2025 Know Your Customer and Know Your Business Solution Scorecard

Know-your-customer (KYC) and know-your-business (KYB) processes help financial institutions ensure they know who they are doing business with. The three main components of KYC include a customer identification program, customer due diligence, and ongoing monitoring of a customer’s account once it is established. KYB processes seek to confirm that a company is legitimate, verifying its registration and ownership structure and understanding the purpose and nature of business operations. Robust KYC and KYB protocols can help financial institutions meet compliance requirements and help to protect against fraud and money laundering. 

For the purposes of this research, Javelin Strategy & Research analysts developed three weighted determinants that correspond across these components: Capabilities, Use Cases, and Functionality. ACI Worldwide, Inc., Sumsub, and LexisNexis Risk Solutions emerged as the top overall finishers in the scorecard. Although Javelin analysts identified numerous vendors in the KYC and KYB space, this report reviews and ranks 17 of the vendors that cater to the U.S. market, particularly financial institutions (Please refer to the report methodology for more information on inclusion and exclusion criteria). The report analysis shows how KYC and KYB tools help financial services providers maintain compliance programs and strengthen their ability to detect and prevent fraud. 

Key questions discussed in this Fraud Management report:

• What technologies and features are available and critical for KYC and KYB vendors?
• Where do vendors still fall short in helping financial institutions balance compliance and fraud prevention?
• How are KYC and KYB providers evolving to meet the changing needs of financial institutions?

Companies Mentioned: 

ACI Worldwide, Inc., CleverChain, DataSeers, Dow Jones, Equifax, FinScan, by Innovative Systems, Inc., FIS, Flagright, Incode Technologies, Inc., KYC-Chain Ltd., LexisNexis Risk Solutions, Markaaz, Inc., Mitek, Persona Identities, Inc., Shufti Pro Limited, Sumsub, Verif-y Inc.