Enigma descriptions: Enigma Descriptions consist of human-readable descriptions of the industry the business operates in and a level of granularity typically beyond the NAICS 6-digit classification.
Industries: Alongside the creation of Enigma Descriptions, more than 55% of all operating businesses now have a 6-digit NAICS code as of November, up dfrom 37% in July.
Operating status: Both new businesses and refreshing existing businesses's operating status have been updated, with an automated pipeline to refresh businesses every ~6 months. In November, we removed ~2M closed businesses and added about 3M newly identified operating businesses, and increased the precision of operating businesses from 70 to 80%.
KYB use cases
High risk activities: As part of the KYB launch in October, KYB customers will be able to see high risk activities like cannabis, tobacco and vaping, gambling and sports betting, crypto.
KYB endpoint: As part of the KYB launch in October, we created a dedicated KYB endpoint that enables matching and retrieval of key attributes with one query.
Improved registration filings: KYB customers can now retrieve many more corporate registrations and state records. During testing, registration fill rate on the new KYB endpoint compared to the old increased ~1.7x, from 40% to 70%.
OFAC screening: KYB customers can screen inputted Ultimate Beneficial Owners (UBOs) as well as any people retrieved from registration filings against the OFAC sanctions lists.
Entity resolution and data asset
Third party services removal: The HQs of third party platforms (e.g. Doordash) have been removed as operating location addresses for individual businesses.
Mailing address linking: We have fixed a bug in which many distinct operating locations that share a mailing address on a corporate registration record are incorrectly linked together.
Projection factors: We have corrected for geographic, card type, industry, income, and size of purchases bias in our panel every individual business location.
Brands model and heuristics v0: We have a new entity resolution model for the Businesses/Brands data asset - while previously, Businesses/Brands relied only on a common URL to group different locations together, the new model takes names, addresses, websites, and all firmographic information into account.