Sumsub Revamps Business Verification, Making It the Only Six-in-One KYB Solution on the Market

Upgrades to Sumsub's comprehensive KYB solution include expanded coverage and data sources

LONDON, June 11, 2024 /PRNewswire/ -- Today, Sumsub, a global full-cycle verification provider, revamped its Business Verification solution with expanded coverage and data sources to improve data quality and enhance user experience.

A mission-critical verification step, Know Your Business (KYB) ensures businesses are working with real, honest and non-sanctioned partners, service providers and customers. KYB regulations are similar to Know Your Customer (KYC) regulations, instead asking financial institutions, rather than an individual, to verify the legitimacy of both businesses and their Ultimate Beneficial Owners (UBOs).

Usual problems businesses face with legal entity checks are: long processing times, conversion decrease, lack of comprehensive data, the need for manual verification of corporate documents, difficult integrations of commercial records' data sources, and overall complexity of the required procedures. Sumsub has enhanced its KYB solution to overcome all these challenges and offer its clients a comprehensive tool for effective corporate due diligence checks.

As the only six-in-one KYB solution on the market, the updated Business Verification solution offers:

1. Access to 500M+ commercial records (increased from 400M+ commercial records before) for efficient Corporate Registry Check in just 15 seconds instead of 3 minutes previously;
2. Access to 345M+ shareholder records for Ownership & Control Check;
3. UBO Verification with over 90% pass rates in about 30 seconds;
4. Advanced AML Screening on 11K+ sources;
5. Corporate Documents Review option performed exclusively by Sumsub in-house experts to save client compliance teams' time – may be useful when entity data can't be found via registry check;
6. Ability to request additional information through customizable Questionnaire Analysis.

"Sumsub's Business Verification platform makes deterring money laundering and fraud easy for fintech, crypto, payment, marketplace, insurance and trading service providers. The solution enables firms to screen against watchlists, analyze entity data, validate ownership, and review corporate structures — all in one centralized platform. The upgraded functionality enables faster business onboarding, higher completion rates and the ability to combine KYB with KYC and AML checks in one customizable flow", said Vyacheslav Zholudev, Co-founder and CTO of Sumsub.

To learn more about the upgraded solution and request a demo, please visit https://sumsub.com/business-verification-services/

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 Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

Media Contact:
Sasha Bashor
[email protected]

SOURCE Sumsub