US business verification with KYB: an overview of the platform
Fintech company Trust2Connect offers an innovative AI-based KYB platform. The solution makes business-to-business verification in the US much more efficient. It automates processes and reduces payment risks.
The platform performs due diligence and analysis on more than 97 million small and privately held businesses in the US. It collects data from a network of 100,000 public and private sources. The platform provides a 360-degree view of each entity. It is designed to automate and streamline the verification of companies in the B2B sector. This approach speeds up the account opening process and reduces payment risks that cost small businesses US$14 trillion.
Trust2Connect was founded by entrepreneurs Bill Phelan and Prakash Ranade. They previously ran Equifax. T2C focuses on building a complete business profile and verification. This, in turn, facilitates better collaboration between companies. According to the company, the platform enables 70% faster account opening. This allows businesses to interact quickly and build trust.
KYB features
KYB’s solution meets the needs of today’s market. The survey found that 84% of companies with annual revenues of US$1 billion or more have experienced fraud. To mitigate risk, companies most often use manual verification, which is time-consuming.
An AI and machine learning-based platform helps with the following tasks:
1. Comprehensive business rating. The platform provides a trust score from 1 to 100.
2. Advanced functionality that gathers information from multiple sources. The AI then generates a comprehensive report with identity data for each business.
3. The AI generates profiles in a short time with no limitations. It is also available 24/7.
4. The platform covers more than 97 million businesses in the US.
5. Guarantee the correct identification of individuals performing management functions in the company.
6. Virtual site visits. The technology analyses multiple data points to confirm the reality of the office location.
The platform offers a high level of business and reputation intelligence services. This enables B2B market participants to get to know potential partners better and make decisions about working together. The AI monitors government agencies, websites and private databases. The platform also gathers information from social media. This creates an alternative view of the activities of companies and their executives.
Trust2Connect’s KYB is well-positioned to become a state-of-the-art business verification tool for the B2B sector. The solution ensures maximum transparency of operations and promotes healthy competition in the market. Meanwhile, the company plans to develop further the platform to provide customers with even more options.
