Sumsub has reportedly entered a long-term partnership with Finastra, jointly enabling banking clients to adopt Sumsub’s compliance and anti-fraud solutions.
Sumsub has teamed up with Finastra, a global provider of financial software applications and marketplaces, in order 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.”
Achim Thienel, Managing Director Germany & Product Director at Finastra said:
“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. 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.”
Martin ten Houten, VP of Business Development, Europe at Sumsub said:
“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. 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.”
As covered, Finastra is a global provider of financial software applications and marketplaces. It serves institutions of all sizes, “providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service.”
Its pioneering approach and commitment “to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks.”