| # | Name | Score | Description |
|---|---|---|---|
| 1 | iDenfy | 4.9 | All-in-one identity verification and business verification platform |
| 2 | Persona | 4.6 | Online ID verification service to help any business from any industry collect, verify, and manage user identities throughout a customer lifecycle. |
| 3 | Sumsub | 4.6 | Sumsub is a verification platform that aims to secure entire user journeys |
| 4 | Middesk | 4.35 | Middesk specializes only in business onboarding and company underwriting services |
| 5 | ComplyAdvantage | 4.2 | ComplyAdvantage gives businesses the financial crime insight they need to take control. |
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Criteria for Comparing KYB Providers
When comparing KYB providers, it is vital to understand the different approaches software providers choose to meet all KYB requirements. In our comparison article, we’re highlighting the critical requirements for a compelling business verification process and comparing whether the solution meets those requirements.
As explained in our KYB guide of 2024, business verification has to perform the following tasks:
- Official company information collection with necessary documents uploaded.
- Identifying UBOs and whole company ownership structure.
- Performing AML checks and ongoing screening for UBOs
- Requesting an additional KYC verification for the company representatives or shareholders.
- Built-in functionality for record keeping, required during the audit process.
- Cross-check collected information within official registry documents or credit bureau.
Since KYB verification can potentially approve a company, which violates the company’s compliance requirements, the software vendors must qualify as one of the legitimate automation tools. Otherwise, the benefits of automations do not outweigh the manual procedure.
Here is an example of automated business verification flow creation and form-filling requested by the director of the company.
We compare each vendor based on the required functionality and how accurately the provider solves the required task.
#1 iDenfy
4.9 Average Score · (4.8 Captera | 4.9 G2 | 5.0 TrustRadius)
With the iDenfy ID verification system, convert more users, scale faster, and tackle security challenges with the powerful, all-in-one identity verification, business verification, fraud prevention, and compliance platform.
Information collection and validation. iDenfy offers access to 180+ company registries from 140 countries. For 90 countries, there is an option to get enhanced reports with shareholders and ownership structure. Where information is insufficient, there is an option to get up to 3 months of recency credit bureau data from 160 countries.
UBOs and ownership identification. There is an option to request a full ownership breakdown, where all beneficiaries (including other companies and holdings) need to provide the ownership structure, too. To cross-check the information, directors can be requested to submit the incorporation documents.
AML checks and ongoing screening. The software has built-in automations, which have the option to extract all shareholders from credit bureaus and include them in an ongoing AML screening. Daily AML screening starts at 2.00 € (0.0055 € per single daily monitoring check).
KYC verification. Onboarded individuals can be requested to perform a built-in KYC check to confirm that the form filler’s information matches the actual identity. There is an option to send an email with an attached KYC check automatically.
Audit and timestamping support. Every action (documents upload, AML check, address verification, report order, etc.) is timestamped. Compliance officers have the option to extract all information into PDF files to supply to auditors.
#2 Persona
4.65 Average Score · (4.8 Captera | 4.5 G2 | No reviews TrustRadius)
Online ID verification service to help any business from any industry collect, verify, and manage user identities throughout a customer lifecycle.
Information collection and validation. Persona offers instant connection to 150+ official business registries. They’ve built in-house forms where directors or representatives can fill in information about the company and directors.
UBOs and ownership identification. Persona connects to the business registries and provides the shahreholders information. There is no information on whether a company can provide the full ownership structure breakdown during the form filling or is only 1st level breakdown.
AML checks and ongoing screening. Persona offers manual inclusion of all representatives for one time AML check or including people in ongoing screening on a daily basis.
KYC verification. An integrated option to generate KYC checks on demand.
Audits. Persona timestamps the company information for auditing purposes.
Integration. Persona offers API and integration via their Dashboard.
#3 Sumsub
4.6 Average Score · (4.7 Captera | 4.5 G2 | No reviews TrustRadius)
Sumsub is a verification platform that aims to secure entire user journeys. Its primary focus is to provide customizable Know Your Customer (KYC), transaction monitoring, and fraud prevention solutions.
Information collection and validation. Sumsub uses company data from local and global registries, with more than 500 mln. commercial records available. The detailed countries’ coverage is not specified.
UBOs and ownership identification. The company does not highlight whether you can request a detailed ownership breakdown via custom forms.
AML checks and ongoing screening. There is an option to offer AML checks and ongoing screening.
KYC verification. Offering an option to verify beneficiaries via a built-in KYC solution. For additional data, you can configure questionnaire forms.
Audit and timestamping support. SumSub timestamps the company information for auditing purposes.
#4 Middesk
4.35 Average Score · (No reviews Captera | No reviews G2 | 5.0 TrustRadius)
Middesk is the Business Identity Platform that helps companies verify and underwrite their customers, automate KYB, register for payroll taxes, and ensure AML compliance.
Information collection and validation. Middesk accesses local registries to get a detailed breakdown of the company information. It is not specified if there is integrated access to credit bureaus, but there is an option to find a company based on TIN.
UBOs and ownership identification. The company does not highlight whether you can request a detailed ownership breakdown via custom forms.
AML checks and ongoing screening. There is an option to offer AML checks and ongoing screening.
KYC verification. Middesk does not offer in-house KYC verification, but the company provides an integrated solution with a partner company – Socure. There is an option to verify sole proprietorship, too.
Audit and timestamping support. Middesk timestamps the company information for auditing purposes.
#5 ComplyAdvantage
4.2 Average Score · (4 Captera | 4.4 G2 | No reviews TrustRadius)
ComplyAdvantage gives businesses the financial crime insight they need to take control. Its data and technology help customers uncover the risk of who they are doing business with using a dynamic global risk database of people and companies.
Information collection and validation. ComplyAdvantage offers built-in forms to collect company information and supply the requested documents. There is a connection to official government registries.
UBOs and ownership identification. The company connects to shareholders’ information, but we couldn’t find any information about ownership structure breakdown.
AML checks and ongoing screening. Screens the company, owners, and directors for OFAC, PEPs, adverse media, and more with the real-time risk database. There is an option to get alerts on detected changes.
KYC verification. There is an option to generate a KYC session.
Audits. ComplyAdvantage allows to generation of reports required by auditors.
DISCLAIMER
This information is collected from public sources and vendor websites; it is not our final verdict or opinion. The information, in some cases, could be outdated. You should contact the vendor directly to get recent information. If there is missing information, please contact the website owner.
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