Sumsub, a global full-cycle verification platform, is partnering with NayaOne, a synthetic data provider and leading digital transformation platform for the financial services industry, to support financial institutions across Europe and the United States with their compliance processes.
Sumsub will integrate its full suite of compliance solutions with NayaOne’s tech marketplace for banks.
NayaOne has an ecosystem of 150+ financial institutions and 350+ FinTech companies for different use cases via the ‘Digital Transformation Platform’ to discover, evaluate, and scale them to production. The company facilitates bank-fintech partnerships to drive innovation, with firms now gaining access to Sumsub’s KYC (Know-Your-Customer), KYB (Know-Your-Business) and ongoing Transaction Monitoring capabilities. The full suite integration will ensure banks on the marketplace can onboard new clients, perform anti-money laundering (AML) screening, monitor fraudulent transactions, verify businesses and manage cases all in one place.
In addition to allowing financial institutions to meet regulatory requirements set across the sector, the integration will help banks uphold reputational standards, while fulfilling responsibilities to shareholders. The partnership will ensure efficiencies for banks, through quick customer onboarding. Sumsub’s solutions will limit additional fraud-related costs that could impact the banks’ bottom line while, crucially, protecting end-users from illicit activity. Deepfake scams are an existing threat as recent Sumsub data revealed that, in the UK, the proportion of deepfakes among all fraud cases grew from 1.2% to 5.9% from 2022 to Q1 2023, with global deepfake cases in just Q1 surpassing the whole of 2022 by 10%. At a time where it is easier than ever for end-users to switch their banking provider, ensuring convenience and protection against growing threats is essential to retain customers.
“We are thrilled to announce this strategic partnership with NayaOne. We have a shared ambition to provide transparency around mitigating fraud within the Financial Services space through NayaOne’s Digital Transformation Platform. As an alarming amount of fraud occurs beyond the initial onboarding stage, it is crucial firms have the capabilities to secure their users’ whole journeys with ongoing fraud prevention tools, beyond the KYC process,” said Thomas Taraniuk, Head of Partnerships, UK and Europe at Sumsub. “This integration goes beyond ensuring compliance as a regulatory tick-box exercise. We are determined to help financial institutions keep stakeholders satisfied and protect end users from malicious actors, while helping banks avoid the reputational damage that comes with issues such as inadequate customer screening or fraud exposure.”
“We welcome Sumsub to the NayaOne marketplace. Its digital verification solutions empower banks to offer fast, flexible financial tools, streamlining services for a more prosperous automation,” added Oli Platt, Product and Marketplace Manager, NayaOne. “Sumsub solutions now can be discovered and tested via the NayaOne Digital Transformation Platform,, helping our ongoing mission of catalysing innovation across the final sector.”
NayaOne is leading the way in supporting corporate innovation, recently powering Valley Bank’s new fintech innovation platform. The partnership with Sumsub will help drive further innovation across the sector by facilitating regulatory compliance processes. Sumsub recently partnered with The Kingdom Bank to help it achieve a 48% revenue increase through streamlining its onboarding process from three days to just under 2 minutes. With a 92% success rate, the bank’s onboarding became more efficient and secure, due to Sumsub’s in-house liveness technology, reducing scam applications in emerging markets.