{"id":18271,"date":"2021-03-18T06:00:42","date_gmt":"2021-03-18T13:00:42","guid":{"rendered":"https:\/\/www.trulioo.com\/?p=18271"},"modified":"2023-08-01T16:25:50","modified_gmt":"2023-08-01T16:25:50","slug":"automated-business-verification","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/business-verification\/automated-business-verification","title":{"rendered":"How automated business verification handles the complexities of verifying businesses"},"content":{"rendered":"\n
\"Automated<\/figure>\n\n\n\n

Getting a personal bank account can now be done in minutes. However, opening a business account can take months, with manual business verification processes, excessive paperwork, redundant checks and clerical errors delaying the onboarding process. Any organization relying on business verification faces the same obstacles of having slow, burdensome workflows that increase costs, antagonize customers and introduce potential risks from due diligence failures or oversights.<\/p>\n\n\n\n

According to an article in Finextra, it takes 3-4 months to onboard a corporate banking customer<\/a>. These lengthy delays lead to application abandonment and, as a result, \u201cin 2019, it was deduced that the global commercial and business banking market lost $3.3 trillion.\u201d<\/p>\n\n\n\n

Frustrated customers can abandon the process and move on to competitors. Verification costs rise as efforts are duplicated and substantial resources are dedicated to gathering, storing and analyzing documentation. And skilled staff become unproductive and unmotivated due to the tedious nature of the process.<\/p>\n\n\n\n

Similar difficulties exist for marketplaces when onboarding micro-merchants; these marketplaces need to verify the legitimacy of numerous small businesses that often lack a long operational history to ensure they deliver trust and safety<\/a> to all participants.  Without a streamlined onboarding process, marketplaces can lose the sellers and revenue from their products sales<\/p>\n\n\n\n

Fortunately, digital business verification processes are becoming available to help alleviate these challenges and we\u2019re going to show you how.<\/p>\n\n\n\n

[Webinar] Global KYB: The benefits of digital business verification<\/a><\/h2>\n\n\n\n

Join this webinar to discover how automating business verification streamlines onboarding and Know Your Business (KYB) processes.<\/p>\n\n\n\n

March 31, 2021, 8 a.m. PT \/ 11 a.m. ET<\/strong><\/p>\n\n\n\n

KYB regulations require organizations to check that a company they\u2019re onboarding is legitimate and not connected to corruption and money laundering. Additionally, the people behind the company, the ultimate beneficial owners<\/a> (UBOs), also need to be analyzed.<\/p>\n\n\n\n

Performing effective KYB checks is a complex task involving multiple data sources and varying requirements. Each jurisdiction will have its own parameters, systems and rules, and much of the supporting infrastructure is not modernized. This webinar will explore the KYB landscape in 2021 and the complexities and challenges involved in rolling out a global KYB program.<\/p>\n\n\n\n

We will also examine how one global company has successfully deployed Trulioo GlobalGateway Business Verification<\/a> to automatically:<\/p>\n\n\n\n