Description

Sumsub

Sumsub has an aspiring goal of powering a people-friendly digital future. They want to ensure a safe, accessible, and inclusive digital future for individuals and businesses. No matter the age, location, or computing skills, Sumsub aims to create a world where anyone can securely access and use any service. In order to achieve this, Sumsub is a single, secure verification platform which is efficient, compliant, and free of country-specific barriers. 

All verification, compliance, and case management tools you need are in one place – you don’t need to choose multiple solutions. Also, Sumsub is the one keeping ahead of the evolving compliance and fraud landscape, not you. 

Every step of the customer journey is secure, from the initial screening to high-risk transactions at a later stage. Verification is continuous, and account takeover or sudden suspicious activities are stopped at the very beginning. 

Sumsub knows every document type, language, and script. Clients working with them reach global markets and onboard users worldwide regardless of location, jurisdiction, or language. 

Company Overview

Sumsub took off in 2015 as a graphic editor-detecting tool. It wasn’t long before it became a powerful KYC solution famous for its speed, precision, and ambition to achieve more. Over a billion users are currently verified, and 5,000 fraud samples are analyzed daily. Precision reaches 100% for any check. With the help of in-house AI technology, Sumsub can verify users, businesses, and transactions all in one place and at any time. 

The team counts more than 450 members, and more than 2,500 happy customers. Sumsub has offices in London, Berlin, Limassol, Miami, Dubai, and Singapore. 

Products 

User Verification

With this product you can get more users globally. The platform offers customizable KYC/AML flows to ensure top pass rates and adherence to compliance standards. You’ll automatically detect red flags and fraud patterns with the best-in-class technology. This product offers ID and biometric verification, address verification, non-doc verification, AML screening, and questionnaires. 

Business Verification 

You can get full control over business verification, speed up business onboarding by conducting registry screening, UBO verification, ownership structure checks, AML watchlist screening, and corporate document verification in one place with this product. You’ll access 500M+ commercial records for registry checks, confirm shareholder data with 345M+ entries database, and join 350+ clients using Sumsub’s KYB solution. 

Transaction Monitoring

A suspicious transaction won’t slip past. You’ll protect your company from online payment fraud loss, improve applicant and transaction risk-scoring thresholds to maintain regulatory compliance and mitigate risk, and verify the entire user journey with KYC/AML, KYB, Fraud Prevention, and Transaction Monitoring all in one dashboard. 

Travel Rule 

Users can automate data transfers with counterparties and ensure compliance with the latest regulatory requirements worldwide. They’ll get access to the largest VASP network with flexible architecture and seamless integrations, streamline their journey with integrated tools, and simplify audits.  

Account Takeover 

You can stop account takeovers, and safeguard them with this solution that detects suspicious behavior in real-time, ensuring a secure experience for everyone. You’re able to integrate passive authentication like behavioral and location intelligence, and use cutting-edge technology to protect your bottom line and reputation. You stay proactive with AI-driven detection, customize workflows, and enhance protection without sacrificing user experience. 

Sumsub offers many more products all listed on their website. 

Industries 

FIntech 

All your needs and verifications are in one place. You can perform AML screening, monitor transactions, verify businesses, and manage cases with Sumsub. Worldwide growth is frictionless, APIs seamlessly integrate with platforms of any size, and fraudsters get outsmarted with defenses that give you real-time insights and data-driven decisions. It supports payments, digital banking, money transfer, crypto, and lending. 

iGaming 

Clients can boost their revenue by onboarding age-verified players, preventing bonus abuse and staying compliant in any jurisdiction. You can streamline decision-making to stop risky player behavior early on. Sumsub offers responsible gaming compliance, and you can set up red flags to identify vulnerable players. Age verification takes 30 seconds, and more than 50 million players are protected with Sumsub. 

Crypto 

You can deter fraud and money laundering at every step of the way. You’ll keep up with evolving regulations and enter new markets with backup from in-house legal experts, orchestrate verification flows, and monitor crypto in real time. 

More industries covered by Sumsub are Transportation, Trading, Payments, Marketplaces, and Carsharing. 

Final Words

Sumsub is a well-developed platform with many perks and benefits if you opt to partner up with them. It was founded by a talented team of four, and has since grown immensely. Like many other aspiring tech unicorns, Sumsub also started in a basement. 

The team strives to make the digital world people-friendly and open to everyone. Sumsub’s mission is to fight identity biases, perfect AI to fight sophisticated fraud, and bring forward paperless verification across the world.