Ibanly taps Sumsub's verification platform

Friday 15 March 2024 11:24 CET | News

Canada-based fintech specialising in cross-border payments Ibanly has chosen Sumsub for identity verification, AML screening, KYC, and KYB checks.


Sumsub, a global verification platform, has announced a new collaboration with Ibanly, a fintech company specialising in cross border payments. This will allow Ibanly to enhance its user onboarding process while ensuring AML compliance with regulatory requirements.

Ibanly has chosen Sumsub for identity verification, AML screening, KYC, and KYB checks.

Currently Ibanly is servicing over 100 corporate clients and is rapidly expanding, pursuing further licences in Hong Kong and Europe to expand its footprint in the financial services industry. Through Sumsub’s AI powered verification technology, Ibanly remains at the forefront of fintech innovation fuelling growth and maintaining a high customer acquisition rate.

Officials from Ibanly said they are happy to partner with Sumsub, a global player in the regtech industry, to deliver clients with professional onboarding user experiences. Moreover, this alliance enables peace of mind, understanding that their platform and onboarding process is fully compliant with the dynamic regulatory environment, and that it is protected from fraudulent transactions. By implementing Proof of Address verification, Liveness, and Deepfake detector technology, their company is ready for further international expansion.

Also commenting on this partnership, representatives from Sumsub stated that they are grateful for their collaboration with Ibanly, a rapidly growing e-payments provider. At Sumsub, their mission is to offer cutting-edge verification solutions, and they are proud to support Ibanly in their commitment to creating a secure and seamless experience for their global clients.

Previous news from Sumsub

In March 2024, Sumsub has also teamed up with Chainalysis to enhance compliance and monitoring services for clients dealing with digital assets. The collaboration involves integrating Chainalysis' advanced blockchain analytics into Sumsub's Transaction Monitoring solution tailored for digital assets.

By combining Sumsub's Travel Rule and Transaction Monitoring tools with Chainalysis' robust blockchain analytics platform, the partnership aims to deliver regulatory compliance, automated monitoring of cryptocurrency transactions, and secure data storage for customers.

In February 2024, Sumsub launched its Non-Doc Verification solution in the US, aiming to reduce fraud attacks by covering over 292 million active mobile users. The solution simplifies customer onboarding by eliminating the need for manual data input, instead requiring only phone numbers. It does not require sharing Social Security Numbers (SSNs) or uploading ID scans, offering a safer onboarding experience.

The company’s solution covers 90% of US mobile number users and boasts a 91.64% user pass rate. By focusing on eliminating traditional document-based checks, Sumsub aims to make digital verification more accessible globally and improve the overall digital environment.

What does Sumsub do?

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub’s customisable KYC, KYB, Transaction Monitoring, and Fraud Prevention solutions, one can orchestrate the verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect its business.

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, ecommerce, and gaming industries including Binance, Wirex, Avis, Bybit, Huobi, Unlimit, Flutter, Kaizen Gaming, and TransferGo.

More information about Ibanly

Ibanly is a financial services company providing cross-border payment rails to its corporate clients. With a proven track record of success, Ibanly helps over 100 businesses streamline their transactional banking processes.

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Keywords: cross-border payments, identity verification, AML, KYC, KYB
Categories: Fraud & Financial Crime
Companies: Ibanly, Sumsub
Countries: World
This article is part of category

Fraud & Financial Crime




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