We’ve ranked the best Know Your Business solutions to help you find the right tool for your organization.
What is Know Your Business? KYB solutions help you to conduct due diligence on your B2B partners and supply chain. They automatically verify 3rd party identities and produce reports on potential risks to your business.
Why Is It Important? KYB solutions help you to identify any potential risks faster and more often. KYB compliance is an essential requirement to adhere to the global Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.
The best KYB solutions offer complete platforms with analytical tools, automated data collection, customization, and integrations with your existing systems.
We’ve researched the top solutions based on these criteria – here are our top picks.
Comply Advantage Company Screening continuously and automatically flags any potential business or financial risks. It generates detailed risk profiles for all your partners.
What We Like: This is a complete screening solution, which protects you against financial crimes and ensures compliance.
Best Features:
Final Thoughts: Comply Advantage is a trusted KYB provider, with over 1,000 global customers. The platform is easy to use and has a modern UI. For, example, all company risk profile information can be viewed on one screen.
Equifax’s KYB solution helps risk and compliance officers to conduct due diligence on new business partners. The service provides reports, collected from the Equifax Commercial database, for business identity verification, tax ID verification, and risk assessment.
What We Like: Equifax are a highly trusted brand with a deep data set to conduct due diligence and company risk assessments.
Best Features:
Final Thoughts: Equifax Business Identity Reports offer a straightforward and quick way to conduct verify partners are safe to work with.
iDenfy provides identity verification solutions to ensure secure user onboarding. Their KYB solution helps compliance teams to meet anti-money laundering requirements in a single admin dashboard.
What We Like: iDenfy is highly automated and is very easy to use. You can set automations to flag or block applications during onboarding.
Best Features
Final Thoughts: iDenfy offer an easy-to-use and modern KYB solution. You can build automations based on your own compliance policies to make company verification simple and straightforward.
The solution is customizable: you can easily add custom fields and add additional questionnaires, blocklists, and templates as required.
LexisNexus offers a modern platform for anti-money laundering, risk fraud, and risk management.
What We Like: RiskNarrative is built for enterprise use cases but prioritizes simplicity. You can change rules, models and configure integrations with a simple drag and drop user interface.
Best Features
Final Thoughts: RiskNarrative is a leading KYB solution for banking, FinTech, eCommerce, and gambling enterprise. It offers a comprehensive feature set, covering integrations, document capture and biometrics, customized onboarding and triggers, and case management.
Ondato’s onboarding solution is a complete platform for KYB and streamlined verification.
What We Like: This is an all-in-one platform for business verification. It covers onboarding forms, identify verification, ownership structure reports, and AML screening.
Best Features:
Final Thoughts: Ondato offers a popular and fast growing solution for KYB. It has leading brands as reference clients, including Microsoft, Allianz, and SwedBank, promising to cut KYC related costs by up-to-80%.
The Ondato Business Verification platform is part of Ondato OS – a complete KYC platform that integrates multiple KYC and ALM tools and digital identity services.
Trulioo is a compliance platform focused on comprehensive identity verification. It’s KYB solution provides automated business onboarding and verification.
What We Like: Trulioo provides comprehensive data intelligence from global and local sources. It can verify more than 700 million business entities ensuring accurate results.
Best Features
Final Thoughts: Trulioo supports compliant, comprehensive, and ongoing business verification. Data is up-to-date and comprehensive to guarantee accurate due diligence and business checks.
TruLookUp is a business due diligence and investigation solution that provides intelligence on people, assets, and organizations for compliance.
What We Like: This is an efficient and user friendly investigation tool for teams. You can easily investigate red flags, verify statements, and monitor potential risks.
Best Features:
Final Thoughts: TruLookUp is a comprehensive solution with a broad range of features and solutions to help you conduct due diligence. Unlike other platforms on the list, the solution goes beyond just KYB to also look at individuals and assets, as well as businesses.
TransUnion services multiple industries, including background screening, gaming, media, financial services public sector, healthcare, and insurance.
KYB solutions help automate due diligence on your third-party business partners and suppliers for compliance.
Companies use these KYB solutions to save time conducting manual investigations for compliance and due diligence.
The Bigger Picture: KYB solutions can integrate with businesses’ existing systems or operate as standalone products. They are sometimes delivered as part of broader identity verification platform solutions.
When choosing a Know Your Business (KYB) solution, you should consider the following capabilities:
Choosing A Solution: The choice of KYB solution depends on your business requirements, including compliance needs, risk tolerance, and the size and geographic scope of your operations.
Joel Witts is the Content Director at Expert Insights, meaning he oversees all articles published and topics covered. He is an experienced journalist and writer, specialising in identity and access management, Zero Trust, cloud business technologies, and cybersecurity. Joel is a co-host of the Expert Insights Podcast and conducts regular interviews with leading B2B tech industry experts, including directors at Microsoft and Google. Joel holds a First Class Honours degree in Journalism from Cardiff University.
Laura Iannini is an Information Security Engineer. She holds a Bachelor’s degree in Cybersecurity from the University of West Florida. Laura has experience with a variety of cybersecurity platforms and leads technical reviews of leading solutions. She conducts thorough product tests to ensure that Expert Insights’ reviews are definitive and insightful.