Business ID verification demand grows, KYB services evolve

Trulioo has released the results of its Global KYB (know your business) Survey as CellBunq and Enigma unveil new features to address surging demand for business compliance.

Global KYB Survey reveals demand for business ID verification

According to the results from the Trulioo Global KYB Survey, 4 out of 5 organizations reported experiencing fraud in the form of business identity theft. The survey compiled responses from 705 professionals in banking, healthcare, and government, among other industries, according to a company statement.

Half of those surveyed reported annual sales above $500 million. Sixty-five percent of the organizations currently verify over 100 businesses each month, and 75 percent noted they were likely to invest in business verification in the next year.

One third of businesses surveyed reported dissatisfaction with their current IDV vendor.

CellBunq adds native onboarding, risk management, and crypto compliance

CellBunq, an end-to-end KYB verification platform provider, announced it is introducing new features that streamline onboarding, accelerate revenue growth, cut operational costs, and establish compliance.

Its native onboarding journeys can onboard clients from over 190 countries within minutes, the company says. It includes identity verification with ID document checks, selfie biometrics and liveness detection. The modular platform gives businesses the ability to customize their onboarding journey. It consistently shortens time-to-revenue and enhances global conversion rates by allowing more clients to pass, the release reads.

The new automated risk classification feature allows businesses to categorize clients based on risk levels. The feature assigns and evaluates risk classifications, automating a risk management process. Cellbunq has also developed a crypto compliance system that meets global KYB, KYC, and AML regulations.

Enigma launches KYB service

Enigma has announced it has launched Enigma KYB, a service that performs instant verification of Secretary of State (SoS) filings, risk classification, and OFAC screening.

While other providers require perfectly inputted SoS filings to give an auto-approval, the announcement states, Enigma compiles DBA names, websites, and operating locations to find the correct filing despite imperfect inputs. Statuses are updated on a bi-weekly basis to ensure businesses are in good standing.

The service can automate over 70 percent of the business identification process in under 3 seconds. It can instantly verify 1.5 times more businesses than its competitors and charges one set price per each business verified.

Article Topics

Cellbunq  |  digital identity  |  document verification  |  Enigma  |  identity verification  |  KYB  |  selfie biometrics  |  Trulioo