Datapoint verification performs a search against a variety of public and private databases to try to find evidence that certain pieces of information provided align with similar sorts of information that may have been used together in the past.
Although not an absolute requirement to abide by CDD or KYC regulations, the results of these searches provide a means of non-documentary verification that can be used as an additional layer of information to help partners make more informed onboarding decisions and can increase confidence that the onboarding subject legitimately exists and is providing accurate information.
Verify Datapoints
To perform a search, select Identity Actions, then Verify Datapoints.
Note! You cannot perform a verification on a record you have already verified without making a substantial change to previously submitted information (i.e., changing the name, residence location, or DOB).
You can initiate a search up to 5x per record. After that point, no matter what information is changed, you will not be able to run the search again.
Individual Records
For individual records, you will need the following:
- Name
- Tax ID
- DOB
- Residence location
Note! If you do not have the necessary data available, you can request it from the subject after adding an email address.
Business Records
For business records:
- Business name
- Tax ID
- Principal location
Note! If the record has data that causes our data sources to error, you will receive the error message below.
Billing
Datapoint verification (including public/private records search) is run automatically when a data subject or their representative submits identity information on the platform. This feature allows a Parallel client to run a datapoint verification directly - each utilization of the datapoint verification feature is treated as a unique identity record for billing purposes. Please see our FAQ here for more information.