Fintech
Sumsub renews company verification
Today, Suma global provider of full-cycle verification services, has renewed its Company verification solution with extended coverage and data sources to improve data quality and improve user experience.
Know Your Business (KYB), a mission-critical verification step, ensures that companies are working with real, honest, non-sanctioned partners, service providers and customers. KYB regulations are similar to Know Your Customer (KYC) regulations, instead requiring financial institutions, rather than an individual, to verify the legitimacy of both companies and their ultimate beneficial owners (UBOs).
Typical problems that companies face with legal entity controls are: long processing times, decreased conversions, lack of complete data, need for manual verification of business documents, difficulty in integrating business records data sources, and complexity general overview of the required procedures. Sumsub has improved its KYB solution to overcome all these challenges and offer its customers 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:
- Access to over 500 million business documents (up from over 400 million previous business documents) for efficient business record checking in just 15 seconds instead of the previous 3 minutes;
- Access to over 345 million shareholder records for verification of ownership and control;
- Verifies UBO with pass rates above 90% in approximately 30 seconds;
- Advanced AML screening on 11,000+ sources;
- Corporate document review option performed exclusively by Sumsub’s internal experts to save time for client compliance teams: can be useful when entity data cannot be found via registry check;
- Possibility to request additional information through the customizable Questionnaire Analysis.
“Sumsub’s business verification platform simplifies money laundering and fraud deterrence for fintech, crypto, payment, marketplace, insurance and commercial service providers. The solution allows companies to check against watchlists, analyze entity data, validate ownership and review business structures, all in one centralized platform. The updated functionality enables faster business onboarding, higher completion rates, and the ability to combine KYB with KYC and AML checks in a single, customizable flow,” said Vyacheslav Zholudev, co-founder and CTO of Sumsub.