Business verification presents the dual challenge of determining the legitimacy of a company as well as that of its ultimate beneficial owners (UBOs) or people with significant control and then performing Know Your Customer (KYC) checks on those individuals.
Verifying those people requires piecing together a complex puzzle of ID documents, personally identifiable information (PII), and biometrics to confirm the owners are who they say they are.
Verifying businesses is even more complicated and often includes costly manual reviews that can take weeks. The complexity multiplies when international companies have to navigate a maze of Know Your Business (KYB) and KYC requirements around the world.
Those challenges often lead organisations to adopt multiple-point solutions, with each addressing only a fraction of an organisation’s overall verification problem.
It doesn’t have to be so complex, said Michael Ramsbacker, Trulioo’s chief product officer. Learn in the following interview how he sees a global identity platform as the answer to the verification challenge.
A comprehensive identity platform gives companies the flexibility to blend verification capabilities to authenticate individuals and optimise onboarding costs. Depending on your use case and location, it might make sense to use one capability instead of another.
Imagine an organisation onboarding a college student. While data source verification offers a fast experience, it may not be enough to verify a young person with limited credit history.
On the other hand, identity document verification with biometrics provides reliable coverage worldwide. In the college student use case, document verification would likely be more efficient.
A layered verification stack enables organisations to smoothly transition from one capability to another without adding unnecessary friction, resources, or costs.
Companies have two options.
They can choose to source data providers and navigate the complex verification web in the countries where they operate. That approach can be costly and time-consuming.
A more streamlined alternative is to collaborate with a trusted identity verification partner that takes charge of all data sourcing on behalf of a business.
By leveraging an identity platform’s global data coverage and expertise, companies can access the most reliable information and ensure compliance with regulations worldwide. Reputable identity platforms will also continually review data sources and expand into new markets to maximise match rates and enhance coverage.
Most countries have their own data sources for person or business identification. Navigating that intricate identity landscape requires a deep understanding of the verification nuances in every country. That's when a global identity verification provider becomes your trusted ally.
Experienced verification experts can help businesses navigate country-specific regulations and ensure they stay on the right side of compliance requirements. With a comprehensive, integrated verification platform, organisations can confidently adapt to a region’s compliance landscape and build tailored workflows that pave the way for streamlined onboarding.
It’s a multistep process that can include verifying business data and the UBOs or people with significant control. It also can involve screening companies against global watchlists and sanctions lists.
An identity verification platform that performs KYB and KYC checks in a single, dynamic workflow can help organisations quickly and conveniently onboard businesses.
Businesses should look for a verification partner capable of integrating multiple verification capabilities into the IT ecosystem.
Whether a company prefers the convenience of an API or the ease of a hosted solution, a comprehensive identity platform empowers organisations to choose the integration method that best aligns with their needs. That holistic approach can help close workflow gaps and set the stage for optimal onboarding efficiency.
A digital identity verification process can help businesses that rely on manual checks to verify people and organisations.
By implementing a verification system with built-in automation, companies can establish streamlined verification paths that eliminate the hassle of determining the correct workflow. That approach reduces the pitfalls of error-prone manual checks and empowers organisations to confidently navigate country-specific requirements worldwide.
Michael has more than 20 years of experience in the strategic execution of product strategies, particularly for the business-to-business technology industry. At Trulioo, he oversees the launch of new digital identity verification capabilities and services.
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