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Sumsub and Finastra partner to strengthen banking industry compliance

Thursday 20 June 2024 15:59 CET | News

UK-based verification platform Sumsub has partnered with financial software provider Finastra to aid financial institutions with compliance processes.

 

Finastra and Sumsub announced they will collaborate on mutual projects, offering Sumsub's full compliance suite of verification and anti-fraud solutions to the banking market.

Sumsub has partnered with Finastra to aid financial institutions with compliance processes.

Enhancing regulatory compliance and fraud prevention

The banking sector faces increasingly stringent regulatory requirements, adding pressure to replace home-built systems with specialised, standardised platforms. Finastra will offer Sumsub's KYC, KYB, fraud prevention, and ongoing transaction monitoring capabilities to its client base of 8,500 financial institutions around the globe.

Sumsub will enable banks to onboard new users swiftly, perform anti-money laundering (AML) screening on customers, verify business clients, and monitor for fraud and suspicious transactions with the option to adopt and manage all features through a single platform.

In addition to helping financial institutions comply with sector-wide regulations, the partnership helps banks uphold their reputation, safeguard against security issues and reduce operational inefficiencies. The collaboration streamlines customer onboarding processes for banks, ensuring efficiency, while Sumsub's solutions mitigate potential fraud expenses that might hinder their financial performance.

Officials from Finastra said that Market requirements and compliance expectations across the financial sector are continually changing. In light of this, banks cannot meet these on their own - they need help from specialists. They are happy to partner with Sumsub, following a rigorous due diligence process. In addition to providing technology, they always aim to be trusted consultants to their clients.

Also commenting on this partnership, representatives from Sumsub said that as a worrying amount of fraud occurs beyond the initial onboarding stage, it is crucial firms have the capabilities to secure the whole customer journey with ongoing fraud prevention tools, beyond the user onboarding process. By partnering with Finastra they make this need a reality, helping financial institutions strengthen their verification and anti-fraud processes. They will continue to support financial institutions by maintaining stakeholder satisfaction and protecting end users from illicit actors, all while helping banks avoid the reputational damage associated with issues such as inadequate customer screening or fraud exposure.

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 verification processes, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect his business.

More information about Finastra

Finastra is a global provider of financial software applications and marketplaces. It serves institutions of all sizes, providing software solutions and services across lending, payments, treasury & capital markets and universal banking (retail, digital and commercial banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking-as-a-Service.


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Keywords: KYC, KYB, identity verification, digital onboarding, financial institutions
Categories: DeFi & Crypto & Web3
Companies: Finastra, Sumsub
Countries: World
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DeFi & Crypto & Web3

Finastra

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