Sumsub launches new KYB solution to boost business verification

KYB (Know Your Business) verification is performed by companies who want to make sure their commercial and business partners are trustworthy. Generally, the procedure includes checking the company’s documents in global archives, verifying the identities of beneficiaries, and performing AML checks. 

However, KYB procedures are often outsourced to compliance officers that perform them manually, resulting in a process that can last for up to three business days or 72 hours per company. Sumsub’s innovative full-cycle KYB solution is designed to help companies perform verification through automated KYB checks, beneficiary KYC checks, and manual reviews by certified AML experts. The company’s solution last three minutes to perform, while full-cycle KYB verification is completed in three hours.