Extraction and Monitoring SOS Registry data for Business Verification

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Extraction and Monitoring SOS Registry data for Business Verification

B2B Firmograpic Data Case Study

Problem Statement

A company sought a solution to search and verify company registration details from Secretary of State (SOS) websites across all 50 states in the USA. This was crucial for Know Your Customer (KYC) compliance, as accurate and reliable company data is essential for validating clients and underwriters, facilitating their insurance processes.

Our solution

Managing a vast dataset of unique records in each refresh presented a significant challenge. To address this challenge, an advanced solution was implemented:

Scraping Framework Development: A customized crawler framework was developed to aggregate data from various SOS websites. The framework was designed to review input sites, ensuring efficient extraction of required data elements.
Data Aggregation and Verification: The crawler framework was executed to scrape business registration information from the input sites. Special attention was given to verifying the accuracy and consistency of the extracted data, enhancing its reliability for KYC purposes.
Data Normalization: We developed automated scripts to normalize and validate the scraped data. Data formatting and data deduplication were done to provide consistent information.
Real-time Updates: The database was updated in real-time by integrating cloud-based technology. This ensured the business information remained accurate and up-to-date, meeting the client’s business and compliance needs.

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Benefits

Increased Accuracy: Achieved a 98% accuracy rate in extracted data, ensuring reliable and trustworthy information for KYC checks and compliance.
Time Efficiency: Reduced data extraction time by 60%, allowing clients to access fresh business information promptly and enabling quicker decision-making processes.
Enhanced Compliance: By leveraging up-to-date and accurate business information, clients could maintain robust KYC processes, reducing the risk of non-compliance and financial fraud.