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Sumsub expands data sources to improve KYB

Sumsub expands data sources to improve KYB
 

Sumsub has provided upgrades to its Business Verification platform aimed at tackling the common challenges that businesses encounter during the verification process, such as verifying UBOs, meeting regulatory requirements, and preventing fraud. Overlooking these know-your-business (KYB) steps can lead to significant penalties and legal issues.

The key improvements include a wide range of coverage and access to more comprehensive data sources, which helps improve the accuracy and data quality during the business verification process. This improvement is also important for verifying the legitimacy of businesses and their ultimate beneficial owners (UBOs). UBO checks can be carried out with selfie biometrics and liveness detection or live agent video calls.

“The solution enables firms to screen against watchlists, analyze entity data, validate ownership, and review corporate structures — all in one centralized platform,” says Vyacheslav Zholudev, co-founder and chief technology officer of Sumsub.

These upgrades are designed to streamline corporate due diligence, which has become increasingly important for businesses to conduct thorough background checks and establish ownership structures.

With the new upgrades, Sumsub Business Verification platform also solves problems with traditional softwares that struggle with long processing times, lack of comprehensive data, lower conversion rate, and data integration difficulties.

“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,” Zholudev adds.

The upgraded Business Verification platform will access over 500 million commercial records, enabling corporate registry checks. Sumsub claims that these checks can now be completed in 15 seconds, down from the previous 3 minutes.

Another improvement is in the UBO verification, where the Sumsub platform now achieves a pass rate of over 90 percent, according to the company. Additionally, advanced anti-money laundering (AML) screening can be conducted across more than 11,000 sources, helping to identify potential money laundering risks and ensure compliance with AML regulations.

Sumsub also recently joined Mastercard’s partner program to bring its face biometrics to the payment giant’s customer base.

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