Business Verification Solution

Overview

For customers on the Essential plan, Persona offers a lightweight version of our Know Your Business (KYB) solution known as Business Verification. This solution enables startups to do just the basics of business verification for businesses in the US using a set of foundational business verifications and reports.

In this guide, learn:

• What is included in the solution
• How data is collected and processed in Persona
• How to utilize Cases to review businesses and entities

What’s included

Business Verification solution includes the following:

2 Inquiry Templates

• Business Verification: Business Info
  • Collects business information - Business Name, Address, and EIN
  • Document Verification
• Supplemental Document Request

1 Workflow

• Run US TIN + BRV, Business Reports triggered on inquiry template completion
  • TIN verification - includes retry logic
  • US Business Registration Verification (BRV)
  • Case creation

2 Business Reports

• Business Watchlist
• Business Adverse Media

1 Case Template

• Business Verification Review
  • Includes Case Action to request Supplemental Document

This solution does not include the ability to run KYC on UBOs, conduct KYB globally via international BRV , nor the following report types: Business Lookup, Business Classification, Business Registrations, Business Associated Persons, Business Nonprofit Report. To add either Business Verification Solution or the KYB Solution, please contact Persona support for assistance.

Business Verification Solution Process

Now that we know what’s included in Business Verification solution, let’s talk about how the various components interact with one another.

The **Business Verification: Business Info **inquiry template collects information on the business or entity and runs a Document verification.

Upon inquiry.completed status, a Workflow is triggered: Run US TIN + BRV, Business Reports. This Workflow utilizes the data collected from the inquiry to further verify and enrich information about the business or entity:

• Run TIN and Business Registry verifications
• Run Business Watchlist and Business Adverse Media Reports

All of the information collected thus far is then collected into a Case: Business Verification Review, from which you can decision on the business or entity.

Review and Decision via Cases

This is where the magic happens; this is where you’ll be making the decision on whether or not to approve the business or entity, or if you need additional information.

Each Case is assigned a Case number, and will include an assignee (the reviewing agent), reference ID (pre-filled at the time of the inquiry creation), and account.

Assignees have the ability to approve or decline the Case, re-assign the Case to another agent, review the event timeline to see each step of the inquiry and Workflow processes, and leave comments.

A Case is divided into three parts in three tabs.

Business Information

This section includes an overview of the business or entity, as well as a link to the inquiry results along with its status.

Business Verifications and Reports

The bulk of the information for review exists in this tab. This is where you can see the results of:

• TIN verification
• Business Registry Verification
• Business Watchlist Report
• Business Adverse Media Report

Document Verification

This section includes results of all Document verifications associated with the business or entity.

Should you need to request additional documents, assignees can create a Supplemental Document inquiry by following the instructions provided on the right. They can also upload documents if any were collected outside of Persona.

Plans Explained

	Startup Program	Essential Plan	Growth and Enterprise Plans
Know Your Business (KYB)	Not Available	Business Verification (this solution) Available as Add-On	KYB includes Business Verifications (this solution) + KYC of UBOs + International Business Registry Verification + More Business Report Types

Disclaimer

Persona is not a consumer reporting agency and the services (and the data provided as part of its services) do not constitute a ‘consumer report’ for the purposes of the Federal Fair Credit Reporting Act (FCRA). The data and reports we provide to you may not be used, in whole or in part, to: make any consumer debt collection decision, establish a consumer’s eligibility for credit, insurance, employment, government benefits, or housing, or for any other purpose authorized under the FCRA. If you use any of any of our services, you agree not to use them, or the data, for any purpose authorized under the FCRA or in relation to taking an adverse action relating to a consumer application.