According to the official press release, the AI-driven system verifies and scores over 97 million small and private businesses across the United States, aiming to streamline verification processes and mitigate payment risks in the USD 14 trillion small business sector.
The introduction of T2C’s KYB platform comes as businesses face increasing threats from payment fraud. According to the 2023 AFP Payments Fraud and Control Survey Report, 84% of firms with annual revenues exceeding USD 1 billion and managing over 100 payment accounts encountered attempted or actual fraud in 2022. Many organisations continue to rely on manual verification methods, which are often inefficient and resource intensive.
T2C’s platform aggregates data from more than 100,000 public and private sources, offering a comprehensive overview of a company's financial, operational, and reputational standing. The system employs AI and machine learning technologies to enhance accuracy and efficiency in business verification.
Representatives from T2C noted that the increasing demand for automated KYB solutions underscores the necessity of reliable and efficient verification methods. They stated that the platform provides businesses with a thoroughly validated profile of their partners, enabling faster transactions and reducing operational costs.
Main features of T2C’s KYB platform include:
T2C, founded by former executives from Equifax, was established to improve the accuracy and reliability of business validation. The company claims its platform can reduce onboarding times by more than 70%, helping businesses expedite account openings and enhance transaction security.
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