Just recently, Sumsub partnered with 4Play Gaming. Can you tell us how this partnership will enhance user verification in iGaming?
4Play Gaming’s platform will integrate Sumsub’s comprehensive KYC (Know-Your-Customer) solution, part of its user verification product. The partnership will ensure iGaming operators in 4Play Gaming’s ecosystem can onboard players quickly and securely, with a compliant onboarding process for all ensured throughout. The collaboration will be effective immediately, with 4Play Gaming and Sumsub prepared to support iGaming operators worldwide.
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Can you throw some light on Sumsub’s AI-based OCR and how it’s helping organizations in growing their businesses?
Sumsub recognizes multiple alphabets and writing systems including Latin, Cyrillic, Greek, Armenian, etc, as well as East Asian languages including Japanese, Korean and Chinese. This is approximately 96 languages.
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Companies that work with Sumsub are said to get as much as 240% ROI. Can you explain how your organization is making it happen?
This was a study that we commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study, to examine the potential value of our platform.
The Forrester study estimated that Sumsub’s identity verification platform offered $762.5K in value savings from reduced loss due to identity fraud within three years of implementation. Other key findings include $2.6M value on 15% compliance efficiency improvement and avoided additional/compliance agent headcount cost, as well as net profit associated with increased pass rate: on average, Sumsub clients are able to verify x2-x3 more customers.
According to the TEI findings, Sumsub also provides its clients unquantified benefits, such as improved customer experience and quality of onboarded customers, increased capabilities in reporting and analytics, best-service 24/7 tech support, and enhanced compliance with local regulations. In addition, Sumsub’s all-on-one verification platform is helping its customers to onboard partner organizations (KYB), solve compliance issues and scale to global markets easier.
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Sumsub has a very diverse clientele which includes over 2,000 clients in fintech, crypto, transportation, trading, e-commerce and gaming industries. What’s that one quality or service that’s giving Sumsub an edge over competition?
Our in-house proprietary AI technology during onboarding and ongoing monitoring. In terms of onboarding: our AI systems are rigorously trained to accurately detect and verify individuals from diverse regions and can process 14,000 document types, thereby reducing errors and enhancing global compliance.
When it comes to ongoing monitoring: Sumsub’s Fraud Network Detection revolutionizes anti-fraud countermeasures by uncovering hidden connections, detecting anomalies, and analyzing user behavior continuously at every user journey stage, all using AI.
To date: we have over a billion users verified with 5,000 fraud samples analyzed daily.
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Can you tell us how Sumsub’s customizable KYC, KYB, transaction monitoring and fraud prevention solutions are helping organizations with their verification process and in meeting compliance requirements?
Some examples of customization options: biometric verification, non-doc verification, database validation and AML screening etc.. All of these to tailor the anti-deepfake mechanism to the specific needs of the client.
Our technical team integrates the anti-deepfake mechanism into different stages of the verification process, such as during user onboarding, authentication, or document verification.
We provide ongoing monitoring and updates to the anti-deepfake mechanism too. We stay updated with the latest deepfake techniques and continuously enhancing the detection algorithms to address emerging deepfake threats.
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