Fintech
Finastra Strengthens Compliance Offerings with Sumsub Integration
Of Fintech News Singapore
June 20, 2024
Sumsub, a global verification platform, has joined forces with the financial software provider Window to improve compliance processes for financial institutions around the world.
This partnership will integrate Sumof verification and anti-fraud solutions with Finastra’s financial software, for the benefit of the latter’s 8,500 customers around the world.
The collaboration aims to address the growing regulatory needs of the banking industry by offering a standardized platform to replace outdated systems built in-house.
Finastra customers will have access to Sumsub’s full suite, including Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention tools and transaction monitoring.
Sumsub’s platform will enable banks to streamline user onboarding, perform anti-money laundering (AML) screening, verify corporate customers and monitor transactions for fraud with the ability to adopt and manage all capabilities through a single platform.
This integration is designed to help financial institutions maintain compliance, protect their reputation and reduce operational inefficiencies.
Achim Thienel
“Market requirements and compliance expectations in the financial industry are constantly evolving. In light of this, banks cannot do it alone: they need the help of specialists.
We are pleased to partner with Sumsub, following a rigorous due diligence process. In addition to providing technology, we always aim to be a trusted advisor to our customers.”
said Achim Thienel, Managing Director Germany and Product Director at Finastra.
Martin ten Houten
“With a worrying number of frauds occurring beyond the initial onboarding phase, it is critical that companies have the capabilities to protect the entire customer journey with ongoing fraud prevention tools, beyond the user onboarding process.
By collaborating with Finastra we are turning this need into reality, helping financial institutions strengthen their verification and anti-fraud processes.”
said Martin ten Houten, vice president of business development for Europe at Sumsub.
Featured image credit: Edited by Freepik
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