Liminal Reveals the Top 14 Providers in the Link Index for Business & Entity Verification in Financial Institutions and Fintechs

Explore the Best: Top 14 Providers in the BEV Link Index 2024

NEW YORK, March 21, 2024 /PRNewswire/ — Liminal released today the 2024 Link Index for Business & Entity Verification in Financial Institutions and Fintechs, its annual report of the top vendors meeting customer demands for know-your-business (KYB), know-your-customer (KYC), and fraud detection capabilities. This ranking offers comprehensive market analysis and assessment of product capabilities and market presence, evaluating nearly fifty business verification technology solutions tailored to banks and Fintechs. Data is collected from buyer surveys and vendor analyst briefings along with original research and market analysis by Liminal’s research team using its Link market intelligence platform.

In this competitive landscape, the Top 14 providers emerged with comprehensive business verification solutions that meet product capabilities and market strategy needs for security, efficiency, and growth. Profiles of the top-ranked vendors, listed alphabetically: Caf, ComplyAdvantage, Experian, Detected, Dun & Bradstreet, IDology, Kyckr, LexisNexis Risk Solutions, LSEG (London Stock Exchange Group), Middesk, Parallel Markets, Moody’s Analytics, Sumsub, and Trulioo.

“Banks and Fintechs are challenged with extensive, costly manual reviews, outdated data increasing fraud risk, and poor global coverage prolonging cross-border onboarding,” says Liminal Managing Director Will Charnley. “However, the emerging market makes identifying effective solutions difficult. The 2024 Link Index for Business and Entity Verification in Financial Institutions and Fintechs resolves this by evaluating and ranking the top 14 vendors, offering comprehensive technologies for greater accuracy, compliance, data freshness, automation, and reusable identities, guiding customers to make informed purchasing decisions.”

The report highlights the market is divided into two main segments: specialized point solution providers and comprehensive KYC/fraud solution companies that have recently integrated business and entity verification (BEV) into their offerings, with a notable gap in vendors offering a full suite of BEV, KYC and fraud solutions. Banks and Fintechs emphasized key considerations for BEV solutions that provide comprehensive, automated KYB/KYC verification and fraud detection capabilities, access to global data sets, and identity credential reusability. Among this year’s companies, the top 14 vendors achieved a minimum product execution of 57% and a leading strategy threshold of 28%. Visit our website to access this research.

More about Liminal and the Link Index:

Link Index Methodology 

The Link Index offers a detailed analysis and ranking of leading vendors for specific use cases and robust data and insights from Liminal’s market and competitive intelligence platform, Link. Liminal’s research team invites solution providers to participate in a company survey and analyst briefing. It uses a proprietary framework to assess and rank product capabilities based on their relevance to market needs. Liminal’s Digital Identity Landscape taxonomy and ontology are central to the Link Index, which precisely evaluates vendor solutions by buyer demand, product capability, and market presence. Liminal conducts a rigorous survey among buyers in the vendor selection process to identify the most in-demand product capabilities and the most valued product components. Market presence criteria included buyer satisfaction, market penetration, buyer recognition, and brand recognition. For complete results, including company profiles, product details, and an interactive database that can be sorted by industry, use case, and other criteria, current customers can access Link (log-in required). 

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