Software to Help Validate Businesses

LexisNexis®, the company that built a reputation for providing legal and business information, has also been building a business in identity verification and authentication and its latest tools are geared towards helping financial institutions.

The new products, which are available through online search, batch processing and systems integration into existing platforms, verify the identity of businesses and link them to individuals. They can also be used for compliance with Section 326 of the USA Patriot Act.For example a business verification tool endorsed by American Bankers Association checks public records of businesses and their authorized agents. The tool works by cross-checking information provided by business applicants with more than 75 million records contained in independent data files. The tool also provides information such as number of years in business, number of employees and principal officers.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 5, 7/04