Liminal provides comprehensive research and market intelligence on the ever-evolving landscape of identity verification technologies, detailing vendors and their solutions to help businesses understand the market and make better decisions. The 2024 Link Index on business and entity verification is designed to help fintechs navigate the complex landscape of regulatory compliance and legal entity verification. Out of 48 vendors analyzed, only 14 KYB providers made it to the top, demonstrating a 57% minimum product execution and a 28% leadership strategy threshold.
Being a leading KYB vendor means addressing evolving compliance requirements, and building automated verification flows tailored to customer needs, while prioritizing speed, user experience, data quality, and global coverage. In the highly competitive verification market, delivering on all these demands is no easy task.
According to a survey executed by Liminal, 90% of customers use business and entity verification not just for business verification, but also fraud detection. The same respondents also seek comprehensive solution providers, which combine a diverse array of checks and compliance procedures into one package. The survey also found that more than half of customers prefer third-party solutions over direct government partnerships.
According to Liminal, Sumsub is a leading vendor, successfully integrating user and business verification with transaction monitoring. This puts Sumsub in a unique position to help clients meet evolving business verification requirements worldwide.
"We are honored to be named among the strongest global KYB providers by Liminal, a trustworthy source of industry insights, predictions, and thorough market analytics. Compliance is critical in the fintech space, and business verification plays a key role in evaluating the credibility of companies. By providing and constantly upgrading our KYB solution, Sumsub is striving to make regulatory compliance an easy matter for businesses, and at the same time we are building a safer digital future for people and organizations worldwide. Being recognized by Liminal is a milestone signifying our commitment to our mission," said Ilya Brovin, Chief Growth Officer at Sumsub.
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 has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Wirex, Avis, Bybit, Huobi, Flutter, Kaizen Gaming, and TransferGo.
About Liminal and Link
Liminal is a global market intelligence and strategic advisory firm specializing in digital identity, financial crime and compliance, and cybersecurity technology solutions across industries while catering to the private equity and venture capital community.
Liminal reports highlight the undercurrents of industry trends, gather data for landscape predictions, and offer actionable solutions to cross-sector challenges.
Through its proprietary market and competitor database, Link, Liminal monitors thousands of companies and products across the digital landscape. Its insights allow customers to predict and understand trends before they happen.
SOURCE Sumsub
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