Core banking supplier Tuum and verification platform Sumsub introduced a partnership this week.
The collaboration will assist banks, fintechs, and monetary establishments improve fraud prevention with out compromising the consumer expertise.
Tuum gained Better of Present in its Finovate debut at FinovateEurope 2024 in London. Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin.
A newly introduced partnership between core banking supplier Tuum and full-cycle verification platform Sumsub will give banks, fintechs, and monetary establishments the flexibility to streamline buyer onboarding and improve fraud prevention with out including friction to the consumer expertise.
The mixing of Sumsub’s compliance options will assist monetary establishments cope with the rising risk of fraud and monetary crime. This features a world, fourfold improve in AI-driven deepfake scams. Including to this problem is the proliferation of recent laws which are tightening compliance necessities and mandating better safety and operational resilience.
“Regulatory compliance and fraud prevention are now not simply obligations—they’re crucial to long-term success in monetary providers,” Tuum Partnerships Director Peter DeSouza stated. “With new frameworks like PSD3 and DORA shaping the business, banks and fintechs should embed resilience, safety, and real-time fraud detection into their core operations.”
Via the partnership, banks and fintechs working with Tuum will profit from automated identification verification and AI-powered fraud detection and transaction monitoring. This may allow them to onboard prospects quicker and adjust to worldwide KYC/AML laws. Tuum-powered establishments can even profit from the flexibility to securely scale and function in a number of markets due to real-time decisioning and steady danger monitoring.
“As monetary establishments navigate more and more complicated regulatory landscapes, seamless compliance and fraud prevention are extra crucial than ever,” Sumsub Enterprise Improvement Director for EU/UK Julia Bonda stated. “Over three-quarters of fraud now happens past the onboarding stage, with identification fraud in Europe surging by 150% year-over-year in 2024.”
Making its Finovate debut at FinovateEurope 2020 in Berlin, Sumsub gives a full-cycle verification platform together with customizable options for KYC, KYB, transaction monitoring, and fraud prevention. Based in 2015, the corporate has greater than 4,000 shoppers in industries akin to fintech, buying and selling, e-commerce, crypto, transportation, schooling, and extra. Sumsub’s prospects embody Bitpanda, Bybit, Wirex, and TransferGo. Andrew Sever is the corporate’s Founder and CEO.
Of late, Sumsub has solid partnerships with the Affiliation of Fintechs in Kenya (AFIK), workforce payroll and funds platform Papaya World, and Latin America-based company expense administration firm Clara. Most lately, the corporate introduced a partnership with Duolingo to bolster safety for the language-learning app’s English language proficiency check, the DET.
Headquartered within the UK and Estonia, Tuum gained Better of Present in its Finovate debut at FinovateEurope 2024. On the convention, the corporate demonstrated how its modular, cloud-native, API-first banking platform leverages a microservices structure to offer excessive scalability and adaptability together with decrease upkeep prices. Within the yr since then, Tuum has secured partnerships with quite a few fintechs together with TransactionLink, CREALOGIX, DDCAP ETHOS, Ozone API, Flexys, ComplyAdvantage, and audax. The corporate was based in 2019. Myles Bertrand is CEO.
Photograph by Marlene Leppänen
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