METYCLE sign with Detected to ensure compliance in metal recycling & best-in-class customer onboarding
2nd January 2024. METYCLE have signed with Detected to further develop their business onboarding processes. METYCLE’s current manual processes needed to evolve as the company continues to grow in size and geographical coverage. Detected will provide a streamlined and automated process that will improve customer onboarding experience and compliance review efficiency.
METYCLE is tapping into the more than US$600 billion global market for secondary post-consumer metals. Through its online B2B marketplace that connects buyers and sellers of scrap metal internationally they enable the seamless flow of recycled material to accelerate the global circular flow of secondary metals and to enable reductions in CO2 of more than 60% compared to primary metal production.
Over the last six months METYCLE has seen rapid growth as they continue to expand their offering. Ensuring that their merchants are compliant with industry standards was a manual task involving various inputs and data sources which was becoming increasingly difficult as their activities scaled and volumes grew. METYCLE were in need of a more efficient and automated process that allowed for a business to be verified and then additional information be collected once preliminary checks had been completed. The functionality to integrate into existing systems and for multiple configurations based on different onboarding requirements were also key features as they would provide long-term benefit and scalability.
Detected provided a solution that checked these boxes. A two-step process can be set up that first allows the merchant to be verified and then upload necessary documents and licences to complete onboarding. Detected’s modular onboarding flow allows for this flexibility, while the Case Management System will act as the short-term environment for the compliance review before an integration to METYCLE’s CRM has been completed. By signing with Detected, METYCLE also benefits from access to the Risk, Fraud and Compliance Ecosystem that automatically populates each business profile with the best data available.
METYCLE’s customers will now benefit from frictionless onboarding. They will enter into a streamlined experience with their company details pre-populated and will only be requested information specific to their application. By tracking key metrics including onboarding time and customer churn which is generated from Detected’s behavioural analytics these processes will constantly be refined and improved.
Detected is reinventing the traditional approach to business onboarding, reducing costs, while improving compliance and reducing regulatory risk for its customers. Focused on meeting the needs of Payment companies and Marketplace operators where onboarding new merchants or customers is a time-sensitive, commercial imperative.
Detected is unique in the market by allowing its customers to design their ideal business onboarding sequence using the no-code, Detected modules. Customers then connect to Detected’s ecosystem of risk, fraud and compliance sources, ensuring the most appropriate checks are completed. Finally, the Detected case management system provides a single source of truth and control over all customer data.
METYCLE is a managed marketplace to trade secondary metals internationally, connecting buyers and sellers for more efficient and sustainable metal recycling. The Cologne-based company was founded in 2022 by Sebastian Brenner (formerly Bayer, Lanxess, Syngenta and CheMondis) and Rafael Suchan (formerly Bayer, Lanxess, Chiho Environmental Group and Scholz Recycling). Investors include Project A, Partech, Market One Capital and Dutch Founders Fund (DFF) as well as Angels Tom Bird (former president of the Bureau of International Recycling), Louis Pfitzner (Co-Founder of CAYA and Co-CEO of Cleanhub), Anne-Marie Großmann (GMH Group), Gisbert Rühl (Chepstow Capital and ex-CEO Kloeckner), Christoph Cordes (Co-Founder Flink) and Philipp Andernach (Antunnacum). For more information, go to metycle.com
Mondu, the fast-growing B2B payments company, has signed with Detected to automate its merchant onboarding process. As Mondu continues to expand across Europe, having strong foundations in place for its merchant onboarding will aid its growth while also providing a better experience for Mondu’s business customers.