Introduction
Business verification services are all about helping businesses and organisations meet their KYB requirements. Data concerning a business’s address, legal name, and owner is only part of the verification process. This information needs to be gathered correctly and then verified.
Business verification services allow companies to learn more about the enterprises and company owners they’re doing business with. They can easily determine if the businesses with which they partner with pose any threat of money laundering or other types of fraud.
Business identification services are vital, especially in the context of combating financial crimes like terrorist financing and money laundering. Every business is affected by these regulations, whether it’s a supplier to financier.
Want to be sure that you’re working with a reliable and legitimate company or business? Ensure it is verified. This is where Enigma business verification data comes in. Enigma business verification data helps confirm the legitimacy and identity of a certain business or organisation. Enigma’s data allows business owners to verify, onboard, and underwrite smaller enterprises confidently.
How Can You Use This Data?
Relying on accurate and up-to-date business verification data as the initial reference point during verification allows businesses to avoid using other expansive data providers.
This data can help you automate your verification decisioning in terms of things such as small business onboarding. Concerning manual processes, this data promptly puts valuable information into the analysts’ and underwriters’ hands, enabling them to make decisions with confidence.
Why Business Verification Services Are Important
When an organisation wants to take on another company as a partner or client, it must know exactly who it is dealing with. This includes both the organisation itself and anyone who is affiliated with or owns it.
Parts of this are needed by law. National, as well as international laws require organisations to avoid dealing with businesses that’ve been involved in financial crimes. Failure to adhere to these guidelines can lead to grave consequences for an organisation. These consequences include loss of reputation and heavy fines.
An organisation verifying a business that it’s planning to work with or take on as a customer is just an excellent risk management strategy or practice. Any organisation needs to be sure that it’s dealing with businesses that are not engaging in activities that could threaten its bottom line or operations.
Enigma Business Verification Data
Powered by proprietary machine learning and data science, Enigma is a technology firm that offers accurate and up-to-date business verification data. The company provides huge business data of over 16 million card-accepting businesses in the United States, including:
- Credit health
- Loan history
- Revenue growth
- Financial health
With Enigma’s business verification data, your business can verify, onboard, and underwrite smaller businesses confidently.
Also Read: How Fintech Apps are Empowering Businesses and Consumers
