FID Small Business Insights
Business Verification processes are under heightened focus from regulators. Know Your Business (KYB)
FortifID verifies and authenticates business legal entities (BLE’s) and their ultimate beneficial owners (UBO’s) at reduced costs while maintaining high KYB standards
Fast track your KYB process from hours to minutes.
Know Your Business (KYB)
A single tunable API to validate your business identity, details and financials.
Business Identity
Verification of the business applicant helps better manage lender portfolio fraud and financial risk. It is also good compliance hygiene. FortifID business reports verify:
- Business identity and Tax ID
- Firmographic Details
- Public Records – Lien, Bankruptcy, Judgement
- OFAC Commercial Response
Business Financials
Understanding business financial details helps make robust credit decisions. FortifID business financial information sourced from major accounting platforms and bureaus provide you with quick access to normalized and analyzed financial data. Information includes:
- Summary attributes that include active_trades, credit_limit, inquires, delinquencies, charge_offs.
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Accounting summary reports like default_ risk_scores, various financial statement analysis metrics.
The FortifID KYB Solution
- Designed to verify and authenticate business legal entities (BLEs) and their ultimate beneficial owners (UBOs) sourced from The FortifID Circle of Trust’s trusted network data consortium with the right blend of authentication and verification.
- Designed to reduce both the time to verify and authenticate and the manual aspects of KYB due diligence. This is done through increased adoption of API, AI/ML, minimal data storage and management that inadvertently reduces the manual load of due diligence processes and lowers overall cost to acquisition.
- Help institutions reduce end costs while maintaining high standards during the KYB lifecycle.
