Second, all new users who register on Markaaz.com go through a seamless and thorough authentication process to verify both the individual and the business. Finally, Markaaz users can monitor the status and financial health of their suppliers and partners over time with access to Equifax business risk scores and ongoing monitoring against federal watch lists and adverse media.
Markaaz helps provide small businesses with greater confidence and security when engaging with other businesses. Through pre-verification and ongoing monitoring, Markaaz streamlines what can be an onerous and often cost-prohibitive compliance and supply chain management process, empowering small businesses to save significant time and money, reduce reputational, financial and operational risks, and confidently focus on running and growing their business. This is particularly important in these very challenging times coming out of the global pandemic.
“COVID-19 has opened the eyes of many small business owners to just how vulnerable their supply chains could be,” said Hany Fam, founder and CEO of Markaaz. “Equifax shares our understanding that small businesses need accessible and affordable resources that provide confidence and security in their business engagements. That’s what is different about Markaaz. We’ve taken on the burdensome and historically cost-prohibitive process of supplier verification and created a safe environment for small businesses to find, monitor and pay pre-verified suppliers and partners. Business owners will be looking for the ‘Verified by Markaaz’ seal.”