{"id":18782,"date":"2021-08-12T06:00:25","date_gmt":"2021-08-12T13:00:25","guid":{"rendered":"https:\/\/www.trulioo.com\/?p=18782"},"modified":"2024-02-16T17:08:15","modified_gmt":"2024-02-16T17:08:15","slug":"business-registration-number","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/business-verification\/business-registration-number","title":{"rendered":"Using the Business Registration Number to improve onboarding"},"content":{"rendered":"\n

When onboarding business customers<\/a>, getting accurate, unique data points for verification is often problematic. For example, you know the company name is Acme, but there might be hundreds of those. And the exact business name might not be known by many, as there can be so many variations. Is it incorporated or a limited company \u2014 or is it doing business as another name altogether?<\/p>\n\n\n\n

Governments often use a Business Registration Number (BRN), or something similar, for official records. It might be labeled an Employer Identification Number (EIN), Taxpayer Identification Number (TIN) or Company Registration Number (CRN), or value-added tax (VAT) number but the general idea is the same: a specific data point that can uniquely identify a company. While EINs and VAT numbers are tax numbers for government purposes, they can also act as business numbers for identification purposes.<\/p>\n\n\n\n

Unfortunately, for organizations that are doing business globally, different jurisdictions have different requirements and formats. Even within a given jurisdiction, a company might have multiple other numbers for various government agencies. Collecting and analyzing that information for business identification and verification purposes often requires numerous efforts to fix inaccuracies, resulting in a slow and expensive process.<\/p>\n\n\n\n

To give a specific example, consider Trulioo. The actual company name is Trulioo Information Services Inc., which even many people well acquainted with the company wouldn\u2019t know. We have a Business Number, a Registry ID and a provincial Registry ID; if an institution wanted to verify our information, what would be the best number to give? Multiply that complexity with the need to verify potentially thousands (or more!) of companies in multiple jurisdictions and you can see why business verification is a major source of friction for global organizations.<\/p>\n\n\n\n

The need for business verification<\/h2>\n\n\n\n

No matter how tedious or costly business verification becomes, skipping it isn\u2019t advisable. For financial institutions and other regulated organizations, completing corporate KYC checks<\/a> is mandatory. For other organizations that want to limit fraudsters, understanding who your customers are and the risk they pose is a prerequisite to building a safe online experience.<\/p>\n\n\n\n

How can organizations create a business customer onboarding process that is accurate, reasonably quick and not frustrating for customers? After all, according to an article in Finextra, it takes 3-4 months to onboard a corporate banking customer<\/a>. The 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

Decoding the Business Registration Number<\/h2>\n\n\n\n

Fortunately, there are ways to decode the different definitions and formats of BRNs. Information for best practices becomes apparent when examining what data people present for their BRN and is available through various data sources.<\/p>\n\n\n\n

Using this information, along with deep experience gained from years of checking business registrations in multiple markets, enables Trulioo Business Verification<\/a> to provide a better business onboarding experience. We can guide you to help gather the most appropriate information right from the outset, speeding the process and increasing accuracy.<\/p>\n\n\n\n

Beyond that, the technology maps various inputs to known patterns to quickly determine if a provided BRN will work or not. By mapping over 400 BRN patterns in over 50 countries, we\u2019ve created an intelligent BRN recognition process that validates the input instantly. There\u2019s no more back and forth with clients to try and figure out which BRN to use. With Business Verification, you get:<\/p>\n\n\n\n