Business Verification - Frequently Asked Questions (FAQ)
Does it return data – versus the IDV solution that only returns match/non match? - Yes, there is the option to perform a Business Enrichment along with a Business Verification and the other verification checks in the platform. When Business Enrichment occurs additional data elements around company structure, financials, owners, directors, and officers and other business data elements (BDE) are made available in the results of a verification.
If you return data what are the data fields? This will vary by data source(s) and country/market verified and enriched. General 3 groupings are: Business Operational Data (org name, phone, address, EIN number, etc.) Digital and Commerce data - domain information, reputational and media data, merchant/vendor data, banking data (IBAN) and Financial & Ownership holding information (owners, turn over, employee count, shareholders, percentages etc.)
What is the percentage success rate of returning these data fields? The answer to this question whether in considering KYB or KYC is dependent on 4 elements - 1) Market/country, 2) input data breadth and quality, 3) required match rules, and 4) the number of sources and types of sources used in the given market. Results in France are completely different (and perhaps better/higher) than results in Ghana, for example.
If the service does not return data what are the scope of data fields where you can return match/no match? The service can return data as well as field / data source level scoring.
What is the average percentage match rate? Please see considerations (especially market) in question 3.
What are the in-scope sources? There are 8 data source type classifications leveraged for KYB verification.