Customers can now instantly verify more than 70% of businesses using Enigma's KYB product.
NEW YORK, Oct. 3, 2023 /PRNewswire-PRWeb/ -- Enigma, a data science company that provides comprehensive intelligence about the financial health and identity of every U.S. business, announced the launch of its new Enigma KYB data platform today.
The new product enables users to perform KYB checks they need to safely onboard new business customers while minimizing friction in the verification process. Enigma's platform allows users to:
- Verify if a businesses has valid Secretary of State filings and surface detailed information present on registration filings
- Ensure a business, its owners, and stakeholders are not on global sanctions and financial crime watchlists
- Check if a business performs any risky activities
"Our customers' top KYB priorities are meeting compliance and regulatory requirements, swiftly onboarding more customers, and overcoming the growing pressure to increase margins and find savings," said Charles Zhu, VP of Product at Enigma. "With our advanced business matching and enrichment of registration filings, Enigma instantly verifies 1.5 times more businesses for KYB compliance than any other data provider and enables customers to create magical onboarding experiences."
Enigma KYB instantly verifies more than 70% of businesses in under three seconds. Other KYB data providers' "auto" approvals rely on manual processes behind-the-scenes, often taking more than 24 hours and resulting in applicant drop-offs. "We focused on tying together both the way businesses present themselves to the Government and the way businesses present themselves in the real world," said Scott Steinberg, COO of Enigma. "We can generate verifications from all combinations of legal names, DBA names, corporate headquarters, and operating locations."
"Onboarding friction with instantaneous verification is a major concern because the credit card industry is highly competitive," said co-branded card provider Concerto Card Risk Manager, Jack Miller. "It's important to us to reduce friction for good guys. We were able to do this with Enigma."
The KYB product expansion marks Enigma's continued growth and commitment to providing the most accurate data about small and medium businesses (SMBs) via a single, holistic data platform: since 2020, Enigma has seen an 8x increase in its customer base. Enigma's customers can now leverage Enigma's data platform to make better decisions across the entire customer lifecycle: from prospecting to customer onboarding to credit risk decisioning.
Enigma provides comprehensive intelligence about the identity and financial health of every small and medium business across the United States. By engineering better data from hundreds of public and third-party sources, we aim to tell the complete story of every business, so that companies of every size can access the financial services they need to grow and thrive. Financial and payments organizations from the world's largest banks to tomorrow's unicorns use Enigma's data to discover which businesses to engage and which to avoid. To learn more visit enigma.com.