EIN Services for Financial Institutions
What EINsearch Can Bring To Your Financial Institution
API Integration
API integration allows your organization to link our system with yours. Using this interface provides your organization with the automated results necessary to streamline the due diligence process while minimizing the need for hand-on interactions.
Batch-Match Analysis
We understand your organization is busy. Let our team of experts do the heavy lifting for you. Simply upload a file needing matched or verified to our secure portal and our team will take over from there!
Corporate Multi-Seat Data Access
If you prefer a more hand-on approach, our GUI connections allow users to manually conduct their searches. Plans are available to support individual or multiple users to meet your organization’s needs.
Where EINsearch Improves Your Organization
Saves Financial Institutions Time And Labor
Due diligence can often be time consuming and labor intensive. Using services such as batch matching or our API allow organizations to reduce employee interaction thus allowing their valuable time to be focused on other endeavors. By designing our services to provide fast, easy to understand, and accurate results, we enable users to reduce the time necessary to train their staff in using our platform.
Helps Financial Institutions Comply With Federal Laws
Whether the Red Flag Rules, CDD, or enhanced KYC/KYB, laws are constantly evolving to better mitigate the risks of fraud, money laundering and other criminal activity. Using a third party system such as our enhances the need to rely on customer provided information and increases your compliance
Reduces Instances Of Fraud
Relying on customer provided information can be dangerous. Fraudsters are becoming more and more sophisticated and the need for independent verification becomes more valuable by the day. Our data is validated directly through the IRS and provided to you independently of the customer
“Overall, it’s a good system. If I had to hone in on anything, though, it is its simplicity. That makes it so much easier to train everyone else.”
“They help us validate our new customers when they come onboard. They are fast, easy to work with and provide updates whenever there are any issues with the IRS. Would recommend!”
If you have questions, please call us at 800-299-8280, email us or start a live chat.
FAQ
What Is An EIN?
The term EIN is commonly used interchangeably with TIN. A TIN, otherwise known as a tax identification number, is a unique number issued to a business, person, or other legal entity. There are several types of Tax Identification Numbers to include an Employee Identification Number (EIN), a social security number (SSN), or an Individual Tax Identification Number (ITIN). These unique nine-digit numbers are used by the Internal Revenue Service (IRS) and many other institutions such as banks and government entities to help identify a person, business or other legal entity.
When Do Businesses Need An EIN?
Businesses need an EIN for almost everything they do. Whether you form a business entity, a trust, operate as a sole proprietorship, or self-employed, we recommend all business owners not wishing to use their Social Security Number as their TIN apply for an EIN as soon as they begin to operate.
What Are EINs Used For?
Whether operating as a sole proprietor, self-employed or as a business entity, EINs are used almost daily. From filing a tax return or submitting a document to the IRS or other government entity, to opening a bank account or applying for a loan or credit, EINs are used to identify the individual or business providing the record.
When Do You Need Another Company’s EIN?
EINs are regularly used to identify the existence of an entity by many institutions and government bodies. Thus, you may need a company’s EIN when seeking to validate/verify their information. Some of the most common places you would need a company’s EIN is when preparing a Form 1099 to submit to the IRS, preparing a business’ tax return, or looking to process an important application such as opening a bank account, a loan application, or insurance underwriting.
Why Are EINs Beneficial To Have?
An EIN is a unique identifier to your business or legal entity. Often times, individuals want to protect their Social Security Numbers (and rightfully so). Using an EIN to identify your business allows you to protect your personal social security number while still maintaining a recognized and accepted identifier as you conduct your affairs.
How To Apply For An EIN
Applying for an EIN is done directly through the IRS website and by using Form SS-4 Application for Employee Identification Number. The Form, as well as instructions to complete the form can be found at the following links: https://www.irs.gov/pub/irs-pdf/fss4.pdf (application); https://www.irs.gov/pub/irs-pdf/iss4.pdf (instructions)
Additionally, the IRS allows individuals to apply for a new EIN directly online. The process takes approximately 5 to 10 minutes and you can download your EIN confirmation letter immediately. https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online Using this link, you simply choose the “Apply Now” button in the middle of the page and complete the application.