Compliancely Delivers Real-Time Status on TIN Match and Global KYB/KYC Identity Verification Checks for Digital Account Opening and Accounts Payable Compliance

FAYETTEVILLE, AR, and DALLAS, TX / ACCESSWIRE / March 16, 2022 / Compliancely, powered by Zenwork, a GRC, Tax Automation, and RegTech platform that empowers some of the largest and most innovative FinTech companies to make real-time decisions about the accounts and users they onboard. With national and Global KYB (Know Your Business) and KYC (Know Your Customer) checks, Compliancely is instrumental in the fight against fraudulent account creation that impacts small businesses, corporations, and giant players in FinTech, Marketplace, and Gig Economy sectors. Through its robust and comprehensive identity verification suite, Compliancely can help companies like PayPal, Bank of America, and others stay protected against fake account creation and fraudulent activity.

"Immediate identity verification is crucial now more than ever to define legitimate customers, curate reliable data, and expand an organization's current and future regulatory status," said Sanjeev Singh, CEO and co-founder of Zenwork. "It is essential for businesses to harness the power of data from its source, through actionable checks which help verify their business associations through valid methodologies."

Compliancely dynamically validates and verifies specific information in real-time through credible, official sources of data from verified sources in federal and state governments. It is used by some of the most recognizable FinTech and marketplace companies along with wide-reaching players from more traditional industries such as consumer goods, banking, and accounting. Some of the largest payment processors, digital asset exchanges, and gig economy platforms use Compliancely to automate vendor onboarding, digital account opening, and compliance. All the real-time identity verification checks on Compliancely can be integrated with a platform, website, or app through an intuitive and easy-to-implement API, which allows Enterprises to build hands-off, automated digital account opening and onboarding processes.

Research indicates losses in identity fraud totaled $56 billion in the US in 2020. As fraudsters use more sophisticated phishing scams and bots to create accounts with false or stolen information, Compliancely's highly scalable real-time TIN matching API helps to eliminate those fake accounts by bridging the gaps in TIN discrepancies. The Bulk TIN Matching service makes it easy for companies to add businesses and individuals to its master file by verifying thousands of TINs at once. These checks can prevent profit losses and also penalties and B-notices from the IRS due to inaccurate information that is submitted on forms such as the IRS 1099 series forms.

In addition to IRS TIN Check verification, Compliancely further enables integrated customers to identify, validate, and verify individuals and businesses through other regulatory checks, including Office of Foreign Assets Control (OFAC) and other various Watch List checks, Death Master File (DMF) checks, IRS Tax-Exempt Status Search, and Secretary of State (SOS) Business Entity Search, UBO along with other KYC and KYB Global checks from 32 countries and counting. Information obtained from these identity checks allows businesses to get all of the regulatory information they need. Compliancely checks directly with the original source each time data is provided for verification; giving users the most accurate, latest information. Enterprises are able to verify individuals and businesses beyond the typical background check many competitors in data verification provide. With Compliancely, companies can accelerate vendor profile verification and streamline KYC and KYB experiences through its comprehensive verification checks. Enterprises using Compliancely see extreme reductions in latency times between account creation and verification, along with increasingly improving match rates.

"We have the most exact matches in the industry because we go directly to the source," said April Rae Mallord, VP of Business Development at Zenwork, Inc. "All of our data is 100% bonafide, meaning it doesn't come from any third-party providers or databases. Whether you are using the Compliancely UI or API, you can guarantee that the data has been verified against the originating data source such as the IRS or the Secretary of State offices."

Leading financial experts warn that in 2022, businesses will see an uptick in first-party fraud, identity theft, bot attacks, imposter scams, deepfakes, and money mules. Compliancely deters bad actors with its level of attention to data validation, security checks, and fast-paced verification. This is essential for businesses when accounts are created by new users and internal and accounting compliance teams are working in a time-sensitive environment. These automated experiences mitigate issues with fraudster accounts and save businesses time and effort with additional checks, making Compliancely a must-have for businesses across a variety of KYB & KYC-centric processes.

The FinTech sector is projected to increase by almost $40 billion by 2030, increasing growth in account creation for these emerging businesses and platforms. Compliancely is committed to quick, accurate results for its users to keep up with the demand for process automation among financial organizations.

"Making sure results are returned in real-time regardless of the volume of data being sent through our UI and API every day is of the utmost importance," said Singh. "We are currently handling hundreds of thousands of data points daily and are excited to see that amount continue to grow."

Compliancely currently serves a variety of industries, including Merchant Account Opening, Banking, Finance, Accounting, Insurance, Gig Economy, Government, Retail, E-commerce, Logistics, Transportation, Health Care, and many others and currently performs up to 1,000,000 checks a day. Compliancely remains committed to working with more niche industries and emerging markets to meet the growing need for account verification and compliance. For more information or to schedule a demo, visit www.compliancely.com .

About Zenwork, Inc.

Backed by Spectrum Equity, Zenwork, Inc. through its Tax1099 and Compliancely brands, is a fast-growing digital tax compliance and regulatory reporting technology company, with 10+ years of experience powering informational tax returns and compliance checks on behalf of its customer base. The company currently serves over 150,000 customers nationwide, including 30,000 CPA firms, as well as enterprise customers. Learn more about Zenwork at www.zenwork.com, www.tax1099.com and compliancely.com.

Contact:

April Rae Mallord
Zenwork, Inc.
April@zenwork.com

SOURCE: ZENWORK INC