Sumsub unveils biometrics-backed KYB checks for fast verification

Sumsub is launching a know your business (KYB) product that the identity verification and selfie biometrics firm says will substantially speed up the process of verifying companies.
The company says KYB processes are often outsourced to compliance officers who undertake an arduous manual process that can take up to 72 hours to collate documents and data. Sumsub claims that its autoKYB check that combines automated KYB processes, beneficiary know your customer (KYC) checks with face biometrics, and manual review by KYB and anti-money laundering (AML) experts can shave this down to three minutes. A full-cycle KYB verification can be completed in three hours, which is 24 times faster than a manual KYB verification, Sumsub says. The KYB platform has access to data from more than 200 million companies and beneficiaries from 220 countries and territories, the company adds.
To perform KYC verification of the ultimate beneficial owner, or the ultimate beneficiary of a transaction, Sumsub provides a liveness check that compares to a government ID as one option. The company offers its biometric liveness solution ‘Prooface’ using selfie pictures to perform customer onboarding, along with other services.
Other means to expedite the KYB process include a customizable widget known as a WebSDK that can be embedded onto a company’s website that can be adapted to the verification flow. This, Sumsub says, ensures that uploading documents, filling questionnaires, and collecting beneficiary information can be revised according to demands or regulations, which is convenient for businesses as it means that necessary documents can be uploaded by one representative. The KYB solution also allows continuous monitoring of a company or beneficiary’s status in real-time stored in one location.
“Now we see that the demand for KYB is growing day after day; international policymakers like EBA [European Banking Authority] are mentioning KYB among the recommended innovative technologies. We are welcoming the global demand to make legal entity checks a really meaningful part of due diligence procedures,” says Tony Petrov, chief legal officer of Sumsub.
Article Topics
AML | biometric liveness detection | biometrics | digital identity | document verification | face biometrics | identity verification | KYB | KYC | Sumsub
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