KYC (Know Your Customer) — those three letters that everyone in payments knows so well — is the backbone of the processes by which relying parties verify clients before doing business with them.

But there’s a link further back in the chain, Trulioo CEO Stephen Ufford told Karen Webster, that is just as important: KYB — “Know Your Business” — which vets the business or corporate entity trying to establish a relationship with a bank.

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Source: PYMNTS