Sumsub Enhances KYB Platform with Expanded Data Sources

Sumsub has introduced significant upgrades to its Business Verification platform, addressing common challenges in the verification process, such as verifying ultimate beneficial owners (UBOs), complying with regulatory requirements, and preventing fraud. Neglecting these know-your-business (KYB) steps can result in substantial penalties and legal issues.

The key enhancements include broader coverage and access to more comprehensive data sources, which improve accuracy and data quality during the business verification process. This is crucial for verifying the legitimacy of businesses and their UBOs. UBO checks can now be performed using selfie biometrics with liveness detection or live agent video calls.

“The solution enables firms to screen against watchlists, analyze entity data, validate ownership, and review corporate structures — all in one centralized platform,” says Vyacheslav Zholudev, co-founder and chief technology officer of Sumsub.

These upgrades aim to streamline corporate due diligence, making it essential for businesses to conduct thorough background checks and establish ownership structures.

With the new enhancements, Sumsub’s Business Verification platform also addresses issues found in traditional software, such as long processing times, lack of comprehensive data, lower conversion rates, and data integration difficulties.

“The upgraded functionality enables faster business onboarding, higher completion rates, and the ability to combine KYB with KYC and AML checks in one customizable flow,” Zholudev adds.

The upgraded platform can now access over 500 million commercial records, facilitating corporate registry checks in just 15 seconds, down from the previous 3 minutes.

Another significant improvement is in UBO verification, where the platform now achieves a pass rate of over 90 percent. Additionally, advanced anti-money laundering (AML) screening can be conducted across more than 11,000 sources, helping to identify potential money laundering risks and ensure compliance with AML regulations.

Sumsub has also recently joined Mastercard’s partner program to integrate its face biometrics technology into the payment giant’s customer base.