Finastra Bolsters Compliance Offerings with Sumsub Integration

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

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

The partnership aims to address the increasing regulatory demands in the banking sector by offering a standardized platform to replace outdated, custom-built systems. Finastra’s clients will now have access to Sumsub’s comprehensive suite, which includes Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention, and transaction monitoring tools.

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Sumsub’s platform will enable banks to streamline user onboarding, perform anti-money laundering (AML) screenings, verify business clients, and monitor transactions for fraud, all managed through a single platform. This integration is designed to help financial institutions maintain compliance, protect their reputations, and reduce operational inefficiencies.

“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.

“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.

Source: fintechnews.sg