Nyca has been focused on digital identity since our inception in 2014. Managing fraud and preventing illicit use of the financial system is a core objective of every participant in financial services. For businesses that serve other businesses, being certain of who owns the business and what their motivations are is still extremely challenging. In this article we’ll explain key KYB vocabulary, explore major trends, dissect the current ecosystem of players, and highlight innovators shaking up the market.
Interesting read, thanks for sharing, yes the "Know Your Business" (KYB) is crucial because it helps companies mitigate risks, ensure compliance with regulations, and protect their reputation. By thoroughly understanding the businesses they engage with, companies can assess potential financial, legal, and reputational risks. This knowledge enables informed decision-making, prevents involvement in illegal or unethical activities, and fosters transparency and trust in business relationships. KYB is particularly essential in industries where regulatory compliance is strict, such as financial services, as non-compliance can lead to severe legal consequences and damage to a company's integrity. Ultimately, KYB is a fundamental practice for safeguarding a company's interests and upholding ethical business conduct. I also found this post (https://www.kychub.com/blog/know-your-business/) about KYB on the internet, you can also take it as a reference.
@Rohan - what is your definition of SMB here? Companies <$1B in revenue?
Interesting read, thanks for sharing, yes the "Know Your Business" (KYB) is crucial because it helps companies mitigate risks, ensure compliance with regulations, and protect their reputation. By thoroughly understanding the businesses they engage with, companies can assess potential financial, legal, and reputational risks. This knowledge enables informed decision-making, prevents involvement in illegal or unethical activities, and fosters transparency and trust in business relationships. KYB is particularly essential in industries where regulatory compliance is strict, such as financial services, as non-compliance can lead to severe legal consequences and damage to a company's integrity. Ultimately, KYB is a fundamental practice for safeguarding a company's interests and upholding ethical business conduct. I also found this post (https://www.kychub.com/blog/know-your-business/) about KYB on the internet, you can also take it as a reference.
Interesting read, thanks!
There's a distinction between payments vs capital markets KYB too
Wow, great piece. You nailed the market map and key trends
extremely thoughtful!!!