Prove Identity Unveils Prove Pre-Fill® For Business Onboarding and KYB Solution at Money20/20
Prove Pre-Fill® for Business and Business Verify: Reinventing Business Verification with a Unique Possession Check to Ensure Trust and Heightened Assurance
Prove's new solutions streamline the business onboarding and verification process and elevate the caliber of Know Your Customer (KYC) and Know Your Business (KYB) checks, ensuring a heightened level of assurance when onboarding business customers.
(LAS VEGAS, NV - October 23, 2023) - Prove Identity, Inc. ("Prove"), the global leader in digital identity solutions, announced the upcoming launch of its new Prove Pre-Fill® for Business and Business Verify solutions today at Money20/20 USA. These game-changing onboarding and Know Your Business (KYB) offerings are poised to transform the business onboarding and verification process by providing a faster and more secure alternative enabled by the Prove Identity Network℠.
Prove Pre-Fill® for Business and Business Verify are the B2B counterparts of the award-winning Prove Pre-Fill® identity verification solution, which has been shown to deliver up to 79% faster onboarding, a 35% reduction in abandonment, and a 75% reduction in fraud (relative to attack rate). With the innovative Prove Pre-Fill® for Business and Business Verify solutions, the process of business onboarding and verification is not only streamlined but also more trustworthy. A distinctive feature of Prove’s approach is that they 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 Know Your Customer (KYC) and Know Your Business (KYB) checks. With Prove, trust and authenticity are at the forefront of onboarding business customers.
Over the past decade, the digital landscape has witnessed a pronounced convergence of consumer and business experiences, a trend that gained substantial momentum from 2020 onwards. Prove's mission is to eliminate friction from digital interactions ranging from new account onboarding to ongoing authentication and continuing throughout the customer lifecycle. This year, Prove collaborated with existing clients who serve both consumers and small businesses to craft a transformative proposition aimed at reshaping industry perspectives on commerce enablement and fraud prevention for small and medium-sized businesses. Our new solutions effectively connect individual applicants to the businesses they own while also speeding up the onboarding and verification process.
“Prove Pre-Fill for Business and Business Verify are the direct result of feedback we’ve received from B2B companies who were interested in bringing the same fast, easy and secure verification experience of Prove Pre-Fill to business customers,” said Rodger Desai, Co-Founder and Chief Executive Officer of Prove. “These new solutions have been meticulously designed to streamline the business onboarding and verification journey, offering a more seamless, efficient, and trustworthy experience and enhancing the overall integrity of the registration process."
Key Highlights of Prove Pre-Fill® for Business and Business Verify Solutions
- Prove Pre-Fill® for Business authenticates a consumer business owner and provides verified consumer and business information to help consumer business owners complete an application process with reduced friction leading to less abandonment. For more information about Prove Pre-Fill® for Business, visit the solution page here.
- Business Verify validates business information and supplies additional information to screen for KYB/AML compliance checks and financial lending risk. For more information about Business Verify, visit the solution page here.
- Seamlessly validate the business, beneficial owners, and meet compliance requirements during onboarding and on an ongoing basis
- Simplify back-office and digitalize onboarding processes by providing an end to end solution with a single handoff
Prove’s technology is unique in that it uses something nearly every adult already has - a mobile phone - to easily and securely verify identities in channels such as mobile, desktop, and even in-store. Prove’s customers include 9 of the top 10 U.S. banks, 2 of the top 3 global cryptocurrency exchanges, 3 of the top 5 U.S. retailers, 2 of the top 3 U.S. healthcare companies, and 6 of the top 10 insurance companies in the U.S.
If you're attending Money2020 USA, be sure to visit Prove at booth #1024 to explore these groundbreaking solutions and experience firsthand how they can redefine your business onboarding processes.
For more information, visit the Prove Pre-Fill® for Business and Business Verify solution page.
About Prove Identity, Inc. (“Prove”)
Prove enables businesses to provide frictionless digital consumer experiences without compromising security. With Prove’s advanced identity verification and authentication platform and Prove Identity NetworkSM, trusted digital transactions are assured throughout the user journey. More than 1,000 businesses, including 9 of the top 10 U.S. banks, rely on Prove to boost revenue, improve customer acquisition, enhance cybersecurity, mitigate fraud, and eliminate costs of legacy identity verification solutions. Learn more at www.prove.com and follow us on LinkedIn.
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