Anatomy of a KYB Flow with Persona

In this lesson, we’d like to introduce you to Persona’s Know Your Business, or KYB, solution.

This solution combines a number of Persona products including Verifications, Reports, Workflows, and Cases. Before watching this video, we recommend that you have some familiarity with each of those products.

Check out the help center articles if you need to refresh your knowledge.

Keep in mind that what we highlight in this video is our standard KYB flow. If your company needs something beyond this basic configuration, you’ve come to the right place. With Persona, you can customize existing templates or create a bespoke KYB solution.

Let’s take a look at how different Persona products fit into our standard KYB solution. We call this the “anatomy of a KYB flow”.

__Step 1: We collect all required business information and documents using an Inquiry. __

academy anatomy KYB

Some examples of business information that we can collect at this stage include:

  • The business’s name
  • The business’s address
  • A Business Registration Number (for example, an Employer Identification Number for US businesses)
  • A list of the business’s ultimate beneficial owners
  • Any other supporting documents; for example, articles of incorporation or proof of address
  • …and more

Collect Business Information

__Step 2: Workflows orchestrates the Verifications and Reports that you’ve chosen to run on the collected information. __

academy anatomy kyb 2

You might be wondering, what’s the difference between a Verification and a Report? Verifications determine if the data that we’ve collected matches what can be found in a data source, while Reports provide supplementary insights that enrich the data you’ve already collected.

Let’s give one example of each in the context of KYB:

  • Many of our customers performing KYB on US businesses use our TIN Verification. The TIN Verification confirms that the name and EIN (employer identification number) provided matches records found within the Internal Revenue Service database
  • Switching over to Reports — one of the Business Reports we offer is the Business Watchlist Report, which screens a business across 100+ global sanction and warning lists

For the sake of time, we won’t be covering every single Verification and Report that Persona offers for KYB. Check out the help center articles linked below this video to learn more about the full list of products we offer for KYB solutions.

While the Workflow is running your desired Business Verifications and Business Reports, it simultaneously kicks off step 3:

Step 3: Beneficial Ownership Verification to confirm the identity of each beneficial owner.

The Workflow does this by emailing them a new Flow that you can customize with your choice of verifications, checks, and branding.

__Step 4: To keep things organized, Cases consolidates all of the information associated with each business into a single place. __

Once it’s ready, you can review the results and collected information to make a decision.

Anatomy of a KYB flow

Now you’re familiar with the different Persona products involved in our KYB solution. The flow that we’ve just walked through involves manual review, which is a common element of KYB processes. Persona can help to fully automate the decision, though we generally recommend that you start with some manual review, and subsequently update your configuration to incorporate more automation over time.

Additional resources: