Today, we're introducing Persona’s Know Your Business (KYB) solution, which is the first in the market to automatically orchestrate the entire KYB process from end to end.
But before we jump into what this new solution can do (and there’s a lot!), we wanted to share why we’re so excited about it.
Companies will always need to understand both the businesses they’re partnering with and the people behind them. But whereas KYC processes have become more streamlined, thanks to automation tools, data aggregators, and more all-in-one solutions, there hasn’t been an equivalent shift for KYB.
KYB is too exceedingly manual and complex, requiring someone — either your provider or a member of your team — to review each business’s submitted information, verify individual UBOs, and then cross-reference everything against a variety of different sources — just to grant a decision.
In this world, someone always got the short end of the stick, whether it was a legitimate business waiting for an approval that should have been automatic or your team spending hours trying to integrate your KYB flow with the rest of your processes.
As a result, we were inspired to take the best aspects of our KYC solution — customizability, automation, and a focus on user experience — and bring it to KYB.
Specifically, we focused on three key areas to streamline the KYB process:
Configure and deploy seamless KYB-KYC flows
KYB inherently includes KYC since companies need to verify that both businesses and their beneficial owners are in good standing. Our KYB solution harnesses the power of our platform to allow you to run both KYB and KYC in a single place. Once a business is verified, we can automatically ask identified beneficial owners to submit their info and get verified as well.
With a single place to build out both KYB and KYC flows, your team not only gets more time back, but can also quickly adapt your process for different kinds of businesses you may need to onboard, like SMBs or sole proprietorships.
Real-time decisioning with automatic verifications and reports
Previously, manual review during the KYB process meant customers had to wait a long time for a decision. With our KYB solution, decisions take just seconds once UBOs are verified, thanks to a comprehensive set of verifications and reports, including business watchlists, adverse media reports, and TIN verification.
You can set any kind of logic following these automated verifications. For example, if you want to prioritize conversion, you can automatically trigger an email requesting more information if there’s no match against a business lookup report. Or, if you're focused on rooting out fraudulent businesses, you can set up ongoing monitoring against international watchlists.
For the inevitable edge cases that do require human input, our case management tool, Cases, surfaces business and beneficial owner information in a unified view for your team. For these flagged cases, you can quickly make a decision and trigger automated actions with a click — whether it’s sending followup comms to additional individuals to verify them or closing out related Zendesk tickets.
Onboarding flows that minimize friction and drive conversion
At the end of the day, the KYX process — whether it’s KYB or KYC — is just one step in your overall onboarding journey. Our KYB solution leverages Dynamic Flow so you can customize and build your ideal collection flow — from its look and feel to what screens each user sees, based on risk segmentation.
For instance, you can configure collection logic to request supplementary information only when a customer submits a business address that’s in a risky country. By dynamically changing the amount of friction during the onboarding process, based on both business and individual risk signals, you can convert more good businesses while still deterring would-be fraudsters.
Our KYB solution also enables you to collect whatever documentation you require — from business registrations to certificates of incorporation — and extract the information you need. Your team can easily see how submitted business documents compare against government sources, saving them the pain of cross-checking manually.
Start converting more good businesses today
Today, customers like Branch and Dapper Labs automatically onboard the businesses they work with — and the individuals behind them — without any heavy lifting.
If you’re ready to automate your KYB process and onboard more good businesses today, reach out to your CSM or get a demo today.