Niva, a business identity platform, announced its launch after securing $3. 3 million for its verification solution, according to a news release on Monday (July 8). The release highlighted the challenges faced in verifying the identities of small and medium-sized businesses (SMBs), including fraud screening and compliance with local and international know your business (KYB) requirements. Niva aims to address these issues by offering a next-generation platform that streamlines the inefficient and manual process. By leveraging their compliance and fraud AI agents, companies can significantly reduce onboarding cycles from weeks to under 10 minutes.

This enhanced onboarding experience improves application conversion rates and eliminates the need for operations teams to undergo training in multiple languages, regional laws, and fraud tactics. Sebastian Kreis, CEO and founder of Latin American B2B FinTech Xepelin, praised Niva's AI capabilities and its positive impact on their onboarding process, expressing excitement about the partnership's future. PYMNTS recently explored the significance of KYB, highlighting the collection and analysis of extensive data, including company registration details, financial records, ownership structures, and regulatory compliance. The report emphasized the increasing importance of technology in adopting best practices and complying with evolving laws. The report also highlighted the potential for artificial intelligence (AI) to revolutionize KYB and B2B onboarding processes, offering automation, accuracy, and greater insight into business identities. As B2B partnerships and online marketplaces continue to drive growth, innovations in business verification and onboarding processes are crucial for enterprise expansion. To stay informed on the latest B2B news, consider subscribing to the daily B2B Newsletter from PYMNTS.