I'm excited to share that my new startup, truebiz.io, has been backed by !
We're reinventing corporate due diligence. 🧵 below on why and how
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1/ Onboarding business clients is a major challenge for financial institutions. The automated verification technology that’s ubiquitous in retail services is non-existent in business services.
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2/ Financial Institutions have to rely on arduous and unscalable manual processes to verify businesses. It's inefficient, costly and delays time to revenue for both the FI and the business itself.
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3/ Why? Verifying individuals is easier. They drop digital breadcrumbs about their identity in the 18 years between birth and trying to access financial services Businesses don't: they usually require access to a financial service as soon as they’re incorporated.
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4/ There’s also no central, trusted database of businesses and ownership information. Regulators don’t allow FIs to rely solely on Government Registry databases because information there isn’t verified or complete.
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5/ FIs have to ask clients to provide information, which is burdensome and prone to human error. Data then has to be manually reviewed by expensive & slow human teams to prove businesses are legitimate.
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6/ TrueBiz unlocks the data in company documents like Articles of Incorporation, and combines this with lookups against best-in-class data sources.
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7/ The process takes seconds – not days, so FIs can efficiently meet KYB requirements and onboard new businesses with minimal manual review
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If you're a fintech onboarding business, get in touch to learn more
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