Sumsub, a global full-cycle verification platform, is partnering 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 Sumsub’s full compliance suite of verification and anti-fraud solutions to the banking market.

The banking sector faces increasingly stringent regulatory requirements, adding pressure to replace home-built systems with specialised, standardised platforms. 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.

Sumsub 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.

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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.

SOURCE: PRNewsWire