Trust2Connect (“T2C”), a fintech company dedicated to automating business-to-business due diligence, today announced the launch of its Know Your Business (KYB) platform. This cutting-edge, AI-driven solution automates and dramatically accelerates business due diligence, verifying and scoring millions of small and private businesses across the United States.
By aggregating and analyzing data from a vast network of thousands of public and private sources, T2C’s KYB platform delivers a comprehensive 360-degree view of each entity. Businesses use T2C to streamline B2B verification, accelerate account openings, and mitigate payment risks within the $14 trillion small business economy.
Founded by seasoned entrepreneurs and former Equifax executives Bill Phelan and Prakash Ranade, T2C addresses the challenge of accurately validating businesses and obtaining a complete, reliable, and up-to-date understanding of a company’s profile. T2C can accelerate onboarding and reduce business account opening timelines by more than 70%.
“The growing imperative for trust and efficient verification highlights the critical need for advanced, automated KYB solutions,” stated Phelan, Co-founder and Business Leader. “T2C’s KYB platform provides a rigorously verified, 360-degree perspective of a company’s financial, operational, and reputational standing. We empower businesses to expedite transactions, substantially reduce operational costs, and confidently engage in B2B dealings with enhanced security and trust.”
A startling 84% of businesses with annual revenues exceeding $1 billion and managing more than 100 payment accounts reported experiencing attempted or actual fraud in 2022, according to the 2023 AFP Payments Fraud and Control Survey Report. Organizations are allocating significant resources to manual verification processes to combat the escalating threat of payment fraud, which are often time-consuming and inefficient.
“T2C is transforming the KYB process with cutting-edge AI and automation,” said Ranade, Co-founder and Product & Technology Lead. “We provide a comprehensive view of business and reputational intelligence, enabling companies to gain a deeper, more accurate understanding of their partners.”
T2C’s platform utilizes AI and machine learning technologies to offer:
- Comprehensive Business Scoring: A unique 1-100 KYB Confidence score that measures business consistency.
- Advanced Entity Resolution: Cutting-edge technology that accurately links and validates business identities across diverse data sources.
- Ultra-Fast Response Times: KYB profiles are available on demand, 24/7, with near-instantaneous retrieval.
- Extensive Coverage: Unparalleled coverage of over 97 million business locations throughout the U.S.
- Controlling Party Identification: Precise identification of individuals with managerial control of the business.
- Real-Time Site Inspection: Virtual site inspections leveraging co-location technology, corroborated against multiple data points.
T2C seamlessly consolidates and integrates data from various sources, including government agencies, websites, and private databases, providing an unparalleled 360-degree business overview. Its enhanced reputation intelligence combines comprehensive data from social media and reviews from verified consumers and partners.
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