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Alloy partnered with Enigma to enhance its business verification offering. Enigma KYB is a differentiating data source that allows financial institutions to accept more quality customers.
Enigma KYB streamlines business onboarding through instant verification of SoS filings, high-risk activities classification, and OFAC screening. Accelerate auto-approvals, onboard more customers, and cut KYB costs by up to 80%, while still safeguarding your brand’s integrity.
Many FIs work with multiple data providers via an orchestration platform to meet their KYB compliance goals, “waterfalling” multiple datasets into their auto-approval process. Typically, an FI using multiple data sources does so with the help of a third-party data aggregation platform such as Alloy, which integrates multiple data providers’ data into one singular KYB decisioning endpoint. The waterfall of data providers used by FIs within these platforms is usually based on both costs and approval times (e.g. latency), assuming the accuracy of all providers’ data is similar.
Invest in an orchestration platform, such as Alloy. Their platform works in the background to enrich first-party data with inputs from multiple of data vendors, returning unique and timely insights in an automated flow for a more holistic view of your customer’s risk.
The process - Verify Businesses
Using Enigma KYB, Alloy auto-approves good customers, and flags risky businesses– businesses without SoS matches, and businesses on the OFAC list. If a customer chooses a waterfall approach, Alloy attempts to verify the identity of businesses using multiple data providers. If the first provider cannot match the business, it can be passed onto the next provider for verification (and so on). Typically, a multiple-provider approach will have higher match rates for auto-approvals and more data on risky activities. Businesses that are not auto-approved are then sent for manual review.
The process - Verify UBOs
Alloy automates KYC checks on UBOs with the help of matched data from multiple data providers. KYB requirements allow FIs to trust self-reported UBO information from businesses unless they have doubt it isn’t true. One area where an FI might have doubts is when an owner name present in KYB data differs from the owner name on the business application. Additionally, the data platform screens UBOs on the OFAC list.
Alloy partnered with Enigma to enhance its business verification offering. Enigma KYB is a differentiating data source that allows financial institutions to accept more quality customers.
Enigma KYB streamlines business onboarding through instant verification of SoS filings, high-risk activities classification, and OFAC screening. Accelerate auto-approvals, onboard more customers, and cut KYB costs by up to 80%, while still safeguarding your brand’s integrity.
Many FIs work with multiple data providers via an orchestration platform to meet their KYB compliance goals, “waterfalling” multiple datasets into their auto-approval process. Typically, an FI using multiple data sources does so with the help of a third-party data aggregation platform such as Alloy, which integrates multiple data providers’ data into one singular KYB decisioning endpoint. The waterfall of data providers used by FIs within these platforms is usually based on both costs and approval times (e.g. latency), assuming the accuracy of all providers’ data is similar.
