Advapay, Sumsub to deliver automatic KYC/AML solution

By Robin Amlot

Advapay, a digital core banking platform for FinTechs, and Sumsub, an identity verification platform that covers KYC/KYB/AML needs are partnering to offer a single solution to digital banks and FinTechs. With immediate effect, Sumsub’s solution will be available and accessible for all Advapay’s clients from the list of ready-to-use integrations. The aim is to provide Baltic-based payment services with well-grounded compliance and simplified onboarding experience for their users.

Estonia-based Advapay’s services include advisory and licensing services, the provision and implementation of IT infrastructure and a digital core banking platform. Integration with Sumsub broadens the scope of Advapay’s core banking platform and provides automated onboarding and KYC/AML functionalities. Customers can connect either to a cloud-based SaaS or on-premise software based on the Canopus EpaySuite platform.

The deal follows closely on the heels of Sumsub’s successful series A fundraising which saw the firm close a $6 million funding round led by MetaQuotes in September. Its identity verification platform provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs. The company focuses on accelerated ID verification, digital fraud detection and compliance for over 200 markets.

“We are pleased to announce that we have formed a strategic partnership with Sumsub.”, said Gustav Korobov, Senior Sales Executive at Advapay. “Sumsub’s solution will enable us to fully automate AML/KYC processes for our clients, providing a superior level of security. This means that we will embrace an entirely new value proposition and recreate exceptional customer experience.”

“We are really excited to work with Advapay and by connecting our solution to their smart banking ecosystem to help their clients achieve effortless and secure identity verification.”, said Jacob Sever, Co-founder of Sumsub. “From our experience, we can say that Advapay is a committed and reliable partner in providing a highly configurable Core Banking platform. It is the partner of choice to deliver end-to-end and fast-to-market solutions.”