Benchmark study
Customer not namedInstant verification,
or a person and a wait.
Ahead of the Enigma KYB launch, Enigma ran a side-by-side test with financial institutions across payments, online banking and KYB orchestration. The measure was registration fill rate — the share of businesses verified instantly, with no manual step. Fill rates rose roughly 50%, to 72.4% instant verification on average.
Enigma KYB — instant Secretary of State registration fill rates, measured against incumbent providers
- Customers
- Five FIs, unnamed by Enigma
- Segments
- Payments, online banking, KYB orchestration
- Measure
- Instant Secretary of State registration fill rate
- Headline result
- ~50% higher fill rates
~50%
increase in instant registration fill rates
72.4%
instant verification with Enigma, on average across segments
44% → 85%
best result — a medical-focused payments provider doubled its fill rate
< 3s
to return an instant business verification
Source: Enigma KYB helps financial institutions increase instant Secretary of State registration fill rates by 50%, enigma.com
01
The measure
Fill rate is the number that decides whether a person gets involved.
Registration fill rate is the share of businesses an institution can instantly verify without any manual steps. Enigma compared each institution's traditional fill rate against its rate after using Enigma KYB.
Decreased manual verification matters twice over: it reduces overhead and process costs for the institution, and it stops potential customers dropping off during long verification waits.
Unlike traditional KYB providers, Enigma returns instant business verification in under three seconds, using advanced matching and registration enrichment — appending registration filings with foreign filings, operating names, operating addresses and websites, with a focus on precise and confident matching.
02
The results
Every segment improved. Payments improved most.
Across the five tests, Enigma increased registration fill rates by approximately 50%, taking instant verification to 72.4% on average across segments.
The strongest results came in payments. One medical-focused payments provider nearly doubled its registration fill rate, from 44% to 85%.
Enigma covers registrations for all 52 U.S. states and jurisdictions, including Washington D.C. and Puerto Rico, with registration statuses updated bi-weekly.
Side by side: Enigma KYB vs. past fill rate
| Test | Segment | Industry | Past fill rate, comparable providers | Fill rate with Enigma KYB |
|---|---|---|---|---|
| Test 01 | Payments | Medical | 44% | 85% |
| Test 02 | Payments | General | 48% | 72% |
| Test 03 | Online banking | General | 33% | 59% |
| Test 04 | Online banking | General | 63% | 82% |
| Test 05 | KYB orchestration platform | General | 49% | 64% |
Scroll table for all columns →
03
Underneath it
What the fill rate is drawing on.
As of September 2023, the registration corpus behind these results held roughly 55 million inactive registration filings, 41 million active filings and 10 million additional filings.
Those registrations are resolved against operating names and addresses, and against each other, to produce roughly 21 million distinct legal entities and 14 million distinct business entities.
That resolution step is the difference between holding filings and being able to answer a question about a business instantly.
~41M
active registration filings
~21M
distinct legal entities after resolution
52
states and jurisdictions covered, incl. D.C. and Puerto Rico
“Onboarding friction with instantaneous verification is a major concern because the credit card industry is highly competitive. It's important to us to reduce friction for good guys. We were able to do this with Enigma.”
Jack Miller
Card Risk Manager, Concerto Card
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