KYB and KYC Verification: Why it Matters to Your Business

Identity verification has long been a part of customer onboarding. The digitization of our society has not changed the need for ID card verification but altered how we perform identity verification and why we need it.

In the past, verification of business entities was managed in-house with lengthy physical background searches unless there was a pre-existing relationship. This opened the door to fraud and bias in the customer onboarding process. The move to digital did not do much to alter the current status quo. Customer onboarding remained in high focus, but Business to Business (B2B) still lagged.

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