Build Better Business Verification Processes

Inconsistent data, varying regulations and shifting fraud threats are just a few of the challenges organizations face when onboarding businesses around the world. 

The “Four Corners of Superior Business Verification” report offers insights that can help organizations overcome those challenges. The report covers a broad range of business onboarding difficulties, from verifying sole proprietorships to peeling back the layers of multinational corporations, and explores how organizations can ease the burden.

The Foundation of Powerful Business Verification

Customized, layered onboarding workflows, combined with robust data around the world, can help organizations strengthen the four cornerstones of superior business verification.

Efficiency

Prolonged business verification costs time and money, and yet it can take up to 100 days to onboard a new banking corporate client. Streamlined, standardized business verification adds efficiency to onboarding, leading to fewer set-asides and enhanced profitability.

Accuracy

Recent Liminal research found 84% of fintech and financial institution business verification buyers say data freshness is a “must-have” or “should-have” feature. Workflows that combine multiple data points to create a complete picture can help organizations verify businesses with limited information, which is often the case among smaller entities.

Brand Trust

Business verification is complicated, but it doesn’t have to look that way to potential accountholders, influencers, creators and customers. Onboarding sets the tone for the entire business relationship.

Fraud Prevention

The fraudulent acquisition and misuse of business information is a growing threat. A Trulioo global survey found that 79% of responding organizations have experienced business identity theft. Robust, layered business verification can help mitigate fraud.

A Layered Approach to Business Verification

Layered business verification with automation and up-to-date data can give organizations the tools they need in one place to meet customer expectations for speed, accuracy and security. Those streamlined capabilities help organizations accelerate business onboarding, improve risk mitigation and cultivate trusted relationships.