Helping businesses establish trust via a suite of identity and risk APIs.
Today’s regulatory and societal pressures to understand who a business “is” and what that business does are at an all-time high. Last month, as an example, Facebook implemented new verification requirements for businesses purchasing ads.¹ Meanwhile, regulators have fined financial firms at least $28.4 billion for failing to comply with money-laundering and sanctions violations since 2008. Citibank alone now employs over 30,000 people dedicated entirely to banking compliance.²
Yet at the same time, the barrier to creating a business is at an all-time low. In fact, a recent study by Global Integrity Foundation found that in all 50 states, more information is required to get a library card than to establish a business.³ …
“What do you do?”
You probably hear that question all the time, and as an individual, you likely have a standard set of answers you give or expect. “I’m an engineer,” “I work in sales,” “I’m a research scientist,” or “I’m a journalist” all give a pretty clear insight into someone’s day-to-day.
But asking a business what it does is far less clear. From niche industries to unique business models to innovative customer experiences, there could be multiple ways of describing efforts as simple as, “We sell goods over the internet” or “We package and ship corn bushels.”
Helping B2B companies identify business and regulatory risk in their customer base.
If you’ve applied for a loan or opened a bank account online, you’ve likely gone through a screening process that involved answering questions about yourself, uploading a copy of your ID, and getting your credit checked. All-in-all, building trust between consumers and businesses has become standard and effective when engaging with online services.
While this process is well understood for consumers, the process for establishing trust between the 30 million businesses in the U.S. is far less effective.
When you consider that the U.S. has no central repository of businesses, that a business can be dissolved and reformed under a different name in a few days, and that 30% of businesses fail within their first two years¹, it’s not surprising that the average company writes off 2.1% of their revenue as uncollectable debt². With more than $1T³ spent between business online just in the U.S., …