B2B-ID

The challenge

As businesses increasingly conduct transactions online, there is a growing demand for reliable customer due diligence (CDD) and know-your-customer (KYC) solutions. However, companies may need to undergo these procedures multiple times when applying for loans from different institutions, both initially and periodically. This redundancy can be highly inefficient, as multiple agencies and institutions may perform CDD and KYC checks on the same subjects.

The solution

A company offers "passports" for businesses and individuals to engage in financial or online transactions, in order to meet legal or ethical requirements. This would eliminate the need for redundant checks by multiple agencies.