The world just keeps changing, and in ways few could have predicted. Many people are transitioning to working remotely, and hiring practices are currently evolving. For example, when a person joining your organization may be miles away, how can you trust that they are who they claim to be?
Many mistakenly believe that commercial background checks automatically verify identity, but this is not the case. The quality of background checks actually depends on accurate candidate information, and remote workforces are increasingly becoming the standard. Therefore, verifying someone’s identity is more important than ever, and thanks to recent technological advances, identity verification can be simple, fast, and accessible.
That said, we interviewed the spokesperson of the identity verification services platform Sumsub during the recent Money20/20 conference.
What Is Sumsub?
Sumsub is a company that provides a comprehensive platform for verifying identities and preventing fraud. The company helps clients and businesses comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations while streamlining their customer onboarding process.
“Sumsub, in a nutshell, is a compliance provider. We have provided a number of software solutions via sandbox model that allows users to set different onboarding flows and metrics to catch out fraud and stay compliant with regulators,” Sumsub told UseTheBitcoin during the Money20/20 conference.
Sumsub started in the insurance industry in 2015, focusing on identifying digital fraud and manipulation, particularly in insurance. After two years, the company shifted its focus to the KYC and compliance sector, rebranding to offer identity verification services. Since then, Sumsub has been growing and expanding its products and services.
Sumsub’s Clients
The company primarily serves businesses and clients in highly regulated industries that require robust identity verification and fraud prevention solutions. Its client base spans across various sectors, including:
- Fintech – Crypto exchanges, payment processors, and digital wallets
- Gaming – Online gaming platforms and esports betting platforms
- Transportation – Car rental services
- E-commerce – Online marketplaces and retail platforms
- Other – Consulting firms and other platforms
“Traditionally, our history has been in crypto; we provide services to some of the largest crypto exchanges on the planet right now,” said Sumsub. “Our services can also be easily applied to traditional financial institutions that will help scale their business, remain compliant, and onboard as many users as possible as well,” Sumsub added.
Crypto Fraud
Like other identity verification and AML compliance platforms, Sumsub also faces challenges in fighting crypto fraud.
“Crypto is a fast-moving, dynamic industry, and its challenges mirror that,” Sumsub commented. “We often see a high risk of fraudulent behavior, money laundering, and account identity takeover. So, we see that as our fundamental challenge in crypto and blockchain technologies.”
Sumsub’s Features And Services
Sumsub offers a broad range of features and services to combat fraud, ensure compliance, and enhance customer experience:
Core Features
- User Verification – Utilizes advanced Optimal Character Recognition (OCR) technology for accurate data extraction from various scripts.
- Business Verification – Expedites verification processes for businesses, allowing for faster onboarding.
- Transaction Monitoring – Detects suspicious activities within user transactions and helps prevent fraud.
- Fraud Prevention – Protects businesses from various fraud types across all user interactions.
- AML Transaction Monitoring – Detects money laundering activities.
- Bank Account Verification – Verifies the ownership of bank accounts.
- Travel Rule Compliance – Ensures compliance with travel rule regulations.
Pricing Plans
Sumsub offers three pricing plans: Basic, Compliance, and Enterprise.
The Basic plan starts at $1.35 per verification and is ideal for smaller businesses. Moreover, the compliance plan starts at $1.85 per verification and suits businesses prioritizing regulatory compliance. The Enterprise plan offers custom pricing based on specific needs and is best for high-risk transactions or businesses needing more than 1,000 monthly verifications.
It is important to note that all plans include a free trial, but Basic and Compliance require minimum monthly commitments of $149 and $299, respectively.
What Makes Sumsub Unique?
When asked what makes their company unique from their competitors, Sumsub replied, “At Sumsub, we are looking to provide a holistic user journey that covers from the onboarding stage up to their ongoing operations.”
“Sumsub also has a number of community initiatives to stimulate the understanding of compliance. It is a tricky area; people get confused easily, and we want to promote a conversation on that as well.”
Final Thoughts
For further information on Sumsub and to stay updated on their announcements, please visit their website and follow their official social media channels provided below:
👉 Website: https://sumsub.com/
👉 Twitter/X: https://x.com/Sumsubcom
👉 LinkedIn: https://www.linkedin.com/company/sumsub
👉 Documentation: https://docs.sumsub.com/
👉 App: Google Play Store | Apple App Store
