Alloy partners with Enigma to enhance its business verification and KYB offerings. Enigma KYB is a differentiating data source that allows financial institutions to accept more quality customers, more quickly, at a fraction of the cost.
Enigma KYB streamlines business onboarding through instant verification of SoS filings, high-risk activities classification, and OFAC screening and is easily integrated into Alloy's data orchestration platform. Together, we help you accelerate auto-approvals, onboard more customers, and cut KYB costs by up to 80%, while still safeguarding your brand’s integrity.
Many FIs work with multiple data providers via an orchestration platform like Alloy to meet their KYB compliance goals, “waterfalling” multiple datasets into their auto-approval process. Alloy integrates multiple data providers’ data into one singular KYB decisioning endpoint, returning unique and timely insights in an automated flow for a more holistic view of your customer’s risk.
The waterfall of data providers used by FIs within these platforms is usually based on both costs and approval times (e.g., latency), assuming the accuracy of all providers’ data is similar.
Using Enigma KYB, Alloy auto-approves good customers, and flags risky businesses– businesses without SoS matches, and businesses on the OFAC list.
If a customer chooses a waterfall approach, Alloy attempts to verify the identity of businesses using multiple data providers. If the first provider cannot match the business, it can be passed onto the next provider for verification (and so on). Typically, a multiple-provider approach will have higher match rates for auto-approvals and more data on risky activities.
Alloy automates KYC checks on UBOs with the help of matched data from multiple data providers.
KYB requirements allow FIs to trust self-reported UBO information from businesses unless they have doubt it isn’t true. Additionally, Alloy screens UBOs on the OFAC list.
