ID Verification - KYB

‍Save Time, Drive Revenue and Stay Compliant with Caf Business Verification 

Jason Howard

January 20, 2023
March 27, 2024
Table of Content

Having comprehensive KYB (Know Your Business) processes in place is essential to onboarding and accurately verifying new business clients. Good KYB ensures transparency and trust in business-to-business relationships, prevents fraud and illegal activity and drives revenue by onboarding new clients quickly and seamlessly.

But there are a number of challenges that many organizations still struggle with when it comes to KYB. According to research and strategy firm Liminal, heavily manual processes and bad data hinders business verification efforts. A survey of 100 organizations performed by Liminal found that 88 percent of respondents said outdated or inaccurate data hinders their business verification processes. Verifying businesses globally is also a concern, with survey respondents reporting an 86 percent increase in onboarding times for cross-border verification. 

While there are many providers offering KYB solutions, Liminal notes that “most are not meeting customer expectations. One of the main challenges is data quality, as it is often stale and outdated and, therefore, inaccurate. Other issues include a heavy reliance on manual processes and a lack of additional adjacent capabilities, such as KYC and fraud detection.”

Caf, however, was named by Liminal as one of the leading solution providers for business verification, with the firm noting that “Caf’s platform contains an impressive array of product capabilities.”

KYB Done Right

Given the statement from Liminal above about the lack of effective KYB solutions on the market, it’s imperative for companies to conduct their due diligence before choosing a KYB solution. There are many on the market, but choosing the wrong one could result in setbacks and loss of revenue. Here are the top considerations when choosing a KYB solution. 

1. Accuracy: 

The solution that can provide the most accurate identification of entities and their beneficial owners helps prevent financial crimes

2. Coverage:

The solution should cover the most countries and jurisdictions and be a truly global KYB solution.

3. User Experience:

The user experience of the KYB solution should be intuitive and easy to use.

4. Pricing:

Pricing is an important factor in choosing a KYB solution, and the solution that offers the best value for money would be the most attractive to potential customers.

Caf KYB: Turn What Used to Take Months into Minutes

With Caf KYB, companies can take previously manual processes and automate them, turning the task of verifying new business clients from weeks or even months into mere minutes. 

According to Liminal, Caf KYB “boasts a robust suite of product capabilities, encompassing all essential features along with several supplementary capabilities.”

Here’s how we do it. 

  • Unparalleled Data Coverage Caf has the most comprehensive KYB database in the market, covering 250 countries and jurisdictions globally with data from over 400 corporate registries, 200 fully integrated international watch and sanctions lists, import-export lists, global UBO lists and 430 million credit reports.
  • UBO Due Diligence: Verify all stakeholders and UBOs for any business as well as conducting distance calculations between your potential clients and watchlisted entities, including comprehensive beneficial ownership information from high-risk and hard-target jurisdictions, such as China, Mexico, Russia, and offshores tax havens.
  • Flexible Orchestration: Create or tweak workflows to build dynamic and personalized customer onboarding forms. Optimize user approvals by configuring customized search rules that compare data against relevant databases.
  • Global Credit Scoring: Caf offers comprehensive global company credit scoring, which includes full company financials and maximum recommended credit limit, as well as any court judgements and late or missed payments. 
  • Suspicious Activity Reports: Caf KYB seamlessly supports suspicious activity reports with court-admissible source documents, which are accessed instantly directly from the platform. 
  • PEP and Sanctions Risk: Instantly identify sanctions risks, including including formerly sanctioned entities, direct subsidiaries of sanctioned entities, and entities closely linked to sanctioned entities, as well as if any UBO or business owner is currently on a PEP (politically exposed person) list. 

Conclusion

In the absence of robust KYB processes, companies are at a greater risk of fraud and regulatory non-compliance. Having robust KYB in place, however, allows organizations to accurately vet potential business clients, stay compliant with the prevailing regulations, reduce manual operations and drive revenues.

KYB can be a complex endeavor. Get in touch with one of our experts now to learn more about how Caf can help your business optimize its KYB processes.  

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"‍Save Time, Drive Revenue and Stay Compliant with Caf Business Verification "