Auto-Verification: Overview & Set-Up – Ethixbase360

Auto-verification streamlines the process of matching your third parties with legally registered entities, and enables bulk verification of third party details. The most common ways to trigger auto-verification are:

After onboarding new third parties to EB360.
After selecting existing third parties from a list view.

Auto-verification is not enabled by default. It is available on request, if your EB360 platform is configured to use the Freemium verification service. To enquire about adding auto-verification to your platform, please speak to your Client Success Manager.

How it works

Auto-verification uses a predefined minimum 'match confidence' level to match your third parties with legally registered entities. When an automated verification search returns matches that meet this minimum confidence level, third parties are automatically verified against the strongest of those matches.

Getting auto-verification set up on your platform

STEP 1: Speak to your Client Success Manager. They will work with you to establish:

How you want to trigger auto-verification (e.g. after onboarding, or after selection from a list).
What match confidence level you want to use as your threshold for auto-verification (see below).

STEP 2: The Ethixbase team will set up auto-verification on your platform, based on your requirements.

THEN: Once set up is complete, auto-verification will run whenever it is initiated by one of your chosen triggers.

Setting the match confidence level

Our team will discuss this with you, but ultimately, you must decide what match confidence level to use.

General Guidance

Recommended Confidence Level: Use a minimum confidence value of 8 or higher to reduce the chances of verifying against the wrong entity.
High Confidence Level: If set high, there may be occasions when third parties can't be auto-verified because matches do not meet the high confidence threshold. To improve auto-verification rates, advise users to follow the onboarding best practice outlined below. Users can also check verification status from the Manage Third Parties view, and manually verify third parties if necessary.
Low Confidence Level: If set too low, there is a higher risk that third parties may be verified against the wrong entities. This could be especially problematic if you have downstream automations (e.g. to order PCD, UBO, or IDD). For this reason, it is generally better to set the confidence level too high than too low.

Auto-verification might not always match third parties with the correct entities. Setting a high confidence threshold reduces this risk, but you must acknowledge and accept this risk before using the service.

Onboarding best practice to support auto-verification

It is better to use a high confidence threshold for auto-verification, but this means that care must be taken to enter data fully and accurately during onboarding - otherwise matches will not meet the required confidence level, and third parties will not be auto-verified.

Best practice for onboarding third parties:

Enter third party names as accurately as possible, including corporate suffixes (e.g. LTD, PLC).
Include additional details such as street address or website URL to achieve a confidence score higher than 7.
Include the company's registration number to get the best possible matches.

Match confidence scores

Match confidence uses a scale of 0-10, where 10 is the highest level of confidence. To achieve a confidence score higher than 7, you typically need to enter more than just the company name and jurisdiction. The following guidelines exist around match confidence scores:

8-10: Strong Match

There is a strong match on the name. Other supporting elements (e.g. address) may also have a strong match.

6-7: Good Match

There is slight discontinuity between name or address.

5: Name Match

There tends to be a strong match on name with a poor match on address.

4: Address Match

There tends to be a strong match on address with a poor match on name.

3-1: Weak Match

Although returned, it is more likely not to be a match.