Sumsub, a global full-cycle verification platform, is partnering with Finastra, a global provider of financial software applications and marketplaces, to support financial institutions worldwide with their compliance processes. Finastra and Sumsub will collaborate on mutual projects, offering Sumsub’s full compliance suite of verification and anti-fraud solutions to the banking market.
The banking sector faces increasingly stringent regulatory requirements, adding pressure to replace home-built systems with specialised, standardised platforms. Finastra will offer Sumsub’s Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention, and ongoing transaction monitoring capabilities to its client base of 8,500 financial institutions around the globe.
Sumsub will enable banks to onboard new users swiftly, perform anti-money laundering (AML) screening on customers, verify business clients, and monitor for fraud and suspicious transactions with the option to adopt and manage all features through a single platform.
In addition to helping financial institutions comply with sector-wide regulations, the partnership helps banks uphold their reputation, safeguard against security issues and reduce operational inefficiencies. The collaboration streamlines customer onboarding processes for banks, ensuring efficiency, while Sumsub’s solutions mitigate potential fraud expenses that might hinder their financial performance.
“Market requirements and compliance expectations across the financial sector are continually changing. In light of this, banks cannot meet these on their own – they need help from specialists,” said Achim Thienel, Managing Director Germany & Product Director at Finastra. “We are pleased to partner with Sumsub, following a rigorous due diligence process. In addition to providing technology, we always aim to be trusted consultants to our clients. We remain committed to referring best-in-class solutions that meet their unique requirements.”
“As a worrying amount of fraud occurs beyond the initial onboarding stage, it is crucial firms have the capabilities to secure the whole customer journey with ongoing fraud prevention tools, beyond the user onboarding process. By partnering with Finastra we make this need a reality, helping financial institutions strengthen their verification and anti-fraud processes,” said Martin ten Houten, VP of Business Development, Europe at Sumsub. “We will continue to support financial institutions by maintaining stakeholder satisfaction and protecting end users from illicit actors, all while helping banks avoid the reputational damage associated with issues such as inadequate customer screening or fraud exposure.”
SOURCE: PRNewswire