Sumsub Boosts Pass Rates by 37% for Non-Regulated and Regulated Businesses with Its Refined Global Database Verification
Sumsub, a full-cycle verification platform, has announced the latest advancements to its Global Database Verification solution, designed for businesses seeking reliable, efficient, and cost-effective user verification. Global Database Verification caters to a wide range of both regulated and non-regulated industries and businesses looking to ensure the legitimacy and accuracy of user data on a global scale. With an average onboarding time of 4.5 seconds, the expected pass rate growth for companies using Global Database Verification is around 37%.
Sumsub is one of few players in the market streamlining identity verification and eliminating manual document review with three essential features:
- Identity Verification: Verifies the authenticity of user ID documents and personal data by matching them against recognized and secure sources
- Age Verification: Verifies users’ date of birth and personal information, ensuring they meet specific requirements regarding age-restricted content and services
- Address Verification: Ensures the legitimacy of customer residence information by cross-referencing trusted global sources
Sumsub’s Global Database Verification combines these features to eliminate document-based processes while maintaining highest onboarding security standards on a global level. The solution can work both as a standalone verification method or in combination with other Sumsub products to enable a complete user onboarding journey.
Last but not least, the database helps businesses ensure that customer data is accurate and up to date, preventing errors and synthetic identity fraud while improving operational business risk management.
“Businesses are constantly seeking more efficient ways to onboard users. By eliminating time- and resource-consuming verification steps such as multiple document uploads, Sumsub’s regulated customers will be able to streamline their KYC processes, resulting in a smoother onboarding journey and a significant pass rate increase. For non-regulated businesses, Global Database Verification will boost security by checking personal data through reliable sources without disturbing users,” comments Vyacheslav Zholudev, co-founder and CTO of Sumsub. “In terms of business development, this will help both regulated and non-regulated companies expand their global reach with confidence, efficiently scaling operations into new markets backed by reliable, diverse databases spanning 45+ countries”.
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