Enjoy Instant Business Verification With The OPN Platform
Digital B2B marketplaces allow packaging buyers and suppliers to enter new untapped markets, and find new supply chain partners and vendors across the globe. But these businesses are unknown and often come recommended by unverified sources. Without proper due diligence, you run the risk of encountering questionable entities and putting your business in danger.
This is where the importance of Know Your Business (KYB) comes into play.
OPN helps you leverage electronic identity verification to automate the complex KYB process, which not only saves you time and resources, but allows you to bid on the best price instantly, without going through time-consuming due diligence.
What is Know Your Business (KYB)?
Know Your Business (KYB) is a practice that lets businesses know whether they are dealing with an authentic company or a shell. Both the EU and the US have rules in place that require KYB to be part of the due diligence process.
Guidelines for the KYB verification process include:
- Verifying identify through documents and data obtained through reliable sources
- Identifying the Ultimate Beneficial Owner (UBO) of the business
- Assessing the purpose and nature of the business
- Ongoing monitoring
Always deal with trusted partners
The OPN Platform works in partnership with global business verification tool Trulioo, which offers real-time identification and verification of company records through official registers. The technology sources company vitals from government registrars worldwide and checks them against international watchlist sources. Ultimate beneficial ownership (UBO) structures are uncovered in seconds, eliminating any risk of fraud. So no matter which type of raw material, packaging type or service you’re searching for on the OPN Platform, you can trust that they’re pre-verified and trusted.
How KYB benefits SMBs
Digital B2B marketplaces provide SMBs with the opportunity to enter the global market quickly, and exposes them to thousands of potential buyers, sellers, and partners. But for a small business with limited resources, just one bad encounter can be catastrophic. Unfortunately, time and money are two resources many SMBs can’t spare for proper due diligence.
OPN removes the difficulty out of verifying businesses, not just for companies unable to perform due diligence themselves, but for small companies wanting to join digital B2B marketplaces who need to be verified.
The KYB process does not need to be complicated. OPN Platform’s automated verification takes the guesswork out of finding new partners, and creates a reliable and transparent market landscape where packaging businesses can operate without fear or hesitation.
Deal with thousands of businesses worldwide seamlessly and safely with OPN Platform online business verification. Complete your supply chain today from hundreds of verified packaging suppliers and vendors.
Register for free at https://opnplatform.com/