14 Jun

Sumsub, a leading global verification platform, has recently upgraded its Business Verification solution to tackle the growing challenges of Know Your Business (KYB) procedures. By expanding its coverage and incorporating additional data sources, Sumsub aims to improve the quality and accuracy of business verification processes while enhancing user experience.

KYB, a crucial step in compliance similar to Know Your Customer (KYC), requires businesses to verify the legitimacy of their partners, service providers, and customers. This includes verifying the legal status of a business, its ownership structure, and identifying any Ultimate Beneficial Owners (UBOs).

Sumsub's enhanced platform streamlines these processes, offering quicker and more comprehensive verification for a variety of industries including fintech, crypto, payments, and trading. The platform's broader coverage and additional data sources contribute to more accurate and efficient KYB checks, aiding in the prevention of money laundering and fraud.

This upgrade also allows for the seamless integration of KYB, KYC, and anti-money laundering (AML) checks into a single workflow, further simplifying the verification process for businesses.

Key improvements in Sumsub's upgraded Business Verification platform include:

  • Expanded Coverage: The platform now offers wider coverage, allowing for the verification of businesses in a greater number of jurisdictions.
  • Additional Data Sources: Sumsub has integrated additional data sources into its platform, providing more comprehensive information for KYB checks.
  • Improved Data Quality: The enhanced platform ensures higher data quality, leading to more accurate and reliable verification results.
  • Enhanced User Experience: The upgraded platform offers a more streamlined and user-friendly experience for both businesses and their customers.

By continually updating and improving its services, Sumsub demonstrates its commitment to providing a comprehensive and efficient verification solution. This recent upgrade to the Business Verification platform is a significant step towards making KYB processes easier and more reliable for businesses across various industries. 

June 2024, Cryptoniteuae

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