Automation is increasingly becoming a critical part of the way we do business. The speed of business has increased to the point where even waiting a few hours is no longer acceptable. This is just as true in business identity verification, as much as it is anywhere. The shift towards automated decisioning processes integrated with extensive data networks marks a pivotal advancement. With the right solution, it’s possible to instantly verify a business to include in your marketplace or ecommerce store.
Business identity verification is important as a way for your customers to know that they’re getting the real deal. By increasing the responsibility of establishing and fostering trust in the environment you become an online marketplace leader
In this blog, we’ll explore how integrating data from various authoritative sources enhances business identity verification efficiency and accuracy, as well as exploring the role that automation plays in ensuring all of that happens quickly.
Enhancing accuracy with multiple data sources
In business identity verification, access to multiple sources of data is a game-changer. There are more than 33 million small to medium sized businesses in the United States. Accessing this business data gives you the power to analyze vast amounts of information quickly, uncover patterns, and validate credentials with an unprecedented level of precision. Without it, you’d need to connect to a series of hard to find (or navigate) databases of information spread across the country.
Using multiple data sources means more accurate analyses. This, in turn, reduces the risk of errors and increases the trustworthiness of the verification process. Not only that, but with the right tools, you can move faster to verify quickly, without unnecessary delays in the process.
Harnessing authoritative and diverse data sources
Business identity verification isn’t just checking a single database and calling it a day. You need to be able to access everything you need, often from a variety of sources at different levels (national, state, local, etc.).
The challenge is to prioritize accessing and analyzing data from authoritative sources. Along with verifying a business license, you may also need to confirm insurance, investigate whether or not the business has any liens against it (and who placed those liens), as well as ensuring any information that needs to be checked in-person is checked. Along with this, you need to constantly monitor whether licenses are valid or whether they’ve expired since approval. As a manual process this would be overwhelming, but automation helps you stay on top of all this and manage the resolution process. Not only that, but automation helps easily identify moments when exceptions occur and manual review is needed. You need a team in place to help quickly resolve these issues.
The API advantage
Automation in business identity verification is enhanced by integrating data from a vast array of sources, including hundreds of government databases and third-party data networks. Without these integrations, you'd be forced to dig through multiple databases individually, which eats up valuable time for you and your customers (who have to wait until they’re verified to start doing business).
With access to an entire network of data via a single API, you get a real-time depth of insight that manual or disconnected processes simply cannot match. By tapping into these extensive resources, you know that your verification processes are both faster and significantly more accurate. Reliable networks allow you to cross-reference and validate information. This gives you and your customers a holistic view of each business identity, which increases trust all around.
Automated decisions drive the process forward
The challenge with multiple data sources is that if they can’t be accessed quickly and without effort, people aren’t going to take advantage of it. Worse, you risk creating an ecosystem that no one wants to participate in because it takes too long to get started.
By integrating multiple and diverse data sources, we offer you a service that is not just rapid and efficient, but also deeply comprehensive and reliable. 100% of verifications are auto-decisioned and 95% of verifications happen in seconds. There’s no waiting around and nothing
Success stories from our clients bear witness to the transformative impact of our data-integrated verification processes.
The integration of large data networks and authoritative sources in automated business identity verification represents more than a technological advancement. It signifies a new era in how business verifications are conducted. In the next and final part of our series, we will explore the strategic partnerships and how they're involved in selecting the right approach to business identity verification, considering these advanced capabilities.