Sumsub said on 19 June 2024 that it had formed a long-term partnership with Finastra to support financial institutions with compliance processes. The company said Finastra would offer Sumsub’s know-your-customer, know-your-business, fraud prevention and ongoing transaction monitoring tools to its client banks, with mutual projects planned under the collaboration.
Sumsub said banks could onboard users, run AML screening, verify business clients and monitor for fraud and suspicious transactions, with the option to adopt and manage features through a single platform. It framed the partnership as a response to pressure on banks to replace home-built systems with specialised, standardised platforms as regulatory requirements tighten.
Achim Thienel, managing director Germany and product director at Finastra, said in the announcement that banks cannot meet continually changing market and compliance expectations on their own and need help from specialists. Martin ten Houten of Sumsub said a worrying amount of fraud occurs beyond initial onboarding, making ongoing fraud prevention across the customer journey essential.
The release described Finastra as serving more than 8,000 institutions including 45 of the world’s top 50 banks — figures presented as Finastra’s about text. The announcement did not name joint bank customers or say which Finastra products would embed Sumsub first.