AU10TIX Unveils Comprehensive Know Your Business Solution

Published about 2 months ago

Global technology leader in identity verification and management, AU10TIX, has launched a groundbreaking Know Your Business (KYB) solution. This new offering allows companies to accurately identify who they are doing business with, reducing the risks of financial and reputational damage.

Streamlining Business Verification

The new offering combines KYB with Know Your Customer (KYC) processes. This approach caters to all KYB business needs, from sole traders to large corporations, including KYC for Ultimate Beneficial Owners (UBOs) and associated entities.

With increasingly stringent regulatory requirements, companies across all sectors must gather and evaluate more data about their partners and vendors’ identities. This is crucial to avoid collaboration with unscrupulous businesses involved in crimes like identity theft, fraud, money laundering, terrorist financing, and more.

Overcoming Limitations of Existing KYB Solutions

Existing KYB solutions often have limited scope, compelling companies to engage multiple vendors for KYC, forgery tests, serial fraud detection, and other vital capabilities. AU10TIX’s unified KYB and KYC solution offers a comprehensive check against more than 200 jurisdictions and over 1000 government registries through one automated workflow.

Unlike other vendors that require days and rely on potentially outdated databases, AU10TIX offers comprehensive checks within seconds. The solution also offers full profiling and continuous monitoring to ensure business integrity for compliance and risk management.

Packages Tailored to Business Needs

AU10TIX offers its KYB solution in three packages:

  1. Business Validation provides efficient Proof of Business (POB) verification by confirming crucial identification details.
  2. Sole Trader Verification extends Business Validation to validate both the company and owner with automated KYB + KYC risk evaluation.
  3. Enterprise Verification extends Business Validation with additional benefits and features, such as continuous monitoring, in-depth KYC risk assessment, robust Anti-Money Laundering (AML) screening, and seamless AI-based POB collection, extraction, validation, and registry comparison.

CEO of AU10TIX, Dan Yerushalmi, emphasized the importance of a comprehensive KYB solution in identifying wrongdoers and preserving a safe business environment in 2024.

Key Benefits of the New Solution

The new solution boasts several key benefits, including a fully automated and unified KYB and KYC process, advanced document verification, user-friendly case management dashboard, comprehensive scoring mechanism, and a single API call for both business and individual verification. It also offers global coverage, providing insights into ownership structures across more than 200 countries.

In addition to the new business offering, AU10TIX will address fraud through a joint webinar with Frost & Sullivan, focusing on effectively combating fraud with AI.

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