Article 3 min

Layered Business Verification Puts Global Expansion Within Reach

Business Verification

Business verification can be a complex, time-consuming, manual process, but it’s also a common requirement as companies connect and transact in a global digital economy. 

Organizations can run into onboarding problems when they rely on business verification solutions that lack global coverage, provide complicated results and fall short of customer expectations for speed and convenience. Those complexities grow when organizations turn to multiple point solutions to verify ultimate beneficial owners or people with significant control.

It doesn’t need to be that complicated. 

Watch the Trulioo on-demand webinar, “Global Mastery: How to Accelerate Business Verification Worldwide,” to discover the keys to mastering layered business verification, processes that enhance onboarding and strategies for establishing powerful, trusted relationships that last throughout the customer life cycle.

The webinar features:

  • Steven Szaroleta, Consensys compliance and operational risk manager
  • Tom Bennett, Trulioo director of product marketing 
  • Kiran Kumar, Trulioo vice president of product management 

Business Onboarding and Verification

The webinar covers the critical aspects of business verification and how it can help organizations establish trust and achieve compliance in the global business landscape. The speakers emphasize data collection, risk assessment and continuous monitoring as essential steps in onboarding.

Data Collection

The first step for organizations onboarding a business is determining if it’s legitimate. That often starts with collecting and verifying the right data based on the business type. That can include information around business vitals, articles of incorporation, and ownership and control.

“Without the means of collecting accurate information in a way to verify the authenticity of that information,” Szaroleta said, “a company will struggle to appropriately perform the remaining stages of the KYB process.”

Risk Assessment

Determine the risk associated with the business. The risk-based approach to onboarding differs for each organization, so it’s essential to customize processes to match each risk level.

Risk signals to consider include:

  • Inclusion on a sanction or watchlist
  • Involvement in illegal activities
  • Cross-border relationships
  • Business type
  • Business location
  • Ownership background
  • Ownership percentage

Ongoing Monitoring

Risk mitigation doesn’t stop at onboarding. Continuous business monitoring is crucial in detecting risk changes.

Automated collection tools can fuel ongoing monitoring and create reliable risk signals when changes occur. 

Efficient and Scalable Business Verification

Efficient business verification requires a systematic, step-by-step approach. It’s essential to collect reliable data, especially when verifying businesses with global connections.

Layered business verification with automation can give organizations the tools they need in one place to meet customer expectations for speed, accuracy and convenience. Those streamlined capabilities help organizations accelerate business onboarding, improve risk mitigation and cultivate trusted relationships.

Business Verification

Watch the webinar

Global Mastery: How to Accelerate Business Verification Worldwide

Discover strategies for mastering layered business verification, enhancing onboarding and establishing powerful, trusted relationships that last throughout the customer life cycle.