Identity verification solution provider, AU10TIX, has launched a KYB solution that enables companies to know exactly who they are doing business with and avoid potential financial and reputational losses. The offering combines KYB with Know Your Customer (KYC) processes. According to AU10TIX, the solution addresses every KYB business need, from sole traders to corporates. It also covers KYC for UBOs and associated entities.

Increased regulation is forcing businesses to collect and analyse more data about the identities of their partners and vendors. Companies must also ensure that they are not working with unscrupulous businesses involved in identity theft, fraud, money laundering, terrorist financing or other crimes. AU10TIX says that most available KYB solutions are limited in scope. This forces companies to engage with multiple vendors for KYC, forgery tests, serial fraud detection and other crucial capabilities.

AU10TIX’s unified KYB and KYC solution provides a comprehensive check against 200+ jurisdictions. It covers over 1,000 government registries in one automated workflow. Moreover, it provides thorough and comprehensive checks within seconds. Other vendors often require days and rely on unofficial and potentially outdated databases. The new solution also provides full profiling and continuous monitoring, ensuring business integrity for compliance and risk management.

“Our customers have been requesting a comprehensive KYB solution. Money laundering and fraud have become far too prevalent in the corporate world,” said Dan Yerushalmi, CEO of AU10TIX. “Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

AU10TIX KYB/KYC solution benefits include

  • Fully automated and unified KYB and KYC process. End-to-end automation in one flow for increased speed and accuracy
  • Advanced document verification: AI-powered tech quickly and accurately verifies various documents to authenticate the legitimacy of the business
  • Case management dashboard: enables user-friendly management of check results
  • Comprehensive scoring mechanism: provides scoring based on an advanced algorithm, for informed decision-making and risk measurement
  • Single API call for both business and individual verification: reduces cost by requiring only one payment for both KYB and KYC record checks, and
  • Global coverage: offers insights into ownership structures across 200+ countries

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