Sumsub announced the release of its commissioned Total Economic Impact (TEI) study conducted by Forrester Consulting.
The study aims to examine the potential return on investment (ROI) enterprises may achieve by using Sumsub’s Anti-Money Laundering (AML) Transaction Monitoring.
While a report like this is self-promoting, it does highlight the need to manage risks such as money laundering and other nefarious activities, which are prevalent in digital finance.
The study found that an organization that utilized the Sumsub product realized “significant efficiency gains and compliance improvements, resulting in a 272% ROI over a three-year period, with a payback period of under six months.”
Before adopting Sumsub’s solution, “the interviewed organization faced several critical challenges in their AML processes.”
These included a lack of “centralized visibility, requiring teams to navigate multiple disconnected systems, preventing a unified view of operations and causing delays.”
Excessive manual effort was also a significant burden, “with key tasks like rule creation and alert configuration handled manually, increasing the risk of errors.”
Collaboration suffered due to “system instability and issues with shared spreadsheets, which were prone to crashes and version conflicts.”
Additionally, the overwhelming volume of alerts “created operational stress, frequent delays, raising the potential for human error and making it difficult to meet Service Level Agreements (SLAs).”
These challenges not only “slow down compliance efforts, but also expose the organization to greater risk and operational inefficiencies.”
Sumsub’s AML Transaction Monitoring addresses these challenges by centralizing AML monitoring and automating key workflows, making it easier for cross-functional teams to collaborate and respond to risks in real time.
Andrew Sever, co-founder and CEO at Sumsub, said their data indicates that the majority of fraud happens after onboarding, which means ongoing monitoring is just as important as the initial vetting process.