Sumsub and NayaOne Partner to Streamline Compliance for Financial Institutions

  Sumsub

Global verification platform, Sumsub, is joining forces with synthetic data provider, NayaOne. The partnership aims to bolster compliance processes for financial institutions across Europe and the United States.

Strengthening Compliance with Full Suite Integration

Sumsub plans to integrate its full suite of compliance solutions with NayaOne’s tech marketplace for banks. NayaOne, with an ecosystem of over 150 financial institutions and 350 FinTech companies, facilitates bank-fintech partnerships to drive innovation. With this integration, firms will gain access to Sumsub’s Know-Your-Customer (KYC), Know-Your-Business (KYB) and ongoing Transaction Monitoring capabilities.

The integrated suite will enable banks to onboard new clients, perform anti-money laundering (AML) screening, monitor fraudulent transactions, and manage cases all in one place. This will help banks meet regulatory requirements set across the sector, uphold reputational standards, and fulfill responsibilities to shareholders.

Mitigating Fraud and Enhancing Efficiency

The partnership aims to mitigate fraud-related costs that could affect the banks’ bottom line, while protecting end-users from illicit activities. Deepfake scams are a growing concern, as Sumsub data revealed that the proportion of deepfakes among all fraud cases in the UK rose from 1.2% to 5.9% from 2022 to Q1 2023.

Thomas Taraniuk, Head of Partnerships, UK and Europe at Sumsub, emphasized the importance of securing users’ entire journeys with ongoing fraud prevention tools. He added that the integration goes beyond ensuring compliance and is determined to help financial institutions protect end users from malicious actors.

Accelerating Innovation Across the Financial Sector

NayaOne, known for supporting corporate innovation, recently powered Valley Bank’s new fintech innovation platform. The strategic partnership with Sumsub aims to drive further innovation across the sector by streamlining regulatory compliance processes.

Sumsub has previously demonstrated its potential to improve efficiency through its partnership with The Kingdom Bank. The bank saw a 48% revenue increase by reducing its onboarding process from three days to just under two minutes, with a success rate of 92%. This was made possible due to Sumsub’s in-house liveness technology, which also helped reduce scam applications in emerging markets.