In Q3 2024, Enigma celebrated the one year anniversary of our Enigma KYB & Onboarding product.
We launched our KYB product in October 2023, amid rising payments fraud and increased regulatory scrutiny for our financial institution customers. These trends continue today, making robust and proactive AML processes more critical than ever.
At launch, early adopters of Enigma KYB saw 1.5X higher instant verification rates compared to other KYB providers and reached up to 80% savings in onboarding costs. Today, our customer base has tripled and business match rates have risen to over 85%. Learn more about the updates we’ve made in the last quarter to our KYB product, and how we can serve your risk and compliance needs.
In Q3, our primary focus was improving instant match rates by updating our matching algorithm so our customers could instantly verify more customers and reduce manual reviews. Our changes focused on creating better rules to handle legal identifiers in business names (e.g. “LLC”) to make it easier to find matching entities for slightly differing inputs. We avoided creating false positives in this process by pairing these broadened name searches with validation through information like matching addresses to ensure the correct match was returned.
With these changes, we saw match rates improve by 17% from 73% to over 85% on average. Some customers are seeing match rates consistently above 90%.
We also improved our business address verification processes to accommodate minor discrepancies in street numbers and close proximity addresses.
Finally, we are creating additional flexibility in our product, so customers can choose the packages and data attributes they need to onboard with confidence. Tasks are our modular data building blocks that help you determine whether a business you submit is valid and meets your specific KYB requirements or requires manual review. In Q3, we created two new Tasks that verify business names and addresses solely against Secretary of State (SoS) filings – vs. SoS filings and other data sources – for customers whose KYB processes center around SoS as a single source of truth.
We’ve also removed our watchlist verification process – screening UBOs against OFAC watchlists – from our standard Verify package to reduce upstream dependencies and decrease costs. Instead, watchlist verification is now offered as an optional add on for maximum flexibility.
These new features add even more flexibility and ROI to our existing KYB & Onboarding product which includes features like:
We aim to streamline your KYB process, help you onboard more customers, and meet regulatory requirements with less overhead and more savings. We offer both direct integration as well as integration into your broader data orchestration platforms like Alloy or Taktile.
Current customers can reach out to their CS representatives with questions and feedback. If you’re new to Enigma and interested in our Sales & Marketing or Onboarding & KYB products, please get in touch.