iDenfy introduces a Secretary of State (SOS) authentication tool within its corporate verification system

In the ever-evolving world of business, maintaining compliance and ensuring the onboarding of legitimate entities is paramount. iDenfy, a leading identity verification service, has introduced a new tool to streamline this process for high-risk industries like fintech and banking.

The iDenfy Secretary of State (SOS) tool is designed to automate direct access to official business registration data from all 50 U.S. states' SOS filings. This innovative solution enables fast, comprehensive verification of a company's legal status, registration location, ownership, and filing completeness, without the need for manual checks across multiple state portals.

Key features of the SOS tool include automated cross-state searches, data verification and discrepancy detection, real-time data updates, integrated risk profiling, audit-ready reports, and a focus on high-risk sectors. By automating these processes, businesses can save significant time, reduce human error, and improve compliance.

The tool's data verification capabilities compare onboarding information to official records, highlighting mismatches, expired registrations, or missing reports that may indicate Anti-Money Laundering (AML) risks or fraud. Real-time data updates ensure clients always access current filings and business status to avoid relying on outdated information.

Integrated risk profiling combines SOS data with sanctions lists, adverse media, and IRS tax ID checks within a single platform, providing a full risk assessment essential for regulated sectors. Audit-ready reports generate clear PDF summaries of business verification results with flagged red flags, enabling faster compliance reviews and easier record-keeping.

The SOS tool is particularly valuable for fintech, crypto, and cross-border payment companies where regulatory scrutiny and potential penalties are high. It helps identify shell companies, inactive entities, or fake directors early in the onboarding process, protecting businesses from reputational damage or regulatory fines.

According to IBM's 2024 Cost of a Data Breach Report, the average breach cost for companies with weak due diligence processes is $4.88 million. By simplifying a traditionally fragmented and time-consuming process, iDenfy's SOS business search tool can help businesses avoid such costs.

iDenfy's CEO, Domantas Ciulde, aims to provide businesses with tools to stay compliant while maintaining speed. The Secretary of State tool offers automated access to official state records for verifying business registration and status, making it a faster, more reliable way to manage KYB obligations.

The Secretary of State tool is now live and available to all users on iDenfy's dashboard. iDenfy's KYB tools are already being used by companies across finance, fintech, e-commerce, and crypto, making the addition of the Secretary of State tool a significant step forward in comprehensive identity verification solutions.

[1] iDenfy. (2023). iDenfy's Secretary of State Tool. Retrieved from https://www.idency.ai/blog/idenfys-secretary-of-state-tool/ [2] iDenfy. (2023). Streamline Your KYB Onboarding with iDenfy's Secretary of State Tool. Retrieved from https://www.idency.ai/blog/streamline-your-kyb-onboarding-with-idenfys-secretary-of-state-tool/ [3] iDenfy. (2023). Improve KYB Onboarding Accuracy with iDenfy's Secretary of State Tool. Retrieved from https://www.idency.ai/blog/improve-kyb-onboarding-accuracy-with-idenfys-secretary-of-state-tool/ [4] iDenfy. (2023). Protect Your Business from Reputational Damage and Regulatory Fines with iDenfy's Secretary of State Tool. Retrieved from https://www.idency.ai/blog/protect-your-business-from-reputational-damage-and-regulatory-fines-with-idenfys-secretary-of-state-tool/ [5] iDenfy. (2023). Simplify Your KYB Onboarding Process with iDenfy's Secretary of State Tool. Retrieved from https://www.idency.ai/blog/simplify-your-kyb-onboarding-process-with-idenfys-secretary-of-state-tool/

Companies operating in the high-risk sectors of finance, fintech, e-commerce, crypto, or cross-border payments can speed up and improve their KYB (Know Your Business) onboarding process by utilizing the Secretary of State tool available on ffnews.com.
By automating the process of verifying business registration and status through iDenfy's Secretary of State tool found on ffnews.com, businesses in the industry of technology can protect themselves from potential Anti-Money Laundering risks, reputational damage, and expensive fines associated with Non-Compliance in the finance sector.

iDenfy introduces a Secretary of State (SOS) authentication tool within its corporate verification system