Transferra officials have revealed in the official press release that they partnered with Sumsub because they needed a straightforward user verification process. According to the same officials, Sumsub offers a full KYB solution fully integrated with their company’s AML/KYC policies. By collaborating with Sumsub, they can create a complete onboarding of corporate entities, which includes questionnaires and company registry checks.
By leveraging Sumsub’s solutions, they can also perform AML checks on each individual in the process including all sanctions lists and adverse media. It's worth noting that Sumsub’s methodology follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS, BaFin).
Transferra offers a selection of financial services for business owners such as individual UK IBANs and sort codes, as well as a variety of EUR and GBP payment options, and a responsive online platform.
In October 2022, Sumsub has launched the Workflow Builder tool in order to help businesses to automate onboarding decision-making with flexible rules and actions. This also results in a seamless user journey, and it helps keep pass rates high. At the same time, the Workflow Builder aims to provide fraud protection while ensuring full compliance with regulations.
Company officials emphasised that with the Workflow Builder, Sumsub’s clients are able to orchestrate the entire customer lifecycle and automate the decision-making process during onboarding, which allows them to focus on their core business goals. At the same time, this new feature simplifies the onboarding flow for end users, making their experience frictionless.
In September 2022, Sumsub launched a flexible risk management tool that can help protect businesses from financial losses. The new KYT solution aims to fight digital fraud while helping companies to remain compliant. Know Your Transaction or transaction monitoring represents a set of procedures designed to detect suspicious customer activity. This helps businesses remain CFT/AML compliant and prevents both internal and external fraud.
Sumsub offers more than 300 ready-to-use risk scenarios while enabling companies to create custom rules and risk profiles.
In March 2022, Sumsub launched a new KYB solution for company verification. KYB (Know Your Business) verification is performed by companies in order to ensure that their commercial and business partners are trustworthy. The procedure usually includes checking the company’s documents in global archives, performing AML checks, and verifying the identities of beneficiaries.
Since compliance officers sometimes perform these verifications manually, the entire process can last for up to three business days or 72 hours per company. Sumsub’s full-cycle KYB solution can help companies speed up the process by performing the verification through automated KYB checks, beneficiary KYC checks, and manual reviews by certified AML experts.
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