UK-based security and transaction monitoring solution provider Sumsub has partnered with TrueNorth to help banks expand and digitise their services. Following this partnership, both companies will focus on providing banks, fintech platforms, neobanks, financial institutions, and payment providers in the US and abroad with a new suite of digital solutions.

The services will meet regulatory requirements and compliance policies while prioritising the improvement of operational efficien cy and increasing the development process of the organisations. Customers will be able to leverage Sumsub’s platform in order to orchestrate their verification process, expand their services around the world, and speed up their onboarding process. Furthermore, the company will offer its fraud management solutions as well, allowing banks and clients to determine and combat online risks and threads while using customisable KYC, KYB, KYT, and AML tools.

Meanwhile, TrueNorth will focus on developing enhanced fintech products and tools that will meet the individual needs, preferences, and demands of the users. Sumsub’s partnerships and product launches Sumsub is an all-in-one verification platform that offers numerous products to its customers, such as video identification, travel rule, address verification, ID verification, transaction monitoring, 1click verification, workflow builder, and more. The company announced multiple partnerships and product launches in the last couple of months, covering several geographies.

At the beginning of March 2023, Sumsub partnered with Mercuryo, a global payment infrastructure platform, to launch a user verification guide for crypto-based businesses. The guide combined Sumsub and Mercuryo’s expertise in order to reveal the main verification and data control challenges of Web3 and how to manage and resolve them. It also offered an outlook on what user verification in Web3 could ideally look like in the future.

It also prioritised teaching companies how to solve key challenges and run user data, while covering the aspects the crypto industry needed to know on KYC checks, AML compliance, and verification, based on the current regulatory landscape. Earlier in the same month, Sunsub launched its Travel Rule solution for the crypto industry, which aimed to offer a customisable toolkit across the whole customer lifecycle. The product included secure Travel Rule information transfers between virtual asset service providers (VASPs), all the necessary KYC checks, AML screening, and verification orchestration that meet the regulatory specifics, as well as business requirements and needs.

With the new tool, crypto platforms had the possibility to rely on a third party for their compliance, along with shifting regulatory requirements and focusing entirely on the core business goals, as well as their expansion across the world. Travel Rule also extended FATF Recommendation 16 on wire transfers to virtual assets (VA) like cryptocurrencies and to virtual asset service providers (VASPs), so that both senders and recipients of all transfers had to exchange identifying information, guarantee its accuracy and convey the data to the government if required. .