In a significant move to bolster compliance support for financial institutions, Finastra has partnered with Sumsub, a leader in KYC and fraud prevention solutions. This collaboration aims to enhance compliance processes for Finastra’s extensive client base of 8,500 financial institutions globally.
Through this partnership, Finastra will integrate Sumsub’s comprehensive suite of compliance tools, including Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention, and ongoing transaction monitoring. This integration is designed to streamline and enhance the compliance operations of financial institutions using Finastra’s platforms.
The Sumsub integration will enable banks to quickly onboard new users, conduct thorough anti-money laundering (AML) screenings, verify business clients, and monitor transactions for fraudulent activity.
Banks can manage all these capabilities via a single, unified platform, significantly improving efficiency and reducing potential fraud-related costs.
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Here is what it means for users.
By integrating Sumsub’s solutions, financial institutions using Finastra’s platforms can offer a more efficient onboarding process. New users will benefit from faster account setups and streamlined identity verification, reducing the time and hassle typically associated with opening new accounts.
Finastra users can expect heightened security measures, as Sumsub’s advanced fraud prevention tools will actively monitor and detect suspicious activities. This means a safer banking environment where users’ accounts and transactions are better protected from fraudulent attempts.
The integration ensures that Finastra users’ accounts comply with the latest regulatory standards without extra effort. Banks will handle background compliance checks, ensuring they meet all AML and KYC requirements. This results in a smoother, less intrusive user experience while maintaining high compliance standards.
With Sumsub’s enhanced KYB solution, Finastra can help clients verify and manage onboarding quickly. This capability means that any issues related to business account verifications can be resolved more promptly, leading to fewer delays and disruptions for users.
Finastra is a prominent financial technology company that pioneered open finance. It offers various software solutions and services to financial institutions worldwide, including solutions for lending, payments, treasury and capital markets, universal banking, investment management, and banking.
Sumsub is a cloud and AI-based KYC and AML compliance solution provider specialising in customer onboarding, document verification, identity verification, and AML screening. The company’s AI-based tools enable the inspection of electronic images of physical documents for identity verification and fraud recognition, finding applications in employee onboarding, online trading, blockchain-based projects, and the on-demand economy.
Finastra integrates Sumsub’s compliance solutions, marking a significant step in providing enhanced support to financial institutions. This partnership streamlines compliance processes and ensures that banks have the capability to comply with financial regulations.
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