Enhancing global Business Verification

Tags: AMLBusiness verificationKYC
Global Business Verification

If you’re doing business with other businesses, it’s vital to know that they are legitimate. Performing Business Verification, or Know Your Business (KYB) checks, helps protect your business from fraud, ensures regulatory compliance and mitigates potential risks.

Business Verification processes are similar to performing Know Your Customer (KYC) checks but with additional complexities of business registration, ownership information and potential complex business structures. As a result, verifying a business can be a slow, costly and complicated process; it takes 3 to 4 months to onboard a corporate banking customer. The lengthy delays lead to application abandonment and, as a result, “in 2019, it was deduced that the global commercial and business banking market lost $3.3 trillion.”

As part of a major product update to GlobalGateway, Trulioo now offers upgraded Business Verification. The update also includes the launch of enhanced GlobalGateway Watchlist and UtilityID. Together, these services streamline the onboarding of consumers and businesses, and provide continuous monitoring for fraud, money laundering and illicit behavior throughout the customer lifecycle.

A new pricing and service offering structure have for GlobalGateway Business Verification are now available:

KYB – Essentials

Perhaps your business does not need to meet stringent corporate KYC requirements but still wants to verify that a company exists? With KYB – Essentials, you can verify essential information about potential business customers anywhere in the world – allowing you to onboard businesses on a global scale.

KYB – Insights

Beyond the legitimacy of a business, perhaps you also want to perform KYC and Anti-Money Laundering (AML) checks on potential business customers? With KYB – Insights, you get critical ownership information for your regulatory reporting and internal compliance needs.

KYB –  Ownership Tree

Perform traversal screening for any business, with detailed information on ownership and key personnel in a consolidated, standardized format – allowing you to view and download in-depth incorporation documents, UBO data and corporate filings for your due diligence.

Regardless of what level of verification you need, from high-level business data to stringent UBO-level verification, Business Verification has a service tier to match.

Know who you’re doing business with

With Business Verification, you get:

  • Easy integration
    Business Verification is integrated via a single API per market, the same used for all other GlobalGateway services.
  • Maximized accuracy
    Business Verification’s data source orchestration automatically and intelligently picks the data source that will deliver the most accurate result depending on the verification you request.
  • Minimal to zero manual intervention
    Business Verification is completely automated with highly accurate details delivered in a standardized format, ensuring you receive the information you need upfront. No manual review or interpretation is required.
  • Verification in any language
    Business Verification automatically translates the language format of the business into one that connects accurately to that of the data source, ensuring no matter where you are drawing business data from, KYB can rapidly process and provide an accurate result.
  • Trusted expertise
    Over a decade of business verification expertise means businesses can trust that they partner with a provider who can support them now and wherever they expand next.
  • Continuous performance optimization
    Trulioo continuously evolves its data engine and network of interconnected data sources, ensuring industry-leading coverage and the best results possible in the business verification market.

Down to the UBO level

While jurisdictions have differing requirements, regulated companies are generally required to gather and understand Ultimate Beneficial Ownership (UBO) for the organizations they do business with. These processes include:

  • Analyzing ownership structure and percentages
    Determine the entities or natural persons who have an ownership stake, either through direct ownership or through another party.
  • Identifying beneficial owners
    Calculate any natural person’s total ownership stake or management control, and determine if it crosses the threshold for UBO reporting.
  • Performing AML/KYC checks on individuals
    For all individuals determined to be UBOs, perform AML/KYC checks.

You can perform traversal screening for any business and all these operations from within GlobalGateway:

  • Get detailed information on ownership and key personnel in a consolidated, standardized format.
  • View and download in-depth incorporation documents, UBO data and corporate filings for your due diligence.

Minimize the cost, complexity and time of performing global corporate KYC down to the UBO level with Business Verification.

Anywhere in the world

Another key differentiator with Business Verification is the ability to plug into multiple global sources intelligently. Using artificial intelligence and machine learning to optimize results, it can parse, translate and match business records to different sources. The technology helps ensure you get the highest accuracy independent of data source coverage and assure you that your query will get a response.

Identity lifecycle

One solution, one API, one global contract

Trulioo services are all accessible through a combined workflow. You can verify a business using KYB, then authenticate its owner via KYC, followed by a Watchlist check to ensure they aren’t connected to any illicit activity.

Accelerate onboarding, deepen due diligence and understand UBOs more efficiently than ever with Business Verification.


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