This guide explains how to prepare for a vendor data test for KYB, conduct a data test, and evaluate the test's results when choosing a KYB vendor.
Any KYB compliance evaluation should provide insightful and tailored recommendations that demonstrate the solution's projected value based on the data test findings. Data tests evaluate:
Further, you need to understand what metrics you will use to evaluate each data test (i.e. hours saved, reducing the number of required analysts, etc.)
By emphasizing data quality, coverage, and freshness in testing KYB vendors, organizations can mitigate compliance risks and maximize conversion. A data test can assess the recency and relevancy of the returned outputs, and whether the fields align with your industry, regulatory requirements, and business objectives. The results of the test can also help determine where the KYB provider should be within the onboarding flow and vendor stack.