Modernizes digital business verification with programmatic KYB and Know Your Consumer (KYC) compliance and anti-fraud capabilities in a single solution
Atlanta, GA, June 7, 2022 – IDology, a GBG Company and leading identity verification provider, announces the launch of ExpectID Business, adding Know Your Business (KYB) to its ExpectID platform. ExpectID Business automates KYB verification for compliance and raises the bar on business-to-business fraud protection. By digitizing business verification, companies can more efficiently scale operations while onboarding new customers faster. IDology’s ExpectID platform fuses KYB and KYC due diligence with multiple layers of risk detection and fraud protection for one powerful, programmatic solution that enables businesses to transact with trust.
Ninety-eight percent of B2B retailers, manufacturers and marketplaces experienced financial losses and related reputational risks due to successful fraud attacks last year alone. While any business that deals with the transfer of money is required to perform a KYC or KYB check, meeting KYB verification requirements is particularly challenging for financial services providers and fintechs. Conventional KYB verification is often a tedious, manual process that creates unnecessary friction and onboarding delays. With rising expectations for frictionless B2B customer experiences, lengthy processes can negatively impact client acquisition and intensify competitive pressures. At the same time, in defending against ever-increasing and sophisticated global cyber fraud threats, conventional KYB solutions often fall short of delivering a comprehensive risk perspective needed to stay ahead of evolving B2B fraud schemes.
One Powerful, Programmatic Solution
ExpectID Business goes beyond basic KYB and KYC verification to provide a deep, comprehensive and holistic perspective of the risk associated with both the business and the authorized users. It delivers actionable intelligence to streamline onboarding workflows for legitimate businesses, while dynamically escalating higher-risk customers to enhanced layers of authentication.
ExpectID Business utilizes a proven, multi-layered orchestration platform that uniquely:
Accelerates Onboarding While Reducing Risk. ExpectID Business accesses high-quality, diverse data sources to verify more U.S. businesses and confirm the connection between a business and authorized users, while also evaluating risk. By seamlessly locating and verifying more customers, trust is established in business-to-business relationships with less friction.
Deters Fraud with Machine Learning and Cross-Industry Consortium Intelligence. The powerful combination of intelligence from IDology’s anti-fraud consortium and machine learning supervised by its team of fraud analysts delivers real-time and always-on transparent insights that businesses need to detect and stop fraud before and after verification and enables businesses to fine-tune onboarding models with greater precision.
Replaces Costly Manual Processes with Programmatic Ones. Proactively identifies higher-risk businesses to avoid costly and resource-intensive, deeper due diligence. This also enables more confident approvals while safeguarding the customer experience, removing unnecessary friction and delays. With a proven and stable orchestration platform that leverages machine learning, ExpectID® Business reduces the manpower burden of KYB due diligence and the inherent risk of human error.
Combines Business Verification with Watchlist Screening. Checks multiple watch lists and conducts an OFAC check for both the business and the primary user with real-time data and faster response times for always-on protection and compliance.
“Fraud and money laundering are growing threats to the B2B sector, making KYB a major pain point for businesses,” said Heidi Hunter, Chief Product Officer at GBG Americas (Acuant and IDology). “A better KYB solution is needed to stay compliant, prevent fraud and reduce costs while safely onboarding corporate customers. With ExpectID Business, we’re giving our customers the data insight and guidance they need to quickly and confidently onboard legitimate customers and equally important, identify higher-risk customers to avoid the costs associated with more complex background checks.”
For more information about ExpectID Business, click here.
IDology, a GBG Company, is transforming identity verification and fraud deterrence for businesses worldwide with innovative, multi-layered solutions and the data control, precision and transparency needed to build trust in a digital world. Through a combination of dedicated fraud experts and artificial intelligence, IDology leverages thousands of physical and digital data sources to deliver the industry’s most accurate locate results. With frictionless, secure digital identity verification, IDology helps businesses stay ahead of shifting fraud trends and empowers them to build trust, deter fraud and maintain compliance for long-term revenue growth. Many of the largest technology and financial services companies in the world rely on IDology’s innovative multi-channel identity verification technology, consortium network and diverse team of dedicated fraud experts.