Enigma has joined the NayaOne Tech Marketplace. The company provides comprehensive data about the identity and financial health of millions of small and medium-sized businesses, with innovative solutions for Know Your Business, risk, and sales and marketing.
We are dedicated to harnessing the capabilities of premier product development platforms like NayaOne. Through established integration, NayaOne's customers now have the power to fuel their onboarding and risk decisioning products with essential data on private U.S. businesses.
Arly Dungca
VP of Partnerships, Enigma
Enigma’s comprehensive KYB solutions can help banks and financial institutions reduce their operating expenses and increase their revenue while providing improved services to their business customers. As financial fraud is on the rise, Enigma’s solutions can help recognise and reduce potential fraud, money laundering, and other illicit activity.
Varun Resh
Marketplace Manager, NayaOne
Enigma KYB offers the combined benefits of high Secretary of State fill rates, the ability to match without exact legal entity information, instant approvals, and reduced costs. Through Enigma’s Merchant Transaction Signals, gain access to:
- Insight into over 750M active credit and debit cards, which represents over 40% of all card transactions in the U.S.
- Insight into more than $2.5T in spend annually.
- Card transaction coverage on over 16M businesses going back to 2017.
- Identity coverage on over 33M businesses.
As a result, Enigma can help banks and financial institutions achieve a variety of goals, such as:
- Maximising instant credit approval rates (underwriting/credit risk).
- Improving the quality of customer onboarding (KYB).
- Increasing credit lines within a customer portfolio through identifying growing businesses.
- Optimising sales/marketing efforts with a thorough understanding of a business’ identity and health.
Enigma Reduces Manual Verification Costs by up to 80%
Enigma delivers a wide range of benefits to businesses to help achieve their goals. Its KYB solution increases financial institutions’ Secretary of State registration fill rates by up to 50% and instant verification by 72%, while reducing manual verification costs by up to 80%. In addition to high SoS coverage, KYB customers also benefit from full OFAC screening and flagging if a business is engaged in high-risk activity.
Enigma Improves the Accuracy of Underwriting Models by 30%
A top 10 US SMB card issuer aimed to increase market share in the SMB business card market. They used Enigma’s granular merchant transaction signals – such as business card revenues, revenue growth rates, and average transaction size – to glean insights into the health of businesses that were not originally being included in their underwriting models.
By leveraging Enigma’s solutions, their updated models increased targeting accuracy by 30%, resulting in a 7% increase in approval rate and an expected new revenue of $7.5M within the first twelve months of implementation.
Enigma Identified 70,000 New High-Value Portfolio Customers, Resulting in $30M in Incremental Revenue
Another top 10 SMB lender sought a reliable way of identifying which businesses within their customer portfolio could be offered increased credit lines to drive more revenue. Using Enigma’s Merchant Transaction Signals, the lender increased the accuracy of their credit models by about 25%. This helped the lender reclassify over 70,000 businesses in their portfolio as high-value and achieve an expected new revenue of approximately $30M within the first twelve months of implementation.
Enigma & NayaOne
Enigma envisions the partnership with NayaOne to have a positive impact on joint customers both commercially and on a product innovation level. Enigma offers NayaOne customers proprietary matching algorithms and merchant transactions that meaningfully benefit KYB, risk, and sales and marketing use cases. NayaOne’s enterprise expertise in the banking and FI spaces is critical to improving Enigma’s understanding of how different teams within the same organisations can benefit using our data. This institutional knowledge and feedback will drive further product innovation that both organisations will benefit from.
Businesses can also immensely benefit from leveraging NayaOne’s Digital Sandbox and synthetic data to test, evaluate, and build functional prototypes of Enigma’s solutions to ensure that it’s the right solution in their digital transformation journey.
Enigma provides comprehensive intelligence about the identity and financial health of SMBs across the United States. By engineering better data from hundreds of public and third-party sources, Enigma tells the complete story of every business so that companies of every size can access the financial services they need to grow and thrive. Companies use Enigma’s data to power sales and marketing, onboarding, and risk monitoring.
