The company aims to fight digital fraud and help businesses stay fully compliant through a new KYT (Know Your Transaction) solution for fast and effective transaction monitoring. The new tool provides clients with a full-cycle identity verification platform that benefits from seamless orchestration capabilities, enhancing trust throughout the user onboarding journey.
Know Your Transaction or transaction monitoring represents a set of procedures designed to detect suspicious customer activity. This helps businesses remain CFT/AML compliant and prevents fraud, both internally and externally.
Sumsub offers more than 300 ready-to-use risk scenarios while enabling companies to create custom rules and risk profiles. Combined with no-code rules setting, the company’s latest KYT tool is easy to navigate and implement.
Moreover, the KYT tool offers flexible settings for risk scoring, alerts, and actions with simple role and task management. At any time, users can monitor the status of their transactions in real-time and deploy the best solutions to deter fraudsters. All data collected is then stored in one place, with full reports being available for download for both internal use and for STR (Suspicious Transaction Reports) submission to regulators.
Finally, KYT checks increase in popularity as they are well recommended and tailored to the needs of the financial industry. From crypto marketplaces and services to payment service providers (PSPs), fintechs, marketplaces, and online gaming/ gambling platforms, all these industries and verticals can benefit from enhanced transaction monitoring to effectively prevent and fight fraud.
With this latest tool, Sumsub has increased its portfolio of services and is now offering an end-to-end orchestration solution to cover all steps in a customer’s lifecycle, from onboarding to authentication, confirmation of risky actions, and transaction monitoring.
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