Global verification platform Sumsub partners with financial software provider Finastra Strengthening compliance processes for financial institutions around the world.
Through this partnership, Smooth‘s verification and fraud prevention solutions integrated with Finastra’s financial software, benefiting the company’s 8,500 clients worldwide.
The partnership aims to address increasing regulatory demands in the banking industry and provide a standardized platform to replace outdated home-built systems.
Finastra customers will now have access to Sumsub’s comprehensive suite, including know-your-customer (KYC), know-your-business (KYB), fraud prevention and transaction monitoring tools.
Sumsub’s platform enables banks to streamline user onboarding, perform anti-money laundering (AML) screening, verify business clients and monitor transactions for fraudulent activity, all with the ability to be deployed and managed on a single platform.
The integration is designed to help financial institutions maintain compliance, protect their reputations and reduce operational inefficiencies.
Achim Thiener
“Market requirements and compliance expectations across the financial sector are constantly changing. Given this, banks cannot meet these on their own and need expert help.”
After a rigorous due diligence process, we are pleased to partner with Sumsub. In addition to providing technology, we always aim to be a trusted consultant to our customers.”
Achim Thienel, Managing Director and Product Director for Germany at Finastra, said:
Martin ten Houten
“With a worryingly high amount of fraud occurring beyond the initial onboarding stage, it is important that businesses have the ability to go beyond the user onboarding process and protect the entire customer journey with ongoing fraud prevention tools.
By partnering with Finastra, we are delivering on this need and helping financial institutions strengthen their validation and fraud prevention processes.”
“We are pleased to be partnering with Sumsub to bring our innovative solutions to the next generation of smart homes,” said Martin ten Houten, vice president of European business development at Sumsub.
Featured Image Credit: Free Pick
