An easier way to verify and onboard new businesses

We’re hard at work building features that meet your needs. We expect to launch Prove Pre-Fill^® for Business and Business Verify in 2023 with a fast follow for KYB in 2024. If you filled out your contact information above, you can expect to receive more information as we get closer to launch.

Verifying a business ensures you have a relationship with a valid business with an EIN number. Know Your Business (KYB) takes it a step further by verifying a business entity and assessing additional risks unique to business relationships. This can include validating the business registration, understanding the nature of the business, confirming the identity of controlling parties, and conducting due diligence on financial stability, reputation and compliance with regulations.

Know Your Customer (KYC) is a procedure for verifying an individual consumer identity, whereas KYB procedures relate to building trusted relationships with the corporate customer. In many jurisdictions, KYB procedures are mandated by anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, which may also overlap with KYC procedures.

Implementing KYB practices can reduce risk exposure by verifying that a corporate customer is financially stable and legally compliant. It also helps companies meet regulatory requirements that may protect against potential fines or legal action. Finally, it enhances the company’s reputation and demonstrates its commitment to compliance and ethical business practices. 

The INFORM Consumers Act is a new law that was passed to govern online marketplaces with the goal of adding more transparency to online transactions. Under the Act, online marketplaces must collect and verify certain financial and identifying information, including contact information, bank account information and Tax ID number, from sellers within 10 business days of passing the "high-volume third party seller" threshold.

Prove is the industry leader in mobile-centric consumer identification and verification. Leveraging our 15+ years of consumer identity technology, we are capable of establishing a connection between the consumer and their business. This leads to a distinctive feature of Prove’s approach where we do not need to ask the business owner who they are or what business they own. This means the applicant cannot misrepresent their identity or business affiliation. Critically, one cannot claim ownership of another person's business without having the actual owner's phone during the transaction. This unique verification approach guarantees a heightened level of assurance and sets a new standard for KYC and KYB checks, while simultaneously simplifying the onboarding process.