A method called Know Your Business (KYB) is used to confirm a company. It is comparable to the well-known Know Your Customer process (KYC). The primary difference is in how the processes are justified. KYB's primary goal is to reduce money laundering. It entails examining the company's registration information, location, and UBOs (Ultimate Beneficial Owners). In order to determine whether the company has ever engaged in any unlawful actions like money laundering, supporting terrorism, or corruption, it is also checked against blacklists and greylists. KYB is crucial for identifying shell firms and phoney businesses. Firms who work with a lot of small and medium-sized businesses or freelancers now have to use KYB processes to prevent thefts and crimes.
The Know Your Business (KYB) approach is a way to investigate or confirm a company. It is comparable to the well-known Know Your Customer training (KYC). The process's reasoning serves as the key qualification. KYB's main objective is to reduce illicit tax avoidance. It entails examining the company's registration requirements, location, and UBOs (Ultimate Beneficial Owners).
The company is also checked against blacklists and grey lists to see whether it has ever been linked to any illegal activity like tax evasion, sponsorship for terrorism, or exploitation. KYB is important for identifying shell companies and fraudulent businesses. The KYB procedure has become essential for firms that collaborate with several small and medium-sized businesses or independent contractors in order to prevent infractions and robberies.
Segmentation of the Global e-KYB Market:
Segmentation based on Delivery Model
- On Premises
- Cloud- Based
The cloud based segment is anticipated to capture a high market share during the analysis timeline owing to the cost effective cloud based implementation of e-KYB solutions facilitated by SaaS e-KYB solutions provided by companies.
Segmentation based on End -User
- Telecom Companies
- Banks
- Financial Institutions
- E-Payment Service Provider
- Telecom Companies
- Government entities
- Insurance Companies
The baking sector is anticipated to amplify significantly over the forecast duration owing to the fact that KYB is an efficient process of stopping banks from participating in illegal activities including financial frauds.
Global e-KYB market- Geographical ambit
Global e-KYB market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global e-KYB market in North America held the largest market share.
North America being led by USA is the dominant one due to the recent identity frauds faced by the population in recent years. The market share is attributed to the growing need in countries like Canada and the U.S. for fraud detection.
U.S. reportedly suffered identity theft in 2016 and this is likely to generate new growth opportunities in the sub-continent for the e-KYB industry. Furthermore, it is anticipated that Asia Pacific is the fastest growing e-KYB market for the forecast period.
Competitive Landscape:
Some of the major market network companies that play a vital role in the growth of the Global E- KYB Market are TruNarrative, Onfido, Shufti Pro, IDnow, Jumio, Trulioo, Acuant, and Others.
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Top Key Players:-
- Trulioo
- Jumio
- IDnow
- Onfido
- Shufti Pro
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