iDenfy now helps its partners automate the onboarding process for individuals, businesses, and sole proprietorships with an updated Know Your Business (KYB) platform
iDenfy, a Lithuania-based RegTech company, announced its new Know Your Business (KYB) verification workflow for Sole Proprietorships. This feature is designed to onboard sole traders, businesses, and legal entities through a unified dashboard. Tailored specifically to meet the needs of sole proprietors, iDenfy’s solution helps compliance teams collect information required for KYB verification more efficiently, using special features, such as automated questionnaires and templates that make document verification easier.
iDenfy’s newest KYB feature for sole proprietorships and individual entities offers a customizable, automated approach to onboarding, allowing businesses to adjust verification steps according to each client’s requirements. This integrated system efficiently serves the unique needs of individuals who are personally accountable for their business’s debts and profits, similar to larger entities. By enabling companies to streamline onboarding and tailor it based on the client type, iDenfy’s customizable workflow simplifies user registration, reduces complexity, enhances the user experience, as well as ensures full KYB compliance by providing required information.
Domantas Ciulde, CEO of iDenfy, explained: “We’re providing a unified and customizable approach to KYB to help our partners manage compliance effectively while ensuring a seamless user experience. With our KYB solution for Sole Proprietorships, we can minimize compliance costs and ensure that teams save at least 30% time on manual assessment, such as checking collected documents and downloaded government reports.”
According to iDenfy, the onboarding for sole proprietors is simple and straightforward with its new feature. Users can activate the sole proprietorship onboarding option, specify required fields such as citizenship, tax residence, and other relevant identifiers, and provide clients with extensive verification services. This includes credit bureau reports, anti-money laundering checks, and sanctions reports to determine whether the person is politically exposed or has a high-risk profile based on their financial history and associations.
As a result, by replacing manual processes with automation, businesses can significantly reduce onboarding times and enhance compliance. To further optimize onboarding for sole traders, iDenfy’s KYB solution incorporates specific rules and verifies identities by utilizing official documents to confirm the identity of sole traders or business representatives that help maintain a consistent and seamless verification experience. This service offers advanced compliance checks and the ability to screen individuals against global sanctions lists from institutions such as the World Bank, Interpol, SECO, FBI, Europol, and more to identify politically exposed persons (PEPs) and prevent illegal activities.
Additionally, iDefy’s KYB platform monitors adverse media coverage and screens proxy IP addresses with the use of advanced risk and compliance management tools to detect any reputational risks associated with onboarding clients and enables the blocking of entities with legal or reputational issues. These features enable companies to implement customized automation rules that streamline onboarding while meeting stringent industry-oriented regulatory requirements to secure the onboarding process. The platform also provides an activity monitoring feature, allowing users to view the compliance rate of onboarded members, receive alerts for missing or unaccepted information, and access activity logs for documentation uploads.
“Our goal is to empower businesses to operate confidently by leveraging advanced compliance tools and a user-friendly platform. This allows businesses to adhere to regulatory standards while enhancing the security of their onboarding process,” added Domantas Ciulde.
About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Autumn 2024 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com.
