Sumsub's KYT Solution Is Live, Offers 300+ Risk Scenarios for Transaction Monitoring and Fraud Prevention

All-in-one identity verification platform, Sumsub, announced yesterday the launch of know-your-transaction (KYT) solution for businesses, which delivers fast and effective transaction monitoring and enables the firm to offer a full-cycle identity verification platform with seamless orchestration capabilities.

According to the official press release, Sumsub is the only identity verification platform providing over 300 ready-to-use risk scenarios, while also enabling companies to create custom rules and risk profiles.

Besides, the new offering supports flexible settings for risk scoring, alerts and actions with simple role and task management. Further, it allows users to continuously monitor the status of transactions in real-time.

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"KYT checks are currently in especially high demand by fintech businesses. Sound transaction monitoring requires analyzing both the user's background information and the transaction itself," said Vyacheslav Zholudev, Sumsub's Co-founder and CTO. "The majority of identity verification providers do not offer transaction monitoring, while those who do usually focus on KYT with no access to customers' onboarding data. At Sumsub, we check both transaction information and KYC information from the applicant's profile to calculate risk scoring for a more profound and complete transaction evaluation. This allows us to estimate risks more accurately and efficiently, which ultimately protects our clients from chargebacks, financial fraud, money laundering as well as regulatory fines".

Previously, Match-Trade Technologies has partnered with Sumsub​ to offer Forex brokers streamlined KYC processes via the company's custom Client Office CRM.