Noah has partnered with Sumsub to integrate identity verification and fraud prevention capabilities across its financial infrastructure platform.
Following this announcement, the partnership is expected to connect Noah's payment rails and virtual account infrastructure with Sumsub's verification technology.
In addition, through the integration, companies using Noah's platform will have the possibility to access automated identity verification, screening tools, and reusable KYC frameworks in order to onboard users across multiple jurisdictions.
Leveraging reusable identity framework to reduce verification friction
According to the official press release, the partnership will introduce a reusable identity layer that allows verified users to move between Noah-powered platforms without repeating document submission or liveness checks. When a user has completed verification through any institution in Sumsub's network, their verified identity data can be securely shared with user consent across different platforms and use cases.
In addition, Noah will continue to focus on maintaining regulatory oversight across all verification processes, including when reusable identity is applied. At the same time, each onboarding is set to trigger fresh sanctions and politically exposed person (PEP) screening, as risk-based assessments will be conducted independently by Noah regardless of whether identity data is reused from the Sumsub network.
Users must provide explicit consent before their verified profiles can be shared across platforms. While Sumsub will supply validated identity information, Noah will perform its own compliance checks in order to ensure that regulatory requirements are met across different jurisdictions. Moreover, the reusable identity framework is expected to align with the rollout of government-grade digital identity wallets across the region of Europe.
Moreover, according to officials of the companies, the partnership provides an onboarding and compliance system that was designed for multi-jurisdiction operations, while also addressing the need for compliance infrastructure capable of supporting high-velocity growth across multiple regulatory environments. Both institutions will continue to focus on meeting the needs, references, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
