Business identity platform Niva has emerged after raising $3. The announcement underscores the difficulties in verifying small and medium-sized business (SMB) identities, uncovered vulnerabilities to fraud, and compliance challenges with local and international know your business (KYB) guidelines.
Today, the process is manual, suboptimal, and very fragmented between countries — using Niva can still require weeks of email back-and-forth for its customers to approve SMBs asking for their endorsement.
Niva meets that demand for a modern platform for companies operating under these constraints. Through the compliance and fraud AI agents of Niva, firms can slash onboarding cycles from weeks to sub-ten minutes. Currently, this improvement not only increases the conversion rate of applications but also results in better onboarding and avoids ops teams having to learn a new language/legislation/black hat tricks at much faster rates.
“KYB Automation has always been at the heart of our business,” stated Latin American B2B FinTech Xepelin CEO and founder Sebastian Kreis. Niva’s AI has brought us to the next level in onboarding in only a few months. The team has a lot of domain expertise, and we look forward to deepening our partnership with them.
PYMNTS reports last month highlighted the scope of KYB, which demanded deep levels and extensive types of data gathering and analysis – including company registration specifics, financial paperwork, ownership makeup, and regulatory enforcement.
Tactics of KYB have evolved, and Enigma Technologies’ former COO Scott Steinberg said the ability to take technology-based steps was becoming more important for companies wishing to implement best practices within legal frameworks both new and established.
KYB, once an oxymoronic cousin of know-your-customer (KYC) efforts has truly arrived. The KYB process contains a certain amount of friction and too much will discourage applications from signing up, said Steinberg. The report also claimed that AI is set to transform the world of KYB and B2B onboarding, delivering automation accuracy with business identity insight.
B2B partnerships and online marketplaces are driving growth in all areas of the map now, making business verification innovations coupled with onboarding process optimization an ever more critical piece to the enterprise go-to-market puzzle,” said the report.
