Sumsub recognized for digital inclusion efforts, seeing continued growth

Sumsub’s recent digital services inclusion campaign has resulted in the company being invited to join the United Nations Global Sustainable Development Goals (SDGs) Leaders project, the company has announced.

The identity verification company’s Greenflag campaign has identified that at least 627 million people are unfairly excluded from essential digital services due to significant verification barriers. These include issues with outdated ID documents, poor digital literacy skills, physical appearance changes and high-risk country of origin.

These individuals are struggling to access services like financial platforms, education, healthcare and employment, withholding the global digital economy of US$1.75 trillion in spending power, the company concludes in its analysis conducted in collaboration with Catalyst Group.

Launched in October last year, Sumsub’s Greenflag campaign is aimed at addressing the United Nations’ Sustainable Development Goals (SDGs), which include digital inclusion.

“By continuously striving to eliminate digital exclusion and promote fair verification, we support broader efforts aligned with the United Nations’ goals of inclusivity and sustainable development,” Andrew Sever, the company’s CEO and co-founder, said last week.

The campaign has also led to tangible financial results for the UK-based firm, including increased integrations with major fintech companies.

A significant result is the surge of “Non-Documentary” identity verification among its clients, which rose 338 percent year-over-year. Non-documentary verification enables businesses to verify user data without requiring physical documents, relying instead on government, credit, banking, and utility records from more than 40 countries. It also allows firms to comply with anti-money laundering (AML) regulations even in emerging markets with lower-quality documents like India, Nigeria, South Africa, Indonesia, and Brazil, the firm says in a release.

Sumsub says it offers other tools that help include people struggling with identity verification, such as reusable KYC which allows users to verify their identity once and access multiple services. Other capabilities include customized verification and onboarding processes, liveness and deepfake detection and real-time monitoring for flagging risks.

Earlier this week, the company also launched its Reusable Digital Identity product suite which combines two products, Sumsub ID and Reusable KYC. The firm promises a 50 percent reduction in onboarding times and a 30 percent rise in conversion rates with the new offering.

Article Topics

digital ID  |  digital identity  |  digital inclusion  |  Greenflag  |  identity verification  |  KYC  |  reusable digital ID  |  SDG 16.9  |  Sumsub