Fluid Finance, Sumsub to Enhance Identity Verification, AML Compliance

Fluid Finance, a Fintech company headquartered in Geneva, has partnered with Sumsub, a global all-in-one verification platform, “to enhance user onboarding and ensure bulletproof fraud protection.”

Fluid’s aim is “to create a new financial model by combining traditional and digital finance.”

Strict compliance, Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures are “integral to Fluid’s user-focused approach, which has security and fraud prevention at its heart.”

Fluid Finance founder and CEO Robert Sharratt said of the partnership:

“Fluid Finance is driven by giving as much control as possible to our users. At the same time we want to deter bad actors, especially since our integrated account and Web3 wallet architecture allows transfers between crypto and traditional currencies. With Sumsub, we have found a partner that balances a great user experience and strong regulatory compliance.”

Andrew Sever, co-founder and CEO of Sumsub, remarked:

“By partnering with Fluid Finance, we are contributing to a safer and more efficient financial world for everyone. Sumsub’s all-in-one verification platform, with its customizable AML, KYC, Liveness and Proof of Address solutions, is a perfect match for an innovative fintech company focused on ambitious goals and global growth. We are glad to support Fluid Finance on their way.”

As noted in the update, Fluid Finance is “a Geneva based fintech that is aiming to combine traditional and digital finance in one easy to use app.”

Started in 2021 by former investment banker Robert Sharratt, the app “has a rapidly growing global user base.”

It’s built “on the blockchain, and is the easiest way to get in and out of digital currencies. Fluid’s super-app offers a number of services: free remittance transfers, an on- and off-ramp to crypto, and built-in traditional banking services, as well as a number of savings and investment products.”

They have users “in 80 countries, and counting.”

As mentioned in the announcement, Sumsub is “an all-in-one verification platform that secures every step of the customer journey.”

With Sumsub’s customizable KYC, KYB, KYT, and AML solutions, you can “orchestrate your verification process, welcome more customers worldwide, speed up onboarding, reduce costs and steer clear of digital fraud.”

Sumsub achieves “the highest conversion rates in the industry—91.64% in the US, 95.86% in the UK, and 90.98% in Brazil—while verifying users in less than 50 seconds on average.”

Sumsub’s methodology “follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS, BaFin).”

As the first regulated compliance-as-a-service provider, Sumsub has “a team of legal experts ready to consult on regulatory specifics worldwide.”

With over 2,000 clients across the fintech, crypto, transportation, trading and gaming industries, Sumsub partners “with the likes of Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy and TransferGo.”

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