Skip to main content Skip to navigation

The State of Financial Crime 2024: Download our latest research

Best KYB screening software: Three companies compared

KYB Knowledge & Training

If you’ve found this article, you are probably looking for:

  • A KYB tool that’s efficient, highly configurable, and effective for firms based and operating in the United States.
  • A way to quickly tell what differentiates leading corporate screening solutions.
  • A straightforward list of features and use cases. 

This article summarizes and compares the key strengths of ComplyAdvantage, Middesk, and Persona, explaining the use cases they respond best to.

KYB screening software companies

ComplyAdvantage

KYB by ComplyAdvantage is an AI-based corporate screening solution that enables firms to establish trusted business relationships without relying on manual research across multiple siloed data sources. With an automated KYB solution from ComplyAdvantage, compliance teams can:

  • Process up to 125 percent more cases per month without increasing headcount by using dynamic risk scoring to improve case allocation.
  • Onboard a customer in three seconds by automating the KYB workflow without compromising on risk.
  • Experience an increase of up to 68 percent in conversion rates by accelerating the speed at which accounts are opened.

Top ComplyAdvantage Features

  • Automatic business verification – Customer details are automatically compared to Secretary of State data to reduce analysts’ workloads.
  • TIN/EIN screening – TIN checks against IRS register to mitigate the risk of fraudulent businesses.
  • Dynamic risk scoring – Highly-configurable dynamic risk scoring greatly increases efficiency while retaining firms’ risk-based approach.
  • Adverse media screening – Screen beneficial owners against adverse media data that is specifically related to the wide range of predicate offenses defined by the FATF (and now included in the broadened scope of the new Anti-Money Laundering Act in the US).
  • PEP screening – Conduct global checks for PEPs and RCAs via a database that segments customers into prioritized risk-groups, speeding up the collection and analysis process and reducing the potential for human error.
  • Sanctions and watchlist screening – Check officers and controlling entities against relevant sanctions lists that are updated every 15 minutes.
  • Additional risk checks – Check for additional risks that may be associated with the business, such as recent incorporation, high-risk industries, and high-risk countries.
  • Real-time risk database – Screen against the world’s only real-time risk database of people and businesses.
  • Model risk policies – Tailor screening criteria to align with specific risk appetite and compliance requirements. Set filters, adjust thresholds, and create risk profiles, ensuring relevant and accurate results are attuned to unique business needs.
  • Automated ongoing monitoring – Be alerted to any changes in the screening status of the company, owners, and directors.
  • Unified KYB and AML management platform – Complete multiple compliance processes in one internal platform.
  • Automated decisions – Save time by configuring KYB to automatically accept or reject businesses based on a configured risk level.
  • API integration – Integrate seamlessly with existing systems via ComplyAdvantage’s REST API.
  • Case management tools – Smooth, next-generation experience with escalation options, notes, and more.
  • Reporting – Maintain high reporting standards with access to rich insights and data from the screening program, customer risk, and team performance. Insights are accessible via in-app dashboards and can be exported.
  • Audit tools – Review full details of a case in a comprehensive PDF report.

Middesk

Crunchbase described Middesk as “an identity platform that automates business verification and underwrites decisions.” 

Top Middesk Features (1) (2)

  • Automatic business verification – Cut manual review times by automatically verifying business identities in real-time.
  • TIN verification – Verify the TIN is valid and matches the business name. 
  • Business registration information – Get an up-to-date view of entity names, addresses, the states they’re registered in, and the status of those registrations.
  • Watchlist screening – Check business names and associated entities against government sanctions watchlists, including OFAC.
  • Ongoing monitoring – Track changes to an organization’s risk profile with monitoring for ongoing compliance.
  • Litigation insights – Get insights into entities with judgments and active litigations – including case ID, jurisdiction, and case type.
  • Bankruptcy filings – Review bankruptcy filings to understand the case proceedings, including the debtor, trustee, court details, case number, and more.
  • API integration – Build using easy-to-integrate APIs.
  • Web presence – View the web presence of an entity, including the status of their website, links to social profiles, and the identification of pages like Terms of Service.
  • Real-time, predictive analytics identity verification (Socure, partner)

According to Middesk, its customers include GreatAmerica, Evolve Bank, and ENGS Commercial Finance Co. (3)

Persona

According to Crunchbase, Persona “is an identity platform that helps businesses verify customer identities that brings trust to online interactions.”

Top Persona Features (4)

  • One platform – Collect data and documents, verify businesses and people, review cases, and automate outreach in one platform.
  • Verify businesses and UBOS – Use a variety of verification methods and list screenings to verify entities and automate onboarding decision criteria.
  • Screen against watchlists and adverse media reports – Automate and customize adverse media checks across 400+ million news articles and automatically screen across global sanctions, warnings, and PEP lists. (5)
  • Flexible document collection – Collect and verify documentation of various formats and extract the relevant data.
  • Automation engine – Build custom low-code automation and customize the KYB process. 
  • Audit logs – Keep a log of all KYB identity checks and decisions in one place and create an internal audit trail.
  • API/SDK integration – Use a hosted link or embed the KYB flow via software development kits (SDKs) or API.

According to Persona, Dapper Labs, Branch, and Canopy. (4)

Best KYB software companies: Side-by-side comparison

ComplyAdvantage Middesk Persona
API integration Yes: “All our products are built for security and scale with RESTful API integration and an ISO 27001 certification.” (6) Yes: “The Middesk API has rate limiting to ensure high performance across all customers. Requests per customer are limited to 20 requests per second.” (7) Yes
Audit report Yes Yes Yes
Company and officer data Yes Yes Yes
Country risk check Yes No No
Customization Yes: “Through the solution’s dynamic risk scoring functionality, you can apply your own risk formula and get alerted if the score updates due to a change in perceived risk.” (8) Not listed Yes: “Control the branding and experience of your custom flows with flexible data and document collection. Dynamically adjust friction to convert more good users based on business and individual risk signals.” (4)
Dynamic risk scoring Yes No No
Identify officers Yes Yes Yes
Industry risk check Yes Yes Not listed
Proprietary data Yes: ComplyAdvantage’s suite of solutions utilizes “a knowledge graph that includes over 400 million companies and related directors covering 200+ countries and territories that has been derived from over 20,000 active data sources, This puts the reg tech innovator in the unique position of having the only AI-enabled solution that can truly contextualize relationships between individuals and business entities to uncover hidden financial crime risks with the greatest of accuracy.” (9) No No
Screen target and related entities for Adverse media, PEPs, Sanctions & Watchlists Yes No: Adverse media and PEPs.
Yes: Watchlist screening – “Check business names and people against government sanctions watchlists, including OFAC.” (1)
8 US watchlists only.
Yes
TIN/EIN checks Yes: “TIN/EIN numbers can be checked against the IRS register to mitigate the risk of fraudulent businesses.” (8) Yes: “We verify that the TIN is valid and matches the name. If the TIN is unable to be verified, we’ll perform a series of lookups to identify alternate names that may be associated with that TIN.” (1) Not listed.
Verify business existence and details Yes Yes Yes

All information has been sourced from publicly available websites and is correct as of July 2023. If you’d like to request a correction, please e-mail [email protected], and we’d be happy to review this with you. 

Next steps: Uncover KYB by ComplyAndvantage

Explore how to implement an effective KYB risk management framework by implementing these five best practices. Want a snapshot of what KYB by ComplyAdvantage looks like from a user perspective? Click here to read about how to perform a KYB verification check using the ComplyAdvantage tool.

For more information or to see the solution in action, request a demo today.

Source material

  1. https://www.middesk.com/solutions/verification
  2. https://www.middesk.com/socure-integration 
  3. https://www.middesk.com/customer-stories 
  4. https://withpersona.com/solutions/know-your-business 
  5. https://withpersona.com/product/reports 
  6. https://complyadvantage.com/aml-api/ 
  7. https://docs.middesk.com/reference/introduction
  8. https://complyadvantage.com/kyb-solutions/
  9. https://www.finextra.com/pressarticle/88187/complyadvantage-adds-know-your-business-data

 

Originally published 26 July 2023, updated 13 February 2024

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

Copyright © 2024 IVXS UK Limited (trading as ComplyAdvantage).