Companies can no longer rely on manual or fragmented KYB checks due to increased regulators’ pressure and the complexity of business structures. If there’s a large volume of traffic, manual KYB may cause a lot of queues and delays, resulting in client churn. From fintechs and payment providers to crypto platforms and global tech companies, verifying who you’re really doing business with is now a core operational requirement. It’s far past a simple compliance checkbox.
Sumsub’s Business Verification helps companies with automating corporate document reading and registry checks, verifying businesses, and meeting the needed AML requirements. Sumsub combines global company registries, UBO verification, AML screening, and flexible workflows in a single platform. In turn, the solution helps compliance teams reduce manual work without compromising their risk coverage.
Sumsub’s Business Verification is designed to address these needs.
Why companies need a business verification solution
Regulators now expect companies to conduct more thorough checks of their business partners. As crime and fraud become more complex, basic checks are not enough. Reviewing documents or searching registries may not uncover complex ownership structures or identify sanctioned parties. This kind of inattention can potentially lead to detrimental situations for the company.
Additionally, without automated business verification, compliance teams may face longer onboarding times, increased costs, and heightened regulatory risks. By centralizing corporate data, ownership insights, and screening on a single platform, companies can operate more efficiently while maintaining compliance, even in stringent or rapidly changing markets.
How to choose the right business verification solution
Companies should choose the right partner for business verification to minimize risk and help their teams work confidently as they grow. Here’s what smart compliance and onboarding leaders seek:
- Comprehensive coverage: The solution should be able to verify both company registration and ownership structures, including ultimate beneficial owners (UBOs), across different jurisdictions and company types.
- Speed and automation: Look for solutions that automate registry and document checks, delivering results quickly without burdening compliance teams. Ideally, the checks should take seconds rather than days.
- Integrated AML & risk screening: Strong KYB needs integrated AML and sanctions screening against global watchlists and adverse media sources. It should also cover both entities and associated individuals.
- Flexible customization and workflow control: Every business has unique requirements, so the best solutions let you customize everything from verification flows and conditional logic to questionnaires and UI branding.
- Scalable integration options: You can easily add business verification to your digital processes with a strong API or embedded SDK. This makes life easier for your users.
- Ongoing monitoring and reporting: Compliance doesn’t stop at onboarding. A strong KYB solution should provide ongoing risk monitoring and easy access to audit-ready reporting.
Solutions with these capabilities help companies maintain compliance and regulatory expectations. They also scale operations without sacrificing the users’ trust or their growth.
What sets Sumsub’s Business Verification apart
Sumsub’s Business Verification solution is made to address real-world KYB challenges through automation, scaling, and deep data integration—within one platform you can customize. Here’s what distinguishes it:
- KYB unified in one platform
Sumsub brings key checks together into a single solution. It covers corporate registry checks, ownership verification, AML screening, and document review. This approach makes it easier by reducing the need to use separate systems.
- Access to extensive global data
The platform can access over 600 million commercial records and 500+ million shareholder records spanning 220+ countries and territories.
- Rapid verification with high UX
Businesses can complete verification in as little as 15 seconds on average, with a 90% pass rate, thanks to automated checks that reduce drop-offs.
- Automated document analysis
Sumsub’s Automated Company Document Reading (ACDR) uses AI to extract and cross-check information from corporate documents in multiple languages, which greatly speeds up verification.
- Precise AML screening
Entities, UBOs, and representatives are screened against more than 11,000 global watchlists, sanctions lists, and adverse media sources, helping companies identify risk early on and meet regulatory requirements.
- Customizable verification
Clients can customize business verification steps using questionnaires, conditional options, and a user-friendly design. This means the process meets both compliance needs and user expectations more easily.
- Flexible integration
Whether using REST API, embedded SDKs, or verification links, Sumsub adapts to your stack and onboarding needs without going through long build cycles.
- Global compliance & ongoing monitoring
From automated registry updates to consistent AML re-screening, Sumsub helps businesses keep verification up to date, reducing the risk of compliance gaps over time. - Smart automation with periodic reviews and Case Management
Built-in periodic reviews and case management tools enable ongoing compliance without complicated operational overload. Teams can automate reassessments, track changes in risk, and manage investigations from a single dashboard.
- Manual corporate documents review
For high-risk structures or jurisdictions that require EDD, Sumsub offers expert-led manual corporate document review.
How clients benefit from Sumsub’s Business Verification
Sumsub’s Business Verification is already assisting many firms in different fields and industries, aiding them in compliance needs and business growth.
Transferra: Double the business verification speed
Transferra is a UK-based company that provides digital payment services for businesses and enterprises. The company needed a product to connect with government records and adjust verification steps based on client answers. Sumsub’s system, which integrated easily with their existing software, was set up within only 2 weeks.
By implementing this system, Transferra reduced business verification time by 50%. This resulted in higher onboarding completion and meeting compliance requirements efficiently.
- Transferra’s KYB processing time is cut in half, speeding up the onboarding process for clients
- The company increased onboarding completion rates
- Achieved a lower workload for their compliance and support teams
Alexey Reshko
Chief Operating Officer at Transferra
Since partnering with Sumsub, we’ve been able to establish a reliable and efficient verification process from the ground up. This has allowed us to onboard clients much faster, reduce errors, and create a smooth and optimized customer journey.
TELUS Digital: Verification across high-volume workflows
TELUS Digital, a global technology company powering large-scale digital and AI products, needed a flexible, automated verification solution that could handle a high volume of contributors and internal stakeholders while mitigating fraud and identity risk.
Sumsub’s Business Verification was integrated alongside user identity checks and AML screening in order to support compliance in dynamic, multi-tiered workflows. With their combo of KYB and KYC, TELUS Digital now manages over 130,000 applicants per month, having boosted its strong pass rates.
- Making custom rules allowed the team to tailor workflows to specific operational needs.
- APIs for automation that integrate with existing systems helped TELUS reduce manual effort.
- Integrated custom AML search and improved compliance efforts in specific regional and legal requirements.
Steve Jablonski
Vice President of Information Security at TELUS Digital
The platform’s workflow functionality provided a flexible framework that addressed our current needs while instilling confidence that it could adapt to future requirements. Sumsub’s customizable checks with bespoke rules and ongoing monitoring allowed us to manage costs effectively, tailoring checks to the specific risks while meeting legal requirements across different jurisdictions.
Xace: Cutting onboarding costs by 50%
Xace is a fast-growing banking service that supports gaming platforms, sportsbooks, and casinos in the UK and Europe. They needed a better way to verify business clients and individual users. Before using Sumsub, Xace's business verification process was manual and separate from individual user checks. This led to inefficiency and compliance risks.
With Sumsub’s product, Xace automated checks on business registries and made verification for business profiles more efficient. With this solution, they now handle user verification and transaction monitoring in one workflow. As a result, they cut onboarding costs by 50% and created a centralized compliance platform that grows with the business.
- Achieved unified compliance for business and user checks
- Xace managed to reduce onboarding costs by 50% utilizing Sumsub
Adam Grist
CPO at Xace
With Sumsub, the primary wins for us now include having KYB, KYC, and Transaction Monitoring all in one profile, which gives us a complete view of our customers. We also appreciate the ongoing screening of all counterparties and the ease of managing the compliance platform.
Nebeus: Stronger corporate compliance & verification
Nebeus is a financial platform that offers crypto services alongside traditional banking services like payments, loans, and cards. The company faced problems with verifying businesses, such as missing important checks and incomplete ownership data. These issues made it hard to grow and stay ready for audits.
Since using Sumsub, Nebeus can clearly see important performance indicators through the platform’s detailed monitoring and reporting. The company has improved its onboarding process and made it easier for legitimate users to join.
- Corporate Registry Checks helped Nebeus to verify legit companies in many jurisdictions at great speed
- Corporate AML Screening & Ongoing Monitoring continuously screens businesses and associated individuals for risk
Anna Sokolova
Anti-Money Laundering Analyst at Nebeus
I remember telling our business analyst, with whom we built the onboarding flow, 'Wow! How fast! Only Sumsub could do it so quickly!' That responsiveness to regulatory changes and professionalism gives us real confidence in the platform.
Results that speak for themselves
Organizations in different sectors have enhanced their onboarding processes' efficiency and pace through the utilization of Sumsub’s Business Verification software. Below are some key outcomes that these companies report achieving since collaborating with Sumsub:
- 50% faster verification process for businesses and other entities
- Fewer mistakes and rejections due to smarter, risk-based routing
- Better data control, quality, and transparency
- Decrease in cases that require manual reviews
- Onboarding costs cut by 50%
Using Sumsub’s solution proved to be a business advantage for the companies that decided to use it. These firms have seen improvements in both speed and accuracy of their verification cases.
Business verification strategies for growth and compliance
Effective business verification is much more than meeting regulatory obligations. It requires building a trustworthy foundation for sustainable growth that can scale as the company grows. Companies that treat KYB as a strategic function are better positioned to expand into new markets and confidently onboard clients.
- Automate early to avoid bottlenecks. Manual KYB processes can hinder growth as volumes increase. Automating your processes from the start can prevent onboarding delays and rising operational costs.
- Build risk-based, flexible workflows. Not all businesses present the same level of risk. Implementing dynamic verification flows allows compliance teams to focus resources where they matter most without additionally slowing down low-risk onboarding.
- Centralize business and individual verification. Since corporate onboarding often involves having to verify directors, UBOs, and representatives, combining KYB and KYC within one platform reduces fragmentation and helps with consistent risk assessment for both entities and individuals.
- Prioritize transparency in ownership structures. Complex, multi-layered corporate structures are increasingly common. A sound strategy includes clear ownership chains and control relationships. This prevents exposure to shell entities or sanctioned actors.
- Move from one-time checks to continuous monitoring. Risk profiles evolve. Ownership changes and sanctions lists update. Ongoing monitoring can make sure businesses remain compliant beyond onboarding.
Following these steps, along with a powerful business verification tool, can aid businesses in staying compliant and improving their daily operations, helping them grow and evolve with confidence.