Sumsub Named a Leader in the First Gartner® Magic Quadrant™ for Identity Verification

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Oct 24, 2024, 04:00 ET

Sumsub has been recognized by Gartner in the "Magic Quadrant for Identity Verification" report

LONDON, Oct. 24, 2024 /PRNewswire/ -- Sumsub, a global full-cycle verification and ongoing monitoring provider, today announced that it has been positioned by Gartner as a Leader in the Magic Quadrant for Identity Verification for its Identity Verification product's technological excellence and multiple innovative features. The evaluation was based on specific criteria that analyzed the company's overall Completeness of Vision and Ability to Execute.

Sumsub's full-cycle platform offers advanced AI-powered solutions in Identity Verification (KYC), Business Verification (KYB), Transaction Monitoring, and Fraud Prevention solutions among other useful features. Sumsub's platform is capable of processing 14,000+ ID document templates, including handwritten documents in rare languages, from 220+ countries and territories. Among the company's flagship products are an advanced Deepfake Detection tool for facial biometrics and video checks, as well as a Non-Doc Identity Verification solution available for verifying over 2.9 billion people without scanning any documents in just 4.5 seconds. Sumsub's Non-Doc solution offers the widest geo coverage on the market spanning four continents – Africa, Eurasia, North and South America.

"We appreciate this new recognition from Gartner, and we feel that being positioned as a Leader in the Magic Quadrant for Identity Verification reflects our ongoing commitment to innovation and our mission to make the digital world fraud-free and accessible to all," comments Vyacheslav Zholudev, co-founder and CTO at Sumsub. "After launching our comprehensive Fraud Detection and Prevention solution earlier this year, Sumsub has become the only full-platform solution provider who can effectively stop any kind of digital fraud at every stage of the customer journey."

This is the first time Gartner has released the Magic Quadrant report in Identity Verification. Among Leaders, Sumsub is positioned highest on the Ability to Execute axis.

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables readers to get the most from market analysis in alignment with their unique business and technology needs.

Earlier this year, Sumsub was named a Representative Vendor in the 2024 Gartner "Emerging Tech: GenAI Security Services for Online Fraud Prevention" report as an Identity Verification services provider.

You can view a complimentary copy of "The Magic Quadrant for Identity Verification" report to learn more about Sumsub's strengths and cautions, among other provider offerings, at this link: https://sumsub.com/gartner-magic-quadrant/

Disclaimers

Gartner, Magic Quadrant for Identity Verification, Akif Khan, James Hoover, Nayara Sangiorgio, 21 October 2024.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

About Sumsub

Sumsub is a full-cycle verification and ongoing monitoring platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,500 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

SOURCE Sumsub