Following this announcement, Volt is expected to power Sumsub’s Penny Drop Verification flow, which involves an end user being directed to their banking application after scanning their identity document.
Once a customer accesses their banking application, they will be asked to make a 1c payment via Volt’s hosted checkout, which is later returned to the end user in real time. In addition, Matchmeter, one of Volt’s AIS solutions, will also match the data in the payment flow to the name in the end user’s identity document.
According to the official press release, the partnership will utilise the Volt Payment Initiation Services (PIS) and Account Information Services (AIS) Open Banking capabilities across the region of Europe in order to enable Sumsub to improve its onboarding and identity verification products.
This additional layer represents an important service in markets such as Germany, where the end user’s qualified electronic signature (QES) is often used to complete the verification procedure. In addition, possessing the same legal power as a handwritten signature, a QES is recognised as a compliant identification method by European Union Anti-Money Laundering (AML) regulators. The process of ensuring the validity of a QES signatory’s information is therefore essential to businesses onboarding new users at scale.
With the overall regulatory landscape becoming more complex and fraud evolving at an alarming pace, businesses need verification solutions that are both compliant and frictionless. The partnership between Sumsub and Volt aims to ensure that companies can stay ahead of increasingly advanced fraud attempts, as well as safeguard their operations and protect users in an increasingly risky digital world. At the same time, both companies will continue to focus on meeting the needs, preferences, 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.
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