Sumsub

What Is Sumsub?

Sumsub is a cloud-based compliance platform for identity verification, business verification, AML screening, transaction monitoring, case management, and fraud prevention. It provides tools such as User Verification, Business Verification, AML Screening, Transaction Monitoring, and Case Management to verify users and businesses, screen for compliance risks, monitor transactions, and investigate potential threats.

The platform supports compliance onboarding, helps detect suspicious activity, investigate potential risks, and maintain records for regulatory requirements. It brings identity verification, AML, fraud prevention, and compliance operations into one system.

What Is Sumsub Best For?

The platform is best recognized for Summy, the AI copilot. It helps compliance and fraud teams deal with complex cases without having to manually search through several screens. Teams can ask questions in their plain language and receive answers based on their Sumsub data. Summy can also create summaries of cases, highlight important risk signals, and combine relevant info in one place for review purposes. It is suitable for compliance officers and fraud investigators who need to handle large case volumes and want to spend less time on collecting information and more time on evaluating individual cases.

How Much Does Sumsub Cost?

Sumsub pricing starts at $1.35/verification for its Basic plan, with a $149 minimum monthly commitment. Other pricing plans are as follows:

• Compliance: $1.85/verification (with $299 minimum monthly commitment)
• Enterprise: Custom pricing

The platform also offers a 14-day free trial with 50 free checks.

User sentiments regarding Sumsub pricing are mostly mixed, with some users calling it affordable and suitable for lower-volume businesses. However, some users find it expensive and the structure to be unclear, especially for custom volumes.

Disclaimer: The pricing is subject to change.

Sumsub Integrations

Sumsub provides integrations with various third-party systems and platforms, including:

• Slack
• Crystal
• InfoCert
• Volt
• ComplyAdvantage
• Prove
• AWS Security Hub

How Does Sumsub Work?

You can log in to the Sumsub platform to set up and manage your verification and compliance workflows. Here are the steps you can follow to see the platform’s workings:

• Log in to the Sumsub Dashboard to access your compliance workspace
• Choose the required checks, such as identity verification, liveness, AML screening, or proof of address
• Configure risk rules and set the conditions that determine how applications are assessed
• Connect Sumsub to your website or application using its integration options
• Send users for verification and collect the required information and documents
• Review verification results and handle flagged applications or cases from the Dashboard
• Monitor ongoing activity and manage relevant compliance or fraud cases as needed

Who Is Sumsub For?

Sumsub software serves a wide range of industries and sectors, including:

• Financial services
• Payment services
• Crypto and stablecoin platforms
• Neobanks
• BNPL and lending
• Trading
• iGaming

Sumsub Use Cases

Based on our analysis of Sumsub features, current capabilities, and customer stories, we have identified some situations where the platform can be a suitable option for businesses that manage verifications, compliance, and fraud risks:

Fintechs Expanding Into New Markets

For any company, moving into a new country can mean having to deal with unfamiliar identity documents, local verification requirements, and different compliance processes. This can become difficult for fintechs that want to keep their onboarding experience consistent during their expansion phase. Sumsub supports this type of growth with configurable verification workflows and coverage for different markets. For instance, DCS used Sumsub as part of its expansion outside Singapore. This helped the company adapt verification to different markets while maintaining its onboarding process.

Crypto Platforms Scaling To Millions Of Users

A growing crypto platform can quickly reach a point where manually verifying every customer and keeping up with compliance checks can be hard to manage. MEXC, for example, is one company that expanded its verification operations with Sumsub as its user base expanded to more than 40 million users. This makes the platform a suitable option for crypto businesses that need to deal with large and growing verification volumes.

Financial Services Companies Dealing With Repeated KYC

Customers who use different financial services may be asked to complete the same identity checks each time they have to sign up for another product. For businesses, this can create unnecessary friction during onboarding and repeat work for compliance teams. Sumsub’s reusable identity capabilities address this situation by allowing verified information to be reused with user consent. Reap used the platform specifically to help manage this ‘double KYC’ issue.

Compliance Teams Handling Growing Case Volumes

With increasing verification, AML, and fraud alerts, compliance teams may have to spend more time on sorting cases and gathering information compared with the time they spend on investigating them. This is particularly relevant for financial businesses that, at the same time, manage several types of compliance reviews. Sumsub’s Case Management solution is suitable for this setting, as it gives teams a central place to handle KYC, fraud, AML, and transaction-related investigations.

Is Sumsub Right For You?

Are you looking for one platform to manage identity checks, AML requirements, and fraud risks without managing separate systems? Sumsub brings these processes into one compliance platform to help teams reduce manual verification work and monitor suspicious activity as risks change.

The focus also extends to compliance with statutory, regulatory, contractual, global, and GDPR-related requirements. This includes AML/CFT obligations and EU and UK GDPR. Its data protection measures include encryption, security audits, vulnerability assessments, and certifications such as ISO/IEC 27001 and SOC 2 Type II.

The KYC industry is changing fast. Companies are using more advanced fraud detection, monitoring users on an ongoing basis, and looking for ways to reuse verified identities. Sumsub offers tools for each of these areas, including Adaptive Deepfake Detector, Transaction Monitoring, and Reusable KYC.

Still not sure if Sumsub is right for you? Contact our customer support team at (661) 384-7070, who will help you make the best decision.