When onboarding new customers, firms that sell their products to other businesses rather than to people need to take extra precautions. According to B2B companies, attempts at online fraud account for 19% of all online transaction queries. In order to safeguard your interests before working with another organization, it is essential. B2B invoice fraud cost Australia $91.4 million last year, according to scam statistics from the Australian Competition and Consumer Commission.
Know Your Industry In this case, KYB services are useful since they let companies verify the personal information and potential customers. This ground-breaking approach, KYB after KYC, was introduced by the two CEOs Victor Fredung and Shahid Hanif.
What Exactly Does “Know Your Business” Mean?
Corporate entities can determine if they are dealing with legal business entities or paper-only shell companies. When dealing with international companies, regulators, especially in developed countries, anticipate AML checks for company verification services. Certain rules require corporate organizations to adhere to Know Your Business (KYB) legislation. It covers the fourth AML directive from the European Union as well as the Electronic Identity Verification (DV) standard.
Customer due diligence measures are becoming legislated to be the norm in the US, over there, to determine the actual ownership of a company organization. Different KYC service providers provide different alternatives for business verification. Some identity checking services can swiftly check businesses.
Similar to Know Your Customer (KYC) service providers, KYB service providers verify companies by obtaining official data on business registration using APIs. The registration number and jurisdictional code of the company can be used by an efficient digital KYB service to compile verified information for the firm.
How does KYB Protect the Interests of Your Company?
Shufti Pro services employ artificial intelligence to identify a person’s true identity as well as the financial risk that person poses when using AML Compliance solutions. You may use it to find out the status of any of your partnering company’s senior executives.
Getting to know your consumers is the main objective of any identity verification service, like Shufti Pro, but everyone may use the services.
Financial institutions that deal with a large number of clients and corporate organizations greatly benefit from KYB services. Any company that wishes to partner with banks, brokerage houses, and dealers for various investment institutions must be treated with extreme caution.
Is Using a Business Verification Service Worth Your Time?
Most institutions have already felt the delayed grinding agony of KYC verification for customer onboarding, transaction verification, and online banking services. This is why it’s challenging for the majority of big financial institutions to believe in other businesses. When they need Know Your Business services or want to find out the (UBO) model of the businesses they work with, they must complete KYC. On the other side, AI-based identity verification services make it simpler to finish company verifications in a matter of seconds. It becomes the top resource for businesses utilizing optical character recognition (OCR) and global businesses for real-time identification.
Using machine learning techniques, it can quickly identify any effort to fabricate identification documents or even business formations. Shufti Pro solutions can quickly identify forged identification documents or confidential information given by upper management. In Shell organizations with intricate management systems, it is a common practice. Businesses benefit from Shufti Pro’s nationality verification and location services in a number of ways. They can use it to determine where actual overseas clients are located and whether a firm was established in a tax haven. Solutions for KYC and AML Compliance to gather reliable information on business identity and carry out faultless business verification.
Artificial intelligence (AI) is the driving force behind Shufti Pro, a provider of digital identity verification services. In more than 200 nations and territories, it offers KYC, KYB, and AML services. Its objective is to create a protected online marketplace free from identity theft and other types of fraud.
The identity verification market is about to be taken over by Shufti Pro, which was introduced in 2017. It started off as a straightforward identification verification service. Later, it grew to incorporate a KYB and an AML screening solution. Our state-of-the-art OCR technology is now prepared to compete.