Sumsub, a renowned verification platform, has formed a long-term alliance with Finastra, a prominent financial software provider, to reshape compliance processes for banks worldwide.
Empowering Compliance Transformation
Sumsub and Finastra are teaming up to offer Sumsub's advanced compliance suite, encompassing KYC, KYB, fraud prevention, and transaction monitoring tools to financial institutions globally. With integration into Finastra's extensive network of 8,500 banks, customer onboarding, AML checks, client verification, and fraud detection will be streamlined.
Adapting to Regulatory Evolution
The collaboration between Sumsub and Finastra becomes crucial amidst stricter regulations in the Asia-Pacific banking arena. Recent updates from regulatory bodies like OJK, HKMA, and MAS emphasize the urgency of robust measures against financial crimes.
Expert Perspectives
Achim Thienel, Managing Director Germany & Product Director at Finastra, stresses the significance of collaboration in meeting market demands and compliance standards. Penny Chai, VP of Business Development, APAC at Sumsub, highlights the imperative need to bolster verification and anti-fraud processes to combat the increasing fraud incidents in the region.
A Forward-Thinking Partnership
The alliance between Sumsub and Finastra symbolizes a strategic move to equip financial institutions with cutting-edge tools for navigating the complex landscape of compliance and security. Through the fusion of Sumsub's innovative solutions and Finastra's vast global presence, banks can strengthen their defenses against financial crimes and maintain their credibility. This partnership underscores the unwavering dedication of both companies to support the growth and resilience of the banking sector amidst regulatory shifts.