Full-cycle verification platform Sumsub has joined forces with Finastra, a provider of financial software applications and marketplaces, to support financial institutions across the world with their compliance processes.

Both firms aim to collaborate on joint projects, bringing Sumsub’s full compliance portfolio of verification and anti-fraud solutions to the banking market.

Finastra will deliver Sumsub’s know-your-business (KYB), know-your-customer (KYC), fraud prevention and ongoing transaction monitoring offerings to its global client base of 8,500 financial institutions.

Finastra Germany managing director and product director Achim Thienel said: “Market requirements and compliance expectations across the financial sector are continually changing. In light of this, banks cannot meet these on their own – they need help from specialists.

“We are pleased to partner with Sumsub, following a rigorous due diligence process. In addition to providing technology, we always aim to be trusted consultants to our clients.”

According to the full-cycle verification platform, it will help banks to onboard new users seamlessly and carry out anti-money laundering (AML) screening on customers.

The firm will also support verifying business clients and monitoring fraud and suspicious transactions with the option to adopt and manage all features through a single platform.

Sumsub Europe business development vice president Martin ten Houten said: “As a worrying amount of fraud occurs beyond the initial onboarding stage, it is crucial firms have the capabilities to secure the whole customer journey with ongoing fraud prevention tools, beyond the user onboarding process.

“By partnering with Finastra we make this need a reality, helping financial institutions strengthen their verification and anti-fraud processes.”

The collaboration will also facilitate banks to manage their reputation, safeguard against security issues and reduce operational inefficiencies. It will also optimise customer onboarding processes for banks and guarantee efficiency.

Sumsub‘s solutions will also eliminate potential fraud expenses that might hinder their financial performance.