The London-based security firm Sumsub has announced that they are introducing an innovative verification platform that spans Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) and anti-fraud services.
Sumsub is changing its offering from being a global identity verification service provider to offering a comprehensive full-cycle verification solution for users at every stage of their journey. The new unified platform will make the process smoother, easier, and faster.
Co-founder and CEO of Sumsub, Andrew Sever, said:
We knew that the industry needed a comprehensive solution to tackle the increasing fraud activity happening throughout the entire user journey. Our internal stats showed that an alarming 70% of fraud activity occurs past the KYC stage, which was a clear indication for our business to adapt, as KYC checks alone are no longer sufficient. With our new positioning, Sumsub anticipates industry changes by offering a future-proof full-cycle verification platform that is seamless and secure, addressing the challenges and expenses companies can face and assisting them to stay ahead of accelerating trends.
The new platform offers a unified dashboard for user and business verification, transaction monitoring, fraud prevention, and case management. Companies can easily customize their verification process without needing to write code. Artificial intelligence technology helps to analyze a large amount of data and spot suspicious patterns, blocking any advanced fraud attempts.
Sumsub’s full-cycle platform provides strong fraud protection by verifying user data every step of the way and creating a single overview of each user’s risk profile. This user-focused system saves time and effort compared to using multiple services, and makes it easier for teams to detect and prevent fraud.
Sumsub created its platform to address four major changes taking place in the world:
More instances of fraud, the use of digital IDs, stricter regulations, and the rise of AI technology and fake-related crimes. Sumsub’s experts combined their knowledge of:
- The product
- Legal and compliance
- Outside advisors to develop their full-cycle platform in order to combat new cyber threats, changes in regulations, and digital advancements.
Co-founder and CTO of Sumsub, Vyacheslav Zholudev, said:
The new Sumsub platform is the unique solution to an equation with three variables: 1) conversion, 2) anti-fraud, and 3) compliance that many leaders in the verification industry have struggled to solve until today. It’s equally important that Sumsub breaks down borders for businesses by bringing top-notch customer experiences customized to different jurisdictions, with the highest pass rates across emerging and developed countries and being the only provider to openly share conversion rates. Additionally, we relentlessly introduce visionary solutions for market updates ahead of their implementation. For instance, the Travel Rule solution for the crypto industry or document-free verification, that allows fast and inclusive onboarding for users in emerging markets like India, Brazil, Nigeria, etc.
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