iDenfy Enhances KYB Platform with SOS Verification and Utility Bill Verification Features

iDenfy has launched its Secretary of State (SOS) verification tool on its Know Your Business (KYB) platform. The tool connects to SOS databases across all 50 U.S. states to verify business registration details and legal status, aiming to improve onboarding accuracy for high-risk sectors such as banking, fintech, and cryptocurrency. The SOS lookup system retrieves data in seconds and compiles a detailed PDF report containing registration status, entity type, tax ID, and more. The tool flags risks such as inactive entities and past bankruptcies and cross-checks results against sanctions lists and IRS tax ID records.

iDenfy, a Lithuanian-based RegTech company specializing in identity verification and fraud prevention automation, has introduced a new feature to its Know Your Business (KYB) platform: the Secretary of State (SOS) business search tool. This tool connects to Secretary of State databases across all 50 U.S. states to verify business registration details and legal status, aiming to improve onboarding accuracy for high-risk sectors such as banking, fintech, and cryptocurrency.

The SOS lookup system retrieves data in seconds and compiles a detailed PDF report containing registration status, entity type, tax ID, registered address, and information on any governing persons or stakeholders involved. The tool flags risks such as inactive entities, missing or inconsistent registration data, and past bankruptcies, which often signal shell companies and suspicious activity. By identifying these risks early, businesses can protect themselves from reputational damage or regulatory fines.

iDenfy’s SOS business search tool also cross-checks results against other KYB criteria, including sanctions lists, adverse media, and tax ID verification directly from IRS records. This extra layer of security is essential for high-risk industries, where proper business verification is no longer optional. According to IBM’s 2024 Cost of a Data Breach Report, companies with weak due diligence processes face an average breach cost of $4.88 million, especially when onboarding new vendors and business partners without sufficient background checks [2].

Domantas Ciulde, CEO of iDenfy, stated, “Our goal is to provide businesses with the tools they need to stay compliant while maintaining speed. Access to Secretary of State records was the missing link in many onboarding processes. Now, we finally automated that link and made it part of the same dashboard used for identity checks.” iDenfy’s KYB tools are already being used by companies across finance, fintech, e-commerce, and crypto. The new SOS business search is now live and available to all users on iDenfy’s dashboard.

References:
[1] https://www.sourcesecurity.com/news/idenfy-sos-business-search-tool-kyb-co-1673522276-ga.1754640272.html
[2] https://www.sanctionscanner.com/knowledge-base/kyb-onboarding-1192