Automated Business and Identity Verification

Organizations that operate across borders face a broad range of digital challenges, from complying with shifting regulations to meeting customer onboarding expectations for speed and convenience.

Consensys, a leading blockchain and web3 software company, overcame many of those challenges through a partnership with Trulioo. The company integrated Trulioo Business Verification, Person Match and Watchlist Screening capabilities through Workflow Studio, the no-code workflow builder.

Before the partnership with Trulioo, the Consensys verification process could take up to an hour per customer. With Trulioo, the company reduced customer onboarding to just minutes.

Those were the kind of results Consensys wanted, said Steven Szaroleta, Consensys compliance and operational risk manager.

“What we were looking to use Trulioo for was new and immediate,” he said, “and Trulioo was able to work with us to get what we needed quickly.”

Manual Verification Can Limit Growth

Organizations that rely on manual business and identity verification can miss out on expansion opportunities, open the door to unnecessary risk and run afoul of regulatory requirements. On top of that, the time spent by employees for manual checks has a measurable cost, detracting from other important tasks.

Manual verification errors can lead to mistaken rejections, data re-entry and onboarding delays. Slow processes also can negatively affect the customer experience and result in abandonment.

“If you don’t have a seamless onboarding process,” Szaroleta said, “customers are going to get frustrated and go to a different provider.”

Automated KYB and KYC Verification

For Consensys, the primary verification use cases were Know Your Customer (KYC) and Know Your Business (KYB) compliance.

In the fast-moving world of blockchain and web3, organizations can face different regulations in regions across the globe. Consensys operates in multiple markets worldwide and wanted a flexible verification partner with global expertise.

The partnership with Trulioo enabled Consensys to quickly set up KYC and KYB workflows that can adapt to the company’s changing needs and comply with shifting regulations. Trulioo also can optimize verification workflows with local expertise in markets across the globe.

“The Trulioo team was really helpful at navigating through all the requirements for verifying businesses,” Szaroleta said.

Automated identity verification for KYC and KYB offers advantages such as speed, accuracy and cost-efficiency. The processes help businesses adhere to legal and regulatory standards, mitigate fraud and meet customer onboarding expectations.