Sumsub has expanded beyond verification and fraud prevention with an AI platform for managing compliance and risk intelligence.
Its new trust infrastructure brings identity data, anti-money laundering screening, fraud signals, risk scoring, case management, AI-assisted tools and compliance reporting into one system.
The platform is designed to help businesses reduce their reliance on separate compliance tools and assess customer and transaction risks beyond the initial onboarding stage.
Companies may use between five and nine tools for identity checks, fraud detection and compliance, according to Sumsub.
This can result in duplicated checks, inconsistent risk decisions and higher operating costs.
Businesses may also take up to six months to launch compliant operations in a new market due to new technology, additional staff and greater operational complexity.
The platform brings together risk information, compliance decisions and regulatory reporting to give businesses a broader view of activity across the customer relationship.
“At Sumsub, we ensure that businesses move from fragmented processes to a unified trust infrastructure that supports long-term growth, reduces complexity, and improves decision-making.”
said Peter Sever, Co-founder and Chief Strategy Officer at Sumsub.
Sumsub provides verification and fraud prevention services to more than 4,000 customers worldwide.
Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific