In an industry grappling with sophisticated fraud tactics and increasingly stringent regulatory frameworks, a novel partnership has emerged to address these challenges head-on. Tuum, a modular, cloud-native core banking provider, has teamed up with Sumsub, a renowned full-cycle verification platform, to enhance fraud detection and compliance solutions for banks, fintechs, and financial institutions. This collaboration is poised to streamline customer onboarding processes, ensure adherence to evolving regulatory requirements, and bolster fraud prevention measures without compromising user experience.
Strengthening Fraud Detection and Compliance
Financial institutions face mounting pressure to efficiently verify users, detect fraudulent activities, and maintain compliance across various jurisdictions. This scenario has led to the development of advanced solutions like those offered by Tuum and Sumsub. Tuum’s cloud-native banking platform allows easy integration with advanced technology providers, facilitating the seamless scaling of operations. Incorporating Sumsub’s comprehensive Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML) compliance solutions into the Tuum ecosystem is a strategic move.
By automating identity verification, adhering to global KYC/AML regulations, and enabling real-time fraud monitoring, this partnership addresses evolving fraud tactics and stringent regulatory demands. Both Tuum and Sumsub understand the need for robust measures in combating identity fraud and AI-driven deepfake scams, which have seen considerable growth in recent years. The partnership particularly addresses the skyrocketing rates of identity fraud and the increasing sophistication of AI-powered scams that have posed significant challenges to financial institutions worldwide.
Meeting Regulatory Challenges
Regulatory frameworks like the EU’s AML Package, the UK’s Economic Crime Plan 2, PSD3, and DORA have set high standards for security and operational resilience in the financial sector. These regulations necessitate robust compliance measures and practical solutions to prevent fraud while ensuring business continuity. Tuum’s and Sumsub’s collaboration ensures that these high standards can be met efficiently and effectively.
Peter DeSouza, Partnerships Director at Tuum, emphasizes how critical it is to integrate resilience, security, and real-time fraud detection into the core operations of financial services to ensure long-term success. The importance of continuous fraud monitoring beyond the initial onboarding phase is highlighted by Julia Bonda, Business Development Director for EU/UK at Sumsub, who points out the complexity of regulatory landscapes and the necessity for ongoing vigilance.
Leveraging Advanced Technology for Enhanced Operations
The shared API-first, modular strategy between Tuum and Sumsub allows financial institutions to scale confidently while maintaining operational resilience. By leveraging Sumsub’s customizable KYC, KYB, transaction monitoring, and fraud prevention solutions, Tuum-powered institutions can optimize verification processes, comply with regulations, reduce costs, and protect their businesses effectively. Sumsub’s extensive clientele across diverse industries exemplifies its capacity to provide reliable services tailored to various sectors.
By implementing Sumsub’s advanced technology, financial institutions powered by Tuum can harness seamless identity verification and continuous transaction monitoring, ensuring that fraudulent activities are detected in real-time and compliance requirements are met proactively. This technological synergy marks a significant leap forward in securing financial operations against the backdrop of increasing fraud threats and stringent regulations.
Conclusion: A Robust Defense in Financial Services
In an industry struggling with advanced fraud techniques and increasingly tough regulatory conditions, a new partnership has formed to tackle these issues head-on. Tuum, a flexible, cloud-based core banking provider, has joined forces with Sumsub, a respected full-cycle verification platform, to improve fraud detection and compliance solutions for banks, fintechs, and other financial entities. This alliance aims to streamline the customer onboarding process, ensure compliance with ever-changing regulations, and strengthen fraud prevention strategies without harming user experience. By combining Tuum’s adaptable banking solutions with Sumsub’s thorough verification expertise, the partnership promises to provide a robust and seamless approach to managing both compliance and security challenges, benefiting the financial sector in substantial ways. The goal is to enhance operational efficiency while maintaining the integrity and trustworthiness expected by regulators and customers alike.
