Tuum, a leading next-generation core banking provider, has announced a partnership with Sumsub, a global full-cycle verification platform.
This collaboration empowers banks, fintechs, and financial institutions to streamline customer onboarding, meet evolving regulatory requirements, and enhance fraud prevention measures—while removing friction from the user experience.
As regulatory demands tighten and fraud becomes more sophisticated, financial institutions face mounting pressure to verify users quickly, detect fraudulent activities, and stay compliant across multiple jurisdictions. Tuum’s modular, cloud-native banking platform enables seamless integration with best-in-class technology providers, ensuring that financial institutions can scale and adapt with ease.
By integrating Sumsub’s full-cycle KYC, KYB, and AML compliance solutions, Tuum-powered banks and fintechs can:
Onboard Customers Faster - Automate identity verification, reducing onboarding time and improving conversion rates.
Ensure Seamless Compliance - Meet global KYC/AML regulations with Sumsub’s AI-powered fraud detection and transaction monitoring.
Scale Securely - Operate across multiple markets with confidence, leveraging real-time decisioning and ongoing risk monitoring.
Monitor fraud and suspicious transactions - Detect illicit activity, in addition to verification and AML screening, through one single platform
Addressing a Critical Market Need
The financial sector is experiencing an unprecedented rise in fraud and financial crime, with identity fraud in traditional finance growing by 162% YoY in 2024 and AI-driven deepfake scams increasing fourfold globally. At the same time, regulators worldwide—including the EU’s AML Package, the UK’s Economic Crime Plan 2, and PSD3—are enforcing stricter compliance requirements.
Additionally, the Digital Operational Resilience Act (DORA) is pushing financial institutions to enhance security and operational resilience across all digital transactions. This means compliance is no longer just about verification—it’s about ensuring ongoing fraud detection, secure risk management, and uninterrupted financial operations.
“Regulatory compliance and fraud prevention are no longer just obligations—they are critical to long-term success in financial services. With new frameworks like PSD3 and DORA shaping the industry, banks and fintechs must embed resilience, security, and real-time fraud detection into their core operations,” commented Peter DeSouza, Partnerships Director, Tuum. “Partnering with Sumsub allows our customers to integrate best-in-class identity verification and compliance tools seamlessly, ensuring they can scale confidently while staying ahead of evolving threats.”
“As financial institutions navigate increasingly complex regulatory landscapes, seamless compliance and fraud prevention are more critical than ever. Over three-quarters of fraud now occurs beyond the onboarding stage, with identity fraud in Europe surging by 150% YoY in 2024,” said Julia Bond, Business Development Director, EU/UK at Sumsub. “By partnering with Tuum, we will empower banks and fintechs to tackle evolving threats head-on, streamlining verification processes while ensuring continuous fraud monitoring. With our full-cycle approach, financial institutions can scale confidently, maintaining compliance and security without compromising user experience.”
A Scalable, Future-Proof Approach to Compliance & Resilience
Both Tuum and Sumsub share an API-first, modular approach—ensuring financial institutions can seamlessly integrate compliance and fraud prevention while maintaining operational resilience in line with DORA standards.