Sumsub Boosts Pass Rates by 37% for Non-Regulated and Regulated Businesses with Its Refined Global Database Verification

MIAMI, Nov. 20, 2023 /PRNewswire/ -- Sumsub, a full-cycle verification platform, today announces the latest advancements to its Global Database Verification solution, designed for businesses seeking reliable, efficient, and cost-effective user verification. Global Database Verification caters to a wide range of both regulated and non-regulated industries and businesses looking to ensure the legitimacy and accuracy of user data on a global scale. With an average onboarding time of 4.5 seconds, the expected pass rate growth for companies using Global Database Verification is around 37%.

Sumsub is one of few players in the market streamlining identity verification and eliminating manual document review with three essential features: 

• Identity Verification: Verifies the authenticity of user ID documents and personal data by matching them against recognized and secure sources
• Age Verification: Verifies users' date of birth and personal information, ensuring they meet specific requirements regarding age-restricted content and services
• Address Verification: Ensures the legitimacy of customer residence information by cross-referencing trusted global sources

Sumsub's Global Database Verification combines these features to eliminate document-based processes while maintaining highest onboarding security standards on a global level. The solution can work both as a standalone verification method or in combination with other Sumsub products to enable a complete user onboarding journey.

Last but not least, Global Database Verification helps businesses ensure that customer data is accurate and up to date, preventing errors and synthetic identity fraud while improving operational business risk management.

"Businesses are constantly seeking more efficient ways to onboard users. By eliminating time- and resource-consuming verification steps such as multiple document uploads, Sumsub's regulated customers will be able to streamline their KYC processes, resulting in a smoother onboarding journey and a significant pass rate increase. For non-regulated businesses, Global Database Verification will boost security by checking personal data through reliable sources without disturbing users," comments Vyacheslav Zholudev, co-founder and CTO of Sumsub. "In terms of business development, this will help both regulated and non-regulated companies expand their global reach with confidence, efficiently scaling operations into new markets backed by reliable, diverse databases spanning 45+ countries".

To learn more about Sumsub's Global Database Verification and its features, please use this link: https://sumsub.com/global-database-verification

About Sumsub

Sumsub is a full-cycle verification platform that secures 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 achieves the highest conversion rates in the industry—91.64% in the US, 95.86% in the UK, and 97.89% in Hong Kong—while verifying users in less than 50 seconds on average.

Sumsub's methodology follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS, BaFin). As the first regulated compliance-as-a-service provider, Sumsub has a team of compliance experts ready to consult on regulatory specifics worldwide.

With over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries, Sumsub partners with the likes of Binance, Mercuryo, Bybit, Huobi, Unlimit, DiDi, Poppy and TransferGo.

SOURCE Sumsub