Verification is an optional service that matches your third parties with legally registered entities, to help you confirm that you are dealing with the correct entities, and that the data you hold for them is accurate.
Depending on how your platform is configured, verification can be run:
- Manually, for individual third parties.
- Automatically, e.g. bulk verification after third parties are onboarded.
What does verification involve?
The system performs an extensive search of global corporate databases, to find the companies that are most likely to match your third party. What happens next depends on whether manual verification or auto-verification is running:
- Manual verification: you review the potential matches returned by the search. If one of them corresponds to your third party, you can select it and confirm. You also have the option to continue without verifying.
- Auto-verification: a predefined minimum 'match confidence' level is used to assess whether entities may match a third party. Third parties are then automatically verified against the strongest match that meets the specified confidence threshold.
Once third party details have been verified, the following things happen:
- The third party receives a 'Verified' stamp, indicating that it has been matched with a specific legal entity.
- The third party's legal name and jurisdiction become read-only.
- Certain company details may be auto-populated for you.
Verification provides a snapshot of a company's details at that moment in time. These details will not update to reflect real-world changes. If you require ongoing monitoring and updates for corporate information, you can add Premium Corporate Data.
Why should I use verification?
Corporate data verification provides a solid foundation for KYTP (Know Your Third Party) due diligence checks. You may find it especially useful when:
- There are many companies with similar names to your third party.
- A company's legally registered name is significantly different to the name it is commonly known by.
- You will run screening services against a third party, and want to be confident that you are using your platform credits to screen the correct company.
Is verification mandatory?
No, verification is not mandatory. You can access the majority of EB360 products and services without verifying third party corporate data.
The only products that cannot be ordered without verification are:
- Premium Corporate Data (PCD)
- UBO identification
- UBO screening
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