To address the common issues that businesses run into during the verification process—verifying UBOs, adhering to regulations, and preventing fraud, for example—Sumsub has upgraded its Business Verification platform. Neglecting these know-your-business (KYB) procedures may result in severe fines and legal troubles.
A broad range of coverage and access to more extensive data sources are among the main enhancements since they contribute to better data quality and accuracy during the business verification process. Verifying the validity of companies and their ultimate beneficial owners (UBOs) is another reason why this upgrade is crucial. Selfie biometrics, liveness detection, and live agent video calls can all be used for UBO inspections.
According to Vyacheslav Zholudev, co-founder and chief technology officer of Sumsub, “the solution enables firms to screen against watchlists, analyze entity data, validate ownership, and review corporate structures all in one centralized platform.”
The purpose of these enhancements is to expedite corporate due diligence, which is becoming more and more crucial for companies looking to form ownership structures and carry out extensive background investigations.
The Sumsub Business Verification platform’s latest improvements also address issues with conventional software, which suffers from lengthy processing times, incomplete data, poor conversion rates, and challenges integrating data.
Higher completion rates, quicker business onboarding, and the ability to integrate KYB, KYC, and AML checks into a single, configurable procedure are all made possible by the enhanced capability, according to Zholudev.
Corporate registry checks will be possible using the improved Business Verification platform, which will have access to approximately 500 million commercial records. These tests can now be finished in 15 seconds, according to Sumsub, as opposed to the previous 3 minutes.
Another improvement is in the UBO verification, where the Sumsub platform now obtains a pass rate of over 90 percent, according to the business. Furthermore, advanced anti-money laundering (AML) screening may be carried out on over 11,000 sources, which aids in identifying possible dangers of money laundering and guarantees adherence to AML requirements.
In order to provide its facial biometrics to Mastercard’s clientele, Sumsub also just became a partner in the payment giant’s partner programme.