In today’s ever-evolving corporate landscape, ensuring transparency and verifying companies has never been more important. Which is why Aravo created their OpenCorporates Intelligence Solution that’s raising the bar for corporate transparency around the world.
Ensuring company details are accurate is challenging. Legal-entity data comes from multiple sources and it’s not always consistent or complete, making it very hard to trust. The information is spread out in numerous business registers, so it’s also a headache to gather it all in one place. Traditional methods of collection aren’t reliable anymore, yet it’s more important than ever to have access to trustworthy information.
Aravo’s Opencorporates Intelligence Solution aims to bring clarity and trust in company data on a global scale.
Peeking behind the curtain: How it works
Aravo’s interface offers a direct insight into OpenCorporates’ data, providing a trail straight to the legal-entity’s state register. This means that users can have complete confidence in the data they see.
Its key features include:
- Direct verification: This feature of the solution is key in ensuring data accuracy and reliability. It involves verifying the legitimacy of corporate information at its source. For example, when a company claims certain financial figures or compliance standards, direct verification means checking these claims against primary sources like financial reports, regulatory filings, or compliance databases. This approach helps prevent misinformation and fraud, making sure that the data presented is a true reflection of the company’s status.
- Easy compliance screening: Compliance is a major concern for businesses, particularly in areas like anti-bribery & anti-corruption (ABAC), anti-money laundering (AML), and counter-terrorism financing (CTF). Aravo’s solution streamlines the screening process, making it easier and more efficient. By integrating various compliance databases and using advanced data analytics, the tool can quickly identify potential red flags or compliance issues. This not only saves time but also helps in proactively managing risks associated with non-compliance.
- Simplified validation: In the context of financial transactions, validating bank account holder names is crucial to prevent fraud and errors. Aravo’s tool simplifies this process by cross-referencing bank account details with company records. This validation is essential for ensuring that transactions are legitimate and that funds are being transferred to the correct entities. It’s particularly useful in scenarios like vendor payments, payroll processing, and international transactions.
- Unique IDs: The use of unique identifiers for companies in the vendor database is crucial for avoiding duplication and ensuring the integrity of data. This feature of Aravo’s solution assigns a unique ID to each entity, making it easier to manage and track company information. It helps in maintaining a clean, organized, and accurate database, crucial for analytics, reporting, and strategic decision-making. By preventing duplicate entries, it also aids in better risk management and operational efficiency.
The user-friendly process involves reviewing potential matches based on the legal-entity name and its registration country. Once the correct match is chosen, a detailed profile is retrieved showcasing firmographics, registration details, and lists of UBO principals and officers.
Deployment and use
Aravo’s solution also boasts a modular design, facilitating easy integration into any existing system.
The prerequisites needed to get started are:
- An API subscription with OpenCorporates.
- Sharing your OpenCorporates access credentials with Aravo.
- An integration subscription with Aravo.
Interpreting the data
The Aravo dashboard offers a concise summary of the intelligence data. Users can quickly filter data by Company Type or Status, providing clarity into the number of Third Parties verified back to the registration source.
Key inputs and outputs
While there are multiple fields supporting the integration, the focus remains on delivering information crucial for user evaluations. This ensures seamless potential match evaluations and results interpretation.
In conclusion
We’re excited to be working with another leader in the corporate transparency space.
Aravo’s OpenCorporate intelligence solution is a powerful corporate transparency tool that can help you with direct entity verification, easy compliance screening, and simplified validation, all while giving you back the ability to trust in the data you’re using.
For more information
Contact an Aravo solution expert here: https://aravo.com/contact-us/
