Sumsub, a worldwide verification platform, has joined forces with monetary software program supplier Finastra to reinforce compliance processes for monetary establishments worldwide.
This partnership will combine Sumsub‘s verification and anti-fraud options with Finastra’s monetary software program, benefiting the latter’s 8,500 shoppers globally.
The collaboration goals to deal with the banking sector’s rising regulatory calls for, providing a standardised platform to switch outdated, home-built programs.
Finastra’s shoppers will acquire entry to Sumsub’s complete suite, together with Know-Your-Buyer (KYC), Know-Your-Enterprise (KYB), fraud prevention, and transaction monitoring instruments.
Sumsub’s platform will allow banks to streamline person onboarding, carry out anti-money laundering (AML) screenings, confirm enterprise shoppers, and monitor transactions for fraud with the choice to undertake and handle all options by means of a single platform.
This integration is designed to assist monetary establishments preserve compliance, shield their reputations, and scale back operational inefficiencies.
Achim Thienel
“Market necessities and compliance expectations throughout the monetary sector are regularly altering. In gentle of this, banks can not meet these on their very own – they need assistance from specialists.
We’re happy to accomplice with Sumsub, following a rigorous due diligence course of. Along with offering expertise, we all the time goal to be trusted consultants to our shoppers.”
mentioned Achim Thienel, Managing Director Germany & Product Director at Finastra.
Martin ten Houten
“As a worrying quantity of fraud happens past the preliminary onboarding stage, it’s essential companies have the capabilities to safe the entire buyer journey with ongoing fraud prevention instruments, past the person onboarding course of.
By partnering with Finastra we make this want a actuality, serving to monetary establishments strengthen their verification and anti-fraud processes.”
mentioned Martin ten Houten, VP of Enterprise Growth, Europe at Sumsub.
Featured picture credit score: Edited from Freepik
