Sumsub and Finastra Partner to Strengthen Banking Industry Compliance



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.

Finastra will offer Sumsub’s Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention and ongoing transaction monitoring capabilities to its client base.

“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,” Achim Thienel, managing director, Germany and product director at Finastra, said. “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.”

“As a worrying amount of fraud occurs beyond the initial onboarding stage, it is crucial firms have the capabilities to secure the whole customer journey with ongoing fraud prevention tools, beyond the user onboarding process. By partnering with Finastra we make this need a reality, helping financial institutions strengthen their verification and anti-fraud processes,” Martin ten Houten, vice president business development, Europe at Sumsub, said. “We will continue to support financial institutions by maintaining stakeholder satisfaction and protecting end users from illicit actors, all while helping banks avoid the reputational damage associated with issues such as inadequate customer screening or fraud exposure.”


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