Streamlined Business Integration: Sumsub Presents an All-inclusive Know Your Business (KYB) Authentication System
Sumsub's KYB (Know Your Business) solution offers businesses a range of advantages, including ease of use, scalability, and dynamic compliance customisation. The platform's intuitive UI/UX enhances workflow and allows for real-time modifications to meet regulatory and auditor requirements.
Global Onboarding and Verification
Sumsub's KYB solution streamlines the processes of document collection and identity verification across multiple countries, making it easier for businesses to onboard clients globally and minimise the risk of dealing with fraudulent or bad actors. The solution integrates seamlessly with existing backend systems, ensuring operational scalability.
Key Process Elements
The solution's key process elements include:
- Automated and flexible KYC/KYB workflows customisable per region to comply with local regulations.
- Verification of diverse document types and identities internationally, supporting onboarding from at least 45 countries.
- Reduction of manual review time via automation, speeding up customer onboarding and improving conversion rates.
- Fraud prevention features such as deepfake detection, behavioral and device intelligence, and synthetic fraud detection to enhance the trustworthiness of the onboarding process.
- Support for digital identity reuse, reducing friction for returning users.
Regulatory Compliance and Fraud Prevention
From a business perspective, Sumsub helps maintain regulatory compliance globally while providing a user-friendly experience for both businesses and their customers. The solution is especially praised for its reliability in the fintech, crypto, and Web3 sectors, supporting rapid scaling and expanding markets.
Benefits of Sumsub's KYB Solution
- Offers scalable, flexible, and customisable onboarding and verification processes.
- Delivers strong fraud prevention and global compliance coverage.
- Provides smooth integration with existing systems and excellent customer support.
- Enhances operational efficiency by lowering manual workload through automation.
With Sumsub's KYB solution, users can set up automated check levels, perform in-depth investigations, provide feedback, generate reports, and onboard businesses in a few minutes using a customisable widget. The applicants set the verification flow based on the company's KYB requirements.
The KYB check has multiple levels which can vary by jurisdiction and legal entity type. Users have access to multiple corporate registries and AML sources, including all available global watchlists, PEPs, and sanctions lists (US Department of Treasury, EU, UN, etc.).
In summary, Sumsub's KYB solution automates the entire business verification process, reducing costs and manual workload, and ensures businesses remain compliant with national AML laws, regional regulations, and non-binding standards and guidelines.
In the realm of business and finance, Sumsub's KYB solution offers a technology-driven approach to automate the verification process, ensuring seamless onboarding of global clients while minimizing the risk of fraudulent activities. The solution's features, such as automated KYC/KYB workflows, verification of diverse document types, and robust fraud prevention measures, make it an ideal choice for businesses operating in the fintech, crypto, and Web3 sectors. With Sumsub, businesses can scale their operations rapidly and sustainably, meeting local regulations and maintaining compliance with global watchlists.
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