{"id":19584,"date":"2022-06-09T09:25:10","date_gmt":"2022-06-09T16:25:10","guid":{"rendered":"https:\/\/www.trulioo.com\/?p=19584"},"modified":"2023-07-31T23:49:41","modified_gmt":"2023-07-31T23:49:41","slug":"business-verification","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/business-verification\/business-verification","title":{"rendered":"Enhancing global Business Verification"},"content":{"rendered":"\n

If you\u2019re doing business with other businesses, it\u2019s vital to know that they are legitimate. Performing Business Verification<\/a>, or Know Your Business (KYB) checks, helps protect your business from fraud, ensures regulatory compliance and mitigates potential risks.<\/p>\n\n\n\n

Business Verification processes are similar to performing Know Your Customer (KYC<\/a>) checks but with additional complexities of business registration, ownership information and potential complex business structures. As a result, verifying a business can be a slow, costly and complicated process; it takes 3 to 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

As part of a major product update to GlobalGateway, Trulioo now offers upgraded Business Verification<\/a>. The update also includes the launch of enhanced GlobalGateway Watchlist<\/a> and UtilityID<\/a>. Together, these services streamline the onboarding of consumers and businesses, and provide continuous monitoring for fraud, money laundering and illicit behavior throughout the customer lifecycle.<\/p>\n\n\n\n

A new pricing and service offering structure have for GlobalGateway Business Verification are now available:<\/p>\n\n\n\n

KYB \u2013 Essentials<\/strong><\/p>\n\n\n\n

Perhaps your business does not need to meet stringent corporate KYC requirements but still wants to verify that a company exists? With KYB \u2013 Essentials, you can verify essential information about potential business customers anywhere in the world \u2013 allowing you to onboard businesses on a global scale.<\/p>\n\n\n\n

KYB \u2013 Insights<\/strong><\/p>\n\n\n\n

Beyond the legitimacy of a business, perhaps you also want to perform KYC and Anti-Money Laundering (AML<\/a>) checks on potential business customers? With KYB \u2013 Insights, you get critical ownership information for your regulatory reporting and internal compliance needs.<\/p>\n\n\n\n

KYB \u2013  Ownership Tree<\/strong><\/p>\n\n\n\n

Perform traversal screening for any business, with detailed information on ownership and key personnel in a consolidated, standardized format \u2013 allowing you to view and download in-depth incorporation documents, UBO data and corporate filings for your due diligence.<\/p>\n\n\n\n

Regardless of what level of verification you need, from high-level business data to stringent UBO-level verification, Business Verification has a service tier to match.<\/p>\n\n\n\n

Know who you\u2019re doing business with<\/h2>\n\n\n\n

With Business Verification, you get:<\/p>\n\n\n\n