FutureBank, a banking and payments integration platform, announced an international partnership with Regtech company Sumsub, a global verification provider. The latest collaboration should help banking service providers with enhancing their digital transformation strategies and control all identity operations via a unified platform.
The partnership brings FutureBank’s expertise in core banking integration and orchestration with Sumsub’s compliance platform, allowing FIs to implement decentralised finance (such as crypto solutions and stablecoins) in compliance with relevant regulations.
Sergio Barbosa, Chief Executive Officer at FutureBank said that their mission has always been to bridge the gap between legacy or more traditional banking systems and the latest fintech breakthroughs.
Barbosa added that fraud tactics grow increasingly sophisticated, it’s vital for them to shield clients from various threats without affecting their progress.
He acknowledged Sumsub’s adaptive AI, which orchestrates real-time identity checks and “stops fraudsters before they cause harm.”
They also stated that Sumsub’s device intelligence, biometric verification, and reusable identity product suite give their customers the “seamless yet secure experience they need to confidently protect users.”
FutureBank clients are able to access the Sumsub software as part of its ecosystem of financial products.
And Sumsub customers looking for secure integrations of various banking and payment solutions can now access APIs via “pre-built adaptors into providers on FutureBank’s platform.”
Tom Schoon from Sumsub said that via their partnership with FutureBank, they are now able to offer a more “unified solution that not only meets compliance requirements but also simplifies the process for banks, allowing them to focus on innovation and customer service.”
Synthetic media and AI-powered fraud is surging globally with fraud-as-a-service “industrialising” digital scams.
GenAI is said to be responsible for a rise in “hard-to-detect.
FutureBank’s middleware platform reportedly creates a layer between the bank and the third-party provider they want “to integrate with, acting as the glue that enables older legacy cores and modern, API-driven offerings to be compatible.”
This orchestration layer enables technological “flexibility without vendor lock-in.”
The partnership enables banking institutions and platforms to have access to Sumsub solutions, adaptive AI-enhanced identity verification, real-time fraud prevention, anti-money laundering (AML) and know your customer (KYC) compliance solutions.
The firm said it supports more than 40 interface languages for user verification. This support enables frictionless, localised onboarding and identity verification.