PALO ALTO, Calif., May 6, 2020 /PRNewswire-PRWeb/ -- IdentityMind today announced that data from OpenCorporates, the largest open database of companies in the world, has been added to the IdentityMind Data Ecosystem. This will provide additional capabilities within IdentityMind's Know Your Business (KYB) solution.
OpenCorporates' global database of official company data is integrated within IdentityMind's orchestration layer within its KYB solution framework. IdentityMind's KYB solution allows companies to meet regulatory requirements and to reduce risk related to the validation of the registration of the business, and the identity of their beneficial owners.
OpenCorporates provides access to public official legal entity data on more than 180 million companies from over 130 jurisdictions, all brought together into a standardized global schema. Unlike other providers of company data, OpenCorporates provides provenance, showing the official source from which all datapoints originate. This provides a clear audit trail for compliance and KYC professionals, who are equipped with the confidence to make risk management decisions.
"Knowing who you are doing business with is one of the most significant challenges businesses face today. It is fundamental for businesses to reliably evaluate who they are doing business with as nefarious actors may use complex corporate structures to hide their identities and the true nature of their business," said Neal Reiter, VP of Platform, IdentityMind. "Our clients will now have access to company data as registered in public records, and the directors registered to those businesses. This enables compliance and risk analysts to validate records automatically, and manually investigate only when necessary, making for an efficient and effective KYB process."
Without a strong, efficient KYB process, bad actors can defraud a business and compromise their compliance programs, which leads to reputational loss and regulatory fines. IdentityMind's KYB solution provides strong business verification capabilities and leverages the IdentityMind platform's orchestration layer including KYC, sanctions/PEP screening, machine learning and case management – all fundamental to support the KYB process.
"Our mission is to create a trusted business environment by making the world's company data available for all, ensuring that everyone knows exactly who they are working with. As part of this, our data helps make the verification step of the KYB process more accurate and reliable, allowing financial services companies to more effectively identify and root out illicit activity," said Chris Taggart, CEO and Co-founder of OpenCorporates.
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About IdentityMind
IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS platform for online risk management and compliance automation. By continuously building, validating and risk scoring digital identities through its eDNA™ technology, IdentityMind ensures global business safety and compliance from customer onboarding and throughout the customer lifecycle. Now a part of Acuant, the combined orchestration hub provides the most accurate risk decisioning, allows businesses to move faster and delivers the best user experience across all channels. Companies can reduce client onboarding fraud and transaction fraud, and improve AML, sanctions screening, KYC, and now, KYB. For more information, visit IdentityMind.
About OpenCorporates
OpenCorporates is the largest open database of company information in the world, containing information on over 180 million companies in 130+ jurisdictions, all from primary public sources. Founded 10 years ago, it is a public-benefit company, whose primary public-benefit mission is to make company information more accessible, more useful and more usable. OpenCorporates has a unique structure with a set of world-renowned trustees to guarantee its independence and its public-benefit mission. This governance, data and expertise is allowing it to become the world's underlying supplier of foundational company data for the good of business and for society.
SOURCE IdentityMind
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