KYB
KYB, Know Your Business, is the set of checks an organisation performs to verify a business counterparty, such as its registration, UBOs and authorised representatives.
Traditionally KYB means manually collecting and checking documents like a chamber of commerce extract for every new business relationship. With verifiable credentials, a business can hold a credential that already proves its registration or UBO structure and present only the facts a relying party asks for, so a counterparty can trust the result instantly instead of re-checking documents that go stale between checks.
Related terms
Is KYB the same as KYC?
No. KYC checks the identity of an individual customer, while KYB checks a business as a counterparty, including who owns and represents it. A business relationship often needs both: KYB on the company and KYC on the individuals who act on its behalf.