TINCheck by Sovos has announced the launch of the new and enhanced service offering, enabling businesses to reduce the risk of potential tax penalties, sanctions and identity theft associated with conducting business with unverified individuals and businesses. Thousands of organisations of all sizes use TINCheck to proactively verify customer and vendor data through government databases and watchlists within seconds.

Commenting on this, Sovos president of revenue, Alice Katwan, said: “Protecting your business against fraud and penalties attributed to transactions with unverified people and businesses is a priority for businesses of all sizes.

“By providing a fast and comprehensive service at a competitive price point, Sovos is advancing our strategy and commitment to ensuring customers are protected and compliant.”

With TINCheck, businesses can conduct compliance checks on individuals and business partners by verifying names and TIN/EIN (tax ID) with the IRS database. Global organisations can also protect their business from the risk of fraud and potential sanctions by verifying against the Office of Foreign Assets Control (OFAC), the Death Master File (DMF), and nearly 30 additional government databases and global watchlists. These compliance checks can be run in real-time individually or automated with the TINCheck API as part of an integrated onboarding process. Businesses positioned to benefit from these services include:

  • Small to Large business: Confidently add vendors to your master file knowing that their Internal Revenue Service (IRS) tax compliance and business identity data has been verified
  • Financial services and fintech: Ensure accurate tax and identity verification up front for all customers and vendors eliminating compliance penalties and rework
  • Payment processors: Begin transacting with confidence that you have accurate customer data
  • Gig economy: Expedite onboarding of suppliers, distributors, members and associates to ensure tax compliance with accurate TIN/EIN information

Commenting on this, Sovos vice president of marketplace and ecommerce, Ryan Buma, said: “Regulatory compliance risk has never been greater, and TINCheck enables businesses to execute a critical business function quickly, easily and at an affordable price point.

“Ensuring that you are working with verified and ethical business partners is the first and best step to combating fraud and avoiding compliance issues, now and in the future.”

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