Based on the information detailed in the press release, this marks a milestone for the company, highlighting its ongoing commitment to bettering compliance measures and providing ‘best-in-class’ solutions in the payments ecosystem.
As a verification provider, Sumsub offers a suite of Know Your Customer (KYC), Know Your Business (KYB), transaction monitoring, and fraud prevention solutions designed to address the needs of modern businesses. The platform leverages technologies of the likes of artificial intelligence (AI), machine learning (ML), and biometric recognition to deliver extensive onboarding, together with compliance procedures.
By becoming a member of The Payments Association, Sumsub seeks to reinforce its position as a trusted partner for businesses activating within the fintech and payments industries. As per the announcement, the association acts as a forum for industry collaboration, sharing best practices, and looking to shape the future of payments in the UK and beyond. Sumsub’s membership is set to enable the company to collaborate closely with payments industry leaders and further progress in compliance and digital security alike.
When commenting on the news, Peter Sever, co-founder and Chief Strategy Officer of Sumsub advised that the company is looking forward to joining The Payments Association, stating that the membership is a signifier of the company’s commitment to enriching the fintech landscape with advanced verification and compliance solution. The spokesperson added that they are looking towards collaborating with other members of the association to further better payments industry standards and drive innovation together.
The press release further details that The Payments Association activates in the UK, the EU, and Asia, bringing together a diverse array of industry stakeholders, including banks, payment service providers, technology companies, and regulators. Through its collaborative efforts, the association seeks to contribute to the promotion of secure, efficient, and innovative payment solutions, while ensuring that the interest of consumers and businesses alike are safeguarded.
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