Sumsub introduces a full-cycle verification platform, stirring the borders of KYC, KYB, AML, and anti-fraud

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Jun 13, 2023, 09:00 ET

Global identity verification leader announces new positioning strategy to redefine its role in the market

LONDON, June 13, 2023 /PRNewswire/ -- Today, Sumsub transforms from a world-leading KYC provider to the future-proof platform providing full-cycle verification for the whole user journey. With an eye on the dynamic changes impacting the global verification industry, Sumsub shifts its focus to deliver new golden standards of verification.

"The industry needs a comprehensive solution to tackle the increasing fraud activity throughout the entire user journey. Our internal stats showed an alarming 70% of fraud activity occurs past the KYC stage, 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 face, and helping them predict accelerating trends," emphasized Andrew Sever, Co-founder and CEO of Sumsub.

The new platform unites user and business verification, transaction monitoring, fraud prevention, and case management solutions into a single dashboard. It allows companies to orchestrate verification flows with no limits for customization, code-free, and in no time. Empowered by AI, the platform analyzes and monitors vast amounts of data to detect suspicious patterns, thereby thwarting advanced fraud attempts.

The full-cycle platform guarantees ultimately efficient fraud protection by conducting cross-checks of user data at every stage and consolidated user risk profiles. This user-centric approach enables Sumsub to verify data and combat fraud throughout the user journey, eliminating the need for multiple service providers and increasing in-house team's productivity.

Sumsub's newly designed platform addresses four key trends: the global fraud increase, the non-document verification and digital IDs trend, strictening regulations across industries, and the rapid democratization of AI tech and innovation, leading to a rise of deepfakes and synthetic fraud. Combined insights from Sumsub's in-house product, legal, and compliance experts alongside external advisers enable further development of the full-cycle platform to anticipate new cyber threats, regulatory changes, and the shifting digital landscape.

"The new platform is the unique solution to an equation with three variables, conversion, anti-fraud, and compliance, many leaders in the verification industry struggled to solve until today," explained Vyacheslav Zholudev, Co-founder and CTO of Sumsub. "It's crucial Sumsub breaks down borders for businesses by bringing top-notch customer experiences customized to different jurisdictions, while providing the highest pass rates across emerging and developed countries, and being the only provider openly sharing conversion rates. Additionally, we relentlessly introduce visionary solutions for market updates ahead of implementation. For instance, the Travel Rule solution for the crypto industry or document-free verification allows fast and inclusive user onboarding in emerging markets like India, Brazil, and Nigeria."

Sumsub's new positioning is the next step in the company's journey to creating a safe, accessible, and inclusive digital future for users and businesses. By eliminating fraud and verification hurdles, Sumsub contributes to a world where anyone, regardless of age, location, or computing skills, securely accesses and uses any service. Sumsub is committed to continuously innovating the platform to eliminate fraud and verification hurdles, powering a people-friendly digital future.

For more information on Sumsub, please visit: https://sumsub.com/blog/new-sumsub-beyond-kyc/

About Sumsub

Sumsub is a full-cycle verification platform securing the whole user journey. With Sumsub's customizable KYC, KYB, transaction monitoring and fraud prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy, and TransferGo.

SOURCE Sumsub