How does KYB at Persona work?

đź’ˇ This article will guide you through the various features and functionalities of KYB at Persona to help you get an overview of our capabilities. We understand KYB is not a one-size-fits-all and if this is something you would like to discuss further, please contact us here.

Know Your Business (KYB) at Persona is a comprehensive solution designed to streamline the onboarding process of businesses by integrating dynamic KYB-KYC flows.

It enables organizations to verify businesses swiftly using an extensive library of reports and verifications, reducing the back-and-forth typically associated with business verification.

An overview of Persona’s KYB features

  1. Customizable KYB-KYC Flows:
    • Build bespoke KYB-KYC flows ranging from collection to verification and manual review.
    • Tailor the flows to meet different risk tolerances across various verticals or customer segments, such as Fintech versus marketplace or sellers in different countries.
  2. Comprehensive library of reports and verifications:
    • Screen against 300+ million articles to identify any unfavorable information associated with a business.
    • Conduct screening against 100+ global sanction and warning lists to meet regulatory requirements.
    • Verify any US business’s EIN (Employment Identification Number) against the IRS database. (US only)
    • Supplement your understanding of a business with attributes such as phone numbers, industry, and associated NAICS code. (US only)
    • Surface associated persons for a given business. (US only)
  3. Orchestration via Workflows and Cases
    1. Consolidate all business risk signals within a single view for your manual review team inside a Case
    2. Set automated decisioning rules based on business risk signals as well as relevant follow up actions for UBOs

How It Works:

KYB allows an organization to collect the information, verify it, and surface it in one place inside the Persona dashboard.

  1. Information Collection:
    • The majority of KYB reports and verifications takes in the legal business name and legal business address as inputs.
    • For the KYC of UBOs, you can also select your choice of Persona verifications.
    • You can configure the theme and logic of your KYB-KYC using Flow Editor to match your branding or desired UX.
  2. Verification and Enrichment:
    • Verifications will verify that business exists against the given registry.
    • Reports will return back additional information such as phone numbers, registered agents, website, state registrations, physical addresses, and industry code (available in the US only), depending on the report
      • The Adverse Media and Watchlist reports will search against the sets of lists specified
  3. Manual review and automated decisioning
    • After the reports and verifications within your solution complete, you’ll find the information consolidated within a Case inside Persona.
      • This replaces the manual work of an analyst having to manually collect and analyze information about the business from different sources.
    • Your KYB workflow may kick off verification of UBOs within the flow as the end-user is filling it out or after the business has already been verified.
    • You can also set additional workflows or orchestration rules specific to your business to automatically deny or approve businesses, depending on the results of reports and verifications.

Persona offers customizable and comprehensive business verification solutions that cater to the varying needs and risk tolerances of different industries and customer segments.

By leveraging the dynamic KYB-KYC flows and extensive verification library, organizations can onboard businesses faster and more efficiently, ensuring compliance and reducing the manual workload associated with business verification.

For more detailed information and to get started with KYB at Persona, please contact us here.

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