Commercial information firm, Dun and Bradstreet (D&B), has launched its D&B Onboard product. The online tool aims to help companies deliver customer due diligence (CDD) requirements efficiently in one place, making it easier for them to start financial transactions and enable businesses, including banks, to bill customers more quickly while minimising regulatory and reputational risks.
Businesses face substantial challenges in verifying the authenticity of potential customers due to a raft of incoming regulation. The on-boarding process is becoming increasingly complicated and time consuming due to these new sanctions screening requirements. Regulation such as the 3rd EU Money Laundering Directive, the Foreign Corrupt Practices Act (FCPA) in the US, and the UK Bribery Act all demand rigorous screening and compliance from banks and other companies. This adds a new layer of complexity to on-boarding of new retail bank, corporate or other customers. Comprehensive checking procedures, data consistency and reporting compliance workflows all have to be agreed before new companies can join financial or physical supply chains and begin transacting safely. The aim of this new software is to make this on-boarding procedure as easy as possible and check its validity.
D&B Onboard enables companies to comply with legislation by providing additional data, insight and a unique and lasting ‘entity identifier’ (the D&B D-U-N-S Number) for new customers so they can be easily verified and authenticated. This new tool supports existing CDD procedures, data consistency and reporting compliance requirements, speeding up the addition of new customers.
“The insight provided by the new D&B Onboard tool helps organisations navigate the continually changing regulatory environment, minimise reputational risk and increase efficiency,” claimed Corinne Saunders, president of the D&B Europe and Worldwide Network, when discussing the rationale behind the new launch.