A large US bank runs know your business (KYB) checks on every company it takes on as a customer. Opening the account is only the start. After booking, the bank has to confirm the business is active with its secretary of state, keep that answer current, and explain it later if a regulator or an internal team asks why a decision was made.
When onboarding moves beyond one market, the first thing to break isn’t your policy, it’s the process around it. This post shares what we’ve learned helping risk & compliance teams verify businesses globally, with practical steps you can drop straight into your roadmap. The result is fewer manual reviews, faster time‑to‑decision, and an audit trail you actually trust.
Financial companies face a big problem with their Know Your Business (KYB) checks. A shocking 76% of businesses have abandoned onboarding because of slow checks and delays. Meanwhile, companies with faster checks are winning these frustrated customers.
Financial institutions face huge hurdles when trying to access and confirm business data. The difficulty extends far beyond basic information provided by Secretaries of State. It impacts Know-Your-Business (KYB) procedures and leads to time-consuming manual validation. This increases costs, and potential inaccuracies in risk assessments.
Payment processors face intense pressure not just to onboard new customers quickly, but to do so without sacrificing compliance and risk management standards. Unfortunately, traditional Know Your Business (KYB) processes often act as significant bottlenecks, slowing operations and growth.