What is mainly used to verify business identity during the onboarding process?

The verification of business identity during the onboarding process primarily relies on business documents. This is because these documents provide essential and official information about the business, such as incorporation papers, tax identification numbers, business licenses, and other forms of legal documentation that establish its existence and legitimacy. These documents not only verify the business's identity but also help assess its structure, ownership, and operational capabilities.

While personal financial data, credit reports, and online databases can provide supplementary information about a business, they do not serve as the primary source for verifying the fundamental existence and identity of the business itself. Business documents are critical as they are often legally recognized and can be used to ensure compliance with regulatory requirements, making them a vital part of the onboarding process.