Auto-Verifying Third Party Details

If auto-verification has been enabled on your EB360 platform, it will typically be triggered automatically by platform events - for example, when third parties are onboarded.

Depending on your platform's configuration, you may also be able to trigger auto-verification on demand, from a list view.

Triggering auto-verification from a list view

If this option is enabled on your platform, you can select third parties from a list view and bulk verify them using auto-verification. For example, from the Manage Third Parties list:

Third parties can't always be auto-verified

Auto-verifying third party details may not be possible in every instance. For example:

• If the minimum confidence level for auto-verification is set high, as recommended, there may be times when third parties are not verified because no match meets the confidence threshold.
• Corporate registration data varies across jurisdictions. Some regions may have limited records, infrequent updates, or restricted access to their databases. Where this is the case, it may not be possible to auto-verify third party details.

Checking third party verification status

You can check on verification success or failure from:

• List views
• Event log

You may also receive email notifications about the success or failure of auto-verification, depending on your platform's configuration.

List views

In list views, use the 'Verified Data' column to check on third party verification status. Clicking in the column header will sort by verified / not verified. For example, in the Manage Third Parties list::

 

 If the 'Verified Data' column is not displayed: in the toolbar, click   to access the column display options. Then drag the 'Verified Data' column from 'Available Columns' to 'Selected Columns'.

Event Log

In the Event Log, use the filter options and set type = Verify to focus on verification events only:

What to do if third parties have not been verified?

This depends on why a matching legal entity was not found for a third party. If a match was not identified because the confidence threshold for auto-verification was not met, then you may be able to:

• Add more details, or more accurate details, to the third party to increase the chances of a good match. Then re-run auto-verification.
• Use manual verification, and choose the correct entity yourself (if the verification search returns the correct entity).

If a match was not found because corporate data is not available in the third party's jurisdiction, then it will not be possible to verify the third party against a legal entity - no matter how good the information in the third party profile. In this case, you may wish to explore other due diligence options, such as IDD or IDD+ screening, or engaging directly via questionnaires.

See also:

• Corporate Data Verification
• Auto-Verification: Overview & Set-Up