Finastra Bolsters Compliance Offerings with Sumsub Integration - Fintech Singapore

Finastra Bolsters Compliance Offerings with Sumsub Integration – Fintech Singapore

Finastra Bolsters Compliance Offerings with Sumsub Integration

by Fintech News Singapore

June 20, 2024

Sumsub, a global verification platform, has joined forces with financial software provider Finastra to enhance compliance processes for financial institutions worldwide.

This partnership will integrate Sumsub‘s verification and anti-fraud solutions with Finastra’s financial software, benefiting the latter’s 8,500 clients globally.

The collaboration aims to address the banking sector’s increasing regulatory demands, offering a standardised platform to replace outdated, home-built systems.

Finastra’s clients will gain access to Sumsub’s comprehensive suite, including Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention, and transaction monitoring tools.

Sumsub’s platform will enable banks to streamline user onboarding, perform anti-money laundering (AML) screenings, verify business clients, and monitor transactions for fraud with the option to adopt and manage all features through a single platform.

This integration is designed to help financial institutions maintain compliance, protect their reputations, and reduce operational inefficiencies.

Achim Thienel

Achim Thienel

“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.

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.”

said Achim Thienel, Managing Director Germany & Product Director at Finastra.

Martin ten Houten

Martin ten Houten

“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.”

said Martin ten Houten, VP of Business Development, Europe at Sumsub.

Featured image credit: Edited from Freepik

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