Entering on the US market will also mean that the regtech company will launch a series of new services exclusively available for the US customers, while helping businesses stay compliant and fighting digital fraud.
Local clients can now add Social Security Numbers (SSNs) checks to verify users through the Social Security records and stay compliant with KYC/ AML regulations. SSN verification enables background checks that can immediately alert about customer red flags, including liens, bankruptcies, criminal records, and others.
With fraud attempts on the rise and the continues changes revolving the digital sector, the global identity verification market is expected to see a 24% growth annually, with North America accounting for about 30%. However, navigating through the US market could prove a difficult task since each state proposes a unique set of compliance laws.
Moreover, as a higher number of companies decide to open operations on an international or global scale and plan on expanding to foreign countries, additional regulatory compliance becomes a mandatory yet hard assignment.
To help navigate the shallow waters of KYC/ AML compliance across the globe, Sumsub has developed a product that allows companies to go through the data identity verification faster and easier. The company’s proprietary software is designed to retain a high level of fraud prevention and achieve high conversion rates both for the US and international customers, with an average user verification speed of around 87 seconds and a pass rate that exceeds 90%.
By opening its first office in Miami, Florida, Sumsub not only aims to deliver its product to the North American market but also stay close to the Latin America region, which is also facing a spike in fraud attempts and cybercrime.
Throughout LATAM, local governments have invested in identity and access management (IAM) security services that aim to protect data and information across the high-end industries, including finance, insurance, healthcare, and banking. Sumsub’s KYC/ KYB/ AML solution will help fintechs and financial institutions across the Americas to remain compliant with local and international regulation faster, without worrying about data breaches.
With its increased presence in the Americas, Sumsub targets fintechs, gaming, trading, transportation, and crypto markets, focusing on processing millions of verifications annually for more than 2,000 clients globally.
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