Tuum, a core banking provider, has announced a partnership with Sumsub, a global “full-cycle” verification platform.
This collaboration empowers banks, fintechs, and financial institutions to streamline customer onboarding, “meet evolving regulatory requirements, and enhance fraud prevention measures—while removing friction from the user experience.”
As regulatory demands tighten and fraud becomes more sophisticated, financial institutions face pressure to “verify users quickly, detect fraudulent activities, and stay compliant across multiple jurisdictions.”
Tuum’s modular, cloud-native banking platform enables integration with technology providers, “ensuring that financial institutions can scale and adapt with ease.”
By integrating Sumsub’s full-cycle KYC, KYB, and AML compliance solutions, Tuum-powered banks and fintechs can:
- Onboard Customers Faster – Automate identity verification, reducing onboarding time and improving conversion rates.
- Ensure Compliance – Meet global KYC/AML regulations with Sumsub’s AI-powered fraud detection and transaction monitoring.
- Scale Securely – Operate across multiple markets with confidence, leveraging real-time decisioning and ongoing risk monitoring.
- Monitor fraud and suspicious transactions – Detect illicit activity, in addition to verification and AML screening, through one single platform
The financial sector is experiencing a rise in fraud and financial crime, with identity fraud in “traditional finance growing by 162% YoY in 2024 and AI-driven deepfake scams increasing fourfold globally.”
At the same time, regulators worldwide—including the EU’s AML Package, the UK’s Economic Crime Plan 2, and PSD3—are “enforcing stricter compliance requirements.”
Additionally, the Digital Operational Resilience Act (DORA) is pushing financial institutions to “enhance security and operational resilience across all digital transactions.”
This means compliance is no longer just about verification—it’s about ensuring ongoing “fraud detection, secure risk management, and uninterrupted financial operations.”
Peter DeSouza, Partnerships Director, Tuum, said:
“Regulatory compliance and fraud prevention are no longer just obligations—they are critical to long-term success in financial services. With new frameworks like PSD3 and DORA shaping the industry, banks and fintechs must embed resilience, security, and real-time fraud detection into their core operations. Partnering with Sumsub allows our customers to integrate best-in-class identity verification and compliance tools seamlessly, ensuring they can scale confidently while staying ahead of evolving threats.”
Julia Bonda, Business Development Director, EU/UK at Sumsub, said:
“As financial institutions navigate increasingly complex regulatory landscapes, seamless compliance and fraud prevention are more critical than ever. Over three-quarters of fraud now occurs beyond the onboarding stage, with identity fraud in Europe surging by 150% YoY in 2024. By partnering with Tuum, we will empower banks and fintechs to tackle evolving threats head-on, streamlining verification processes while ensuring continuous fraud monitoring. With our full-cycle approach, financial institutions can scale confidently, maintaining compliance and security without compromising user experience.”
Both Tuum and Sumsub share an API-first, modular approach—ensuring financial institutions can “integrate compliance and fraud prevention while maintaining operational resilience in line with DORA standards.”
Sumsub is described as a full-cycle verification platform that “secures the whole user journey.”
With Sumsub’s customizable KYC, KYB, Transaction Monitoring, and Fraud Prevention solutions, you can “orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.”
Sumsub reportedly has more than “4,000 clients across the fintech, crypto, transportation, trading, e-commerce, education, and gaming industries, including Bitpanda, Wirex, Avis, Bybit, Huobi, Duolingo, Kaizen Gaming, and TransferGo.”