Through this partnership, Fluid Finance aims to create a new financial model that incorporates traditional and digital finance. The company’s user-focused approach relies on Know Your Customer (KYC), Anti-Money Laundering (AML) procedures, and strict compliance in order to ensure fraud prevention.
The company uses blockchain technologies and offers an easy way to get in and out of digital currencies. Its app includes services such as an on- and off-ramp to crypto, free remittance transfers, savings and investment products, as well as traditional banking services. Fluid Finance is present in 80 countries at the time of writing, and it plans to expand its footprint in the coming years.
Sumsub is an all-in-one verification platform that was designed to secure each step of the customer journey. The company offers customisable AML, KYC, KYB, and KYT solutions that can help clients orchestrate their verification processes, improve onboarding, welcome new customers, prevent digital fraud, and minimise costs.
According to the official press release, Sumsub’s methodology is in line with FATF recommendations, the international standard for AML/CTF rules, and local regulatory requirements (FINMA, FCA, CySEC, MAS, BaFin).
Regarding the partnership between the two companies, Fluid Finance officials expressed the company’s commitment to give as much control as possible to users while deterring bad actors. They also emphasised that their integrated account and Web3 wallet architecture allows transfers between crypto and traditional currencies, and they described Sumsub as a partner that can help them balance a good user experience with strong regulatory compliance.
Sumsub representatives revealed their commitment to contributing to a safer and more efficient financial world. They also talked about Fluid Finance and how it represents a great fit for their customisable AML, KYC, Liveness and Proof of Address solutions.
In January 2023, Sumsub also partnered with Pismo to bring AI and machine learning to manage identities and prevent fraud across the latter’s platform. Officials from Pismo emphasised how their platform processes almost 70 million accounts and 2.2 billion transactions per year. They also revealed that only a robust solution with advanced AI and machine learning technologies such as Sumsub would be well-suited to managing identities and preventing fraud at the speed that they require.
This partnership aimed to improve the security of Pismo’s platform, increasing its efficiency and positively impacting the quality of service they deliver to clients.
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