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Sumsub & Finastra team to strengthen Banking sector compliance

By Gloria Mathias

June 20, 2024

  • AML Compliance
  • Asia Fintech News
  • Banking Compliance

Ibanly, Sumsub, Identity Verification, Fraud Prevention, KYC, AML compliance, Finastra, fintech news, fintech solutions, Fintech APAC, Fintech, RegTech, Banking ComplianceSumsub, a global full-cycle verification platform, has partnered with Finastra, a global provider of financial software applications and marketplaces, to support financial institutions worldwide with their compliance processes.

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

As part of the partnership, Finastra will offer Sumsub’s Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention, and ongoing transaction monitoring capabilities to its client base of 8,500 financial institutions around the globe. This integration 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.

“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,” said Achim Thienel, Managing Director of Germany & Product Director at Finastra. “We are pleased to partner with Sumsub, following a rigorous due diligence process. In addition to providing technology, we always aim to be trusted consultants to our clients. We remain committed to referring best-in-class solutions that meet their unique requirements.”

“With many APAC countries establishing regulatory frameworks in the banking sector, compliance has become a top priority for banks. By partnering with Finastra, we aim to support financial institutions to strengthen their verification and anti-fraud processes,” said Penny Chai, VP of Business Development, APAC at Sumsub. “Last year, the APAC region saw a spike in reported fraud crimes. The rapid digitalisation of the banking sector, combined with the use of AI tools by fraudsters, has created new opportunities for malicious activities. It is imperative to proactively support financial institutions in protecting their end users from illicit actors and avoid reputational damage by instilling adequate safeguards.”

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