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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.

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 Germany and 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.”

Sumsub and Finastra Are Making Compliance More Convenient

The banking sector in Asia-Pacific has been experiencing increasingly stringent regulatory requirements due to the rise of evolved financial crimes. For instance, the Indonesian Financial Services Authority (OJK) has strengthened regulations on consumer and public protection in the financial services sector this year.

Similarly, the Hong Kong Monetary Authority (HKMA) updated anti-money laundering and counter-terrorist financing guidelines in May 2023 to enhance safeguards. The Monetary Authority of Singapore published a joint consultation paper in October 2023, assigning financial institutions duties to mitigate phishing scams.

“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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