As your business expands and adds more customers and vendors to its master lists, it is important that you validate these entities and individuals through a regulatory compliance protocol.
Banking, insurance, health care, and other industries are observing the highest inconsistencies in security information in light of the pandemic. So, in times like this, digital identity validation is not just accommodating but essential.
However, business owners have their doubts when it comes to integrating identity verification tools and processes with their ecosystems.
So, today, we will be addressing certain misconceptions and myths about identity verification that create certain inertia within businesses.
We will also show you how an identity verification infrastructure like Compliancely will foster growth and compliance for your business.
Myth #1: Identity verification is the end of privacy
Fact: Identity verification is a process, which allows you to search authorized public databases with certain permissions. This means that the information is already available to the public at large. The intermediary body is only simplifying the search process for you, allows you to search in bulk, and gives you quick results to view, saving you time.
Myth #2: Identity verification is not legal
Fact: It is absolutely legal. A regulatory compliance enabler like Compliancely is authorized by the American Institute of Certified Public Accountants (AICPA). You can rightfully check the tax and business history of an entity or an individual to ensure that you’re associating with someone who is compliant with the authorities of the U.S.
Myth #3: Identity verification is expensive
Fact: This is subjective to the tool or the product you’re choosing. A sensibly-priced identity verification gateway like Compliancely meets your budget and delivers above-par value. It helps you run different kinds of checks on thousands of businesses.
You can search the databases of authorized bodies (within seconds), such as the IRS, FATCA List, European Sanctions List, Denied Persons List, Death Master File, and more, and retain real-time information about the searched business.
This way, you’re investing in something that is helping your business stay clean and compliant throughout.
Myth #4: Identity verification is a lot of work
Fact: While it may be true that some identity verification protocols are complex, not all of them are. A simple-to-follow protocol established by Compliancely allows you to search the authorized databases with a simple sign up.
Enter the EIN/TIN/SSN of the individual or entity that you want to verify, along with their name and location, and you will be able to check and view the results in seconds.
What’s more? Compliancely merges with your business ecosystem, so you don’t have to worry about altering your business processes to comply.
Myth #5: Identity verification is not scalable
Fact: This myth is confined to certain security verification tools that operate according to their internal scalability and not according to the compliance demands of their customers.
Compliancely is a highly scalable API, where you can check in bulk and validate the real identity of an entity or an individual across 18+ powerful domestic and international databases and watch lists in real-time.
You can request to check against other databases or watch lists and we will add the new file to our checks, helping you find all the security information you need in one place.
Myth #6: Identity verification doesn’t ensure compliance
Fact: Identity validation is a step towards ensuring compliance for your business. It helps you verify the legitimacy of an entity or an individual per the authorized records.
While identity validation is a cornerstone in establishing compliance, it is also important to do the work and be consistent with your compliance operations.
Myth #7: Identity verification is made for large scale businesses
Fact: Not necessarily. Businesses can sensibly manage their budget and invest in a smart yet fairly-priced identity verification API like Compliancely to manage their identity verification ops.
Further, a gateway that works to establish compliance for a large-scale company would do the same for a small-scale company too.
Intent, interest, budget constraints, inertia, and other factors may play a subtle role in hindering businesses from approaching identity verification tools with an open mind.
Myth #8: Identity verification creates business friction
Fact: Compliance regulatory tools like Compliancely help stabilize your business verification processes and help you make informed business decisions.
Further, identity verification processes improve customer approval rates, minimize false positives, improve audit reports, remove time-taking traditional protocols, accelerate profile verification, and much more.
If anything, identity verification reduces business friction.
Myth #9: Identity verification is not advanced
Fact: Identity verification has come a long way in 2021. To meet the technical requisites of new-age digital business ecosystems, identity verification has improved and comes with seamless integrations.
Any business in 2021 can leverage identity verification and establish self-compliance while verifying other entities and individuals in real-time.
Myth #10: Identity verification defies information security
Fact: Every business has the right to verify and validate its stakeholders, officers, recruits, investors, prospects, customers, partners, and so on.
By making security information accessible to businesses through a consolidated, exclusive medium, businesses can identify, verify, record, and report the authorized information for security and compliance purposes.
Compliancely – Your Real-Time Identity Verification API
Compliancely is a real-time identity verification API, which is highly scalable. It reduces business friction by integrating seamless verification protocols.
In just a few seconds, you can validate the security information, business documentation, audit reports, and other vital information about a business and individual through our secure and authorized gateway.
What’s in it for you?
- Verify the real identity of an entity or individual
- Review ill business associations
- Improve identity screening protocols
- Improve customer approval rates
- Add verified vendors to your master list
- Verify your employees & recruits
- Streamline compliance operations
- Establish self-compliance
- Improve your business audit reports
And do much more.
Search the following databases and watch lists to conduct multiple checks on an entity or an individual.
- Internal Revenue Service
- IRS Tax-Exempt Org. Search
- Specially Designated Nationals
- FATCA List
- European Sanctions List
- Address Validation
- Denied person List
- Politically Exposed People
- Death Master File
- OFAC Watch List
- SOS Business Entity Search
- Consolidated Sanctions
- Arms Export Control Act
- Foreign Sanctions Evaders List
- Excluded Parties List System
- Excluded Individuals and Entities
- Designated Foreign Terrorist Organizations