UK-based verification platform Sumsub has partnered with Pismo to bring AI and machine learning to manage identities and prevent fraud across the latter’s platform. Pismo, a global provider of an all-in-one processing platform for banking, payments and financial markets, has started collaborating with Sumsub.

Together, Pismo and Sumsub will work together to ensure secure operations and offer swift onboarding experiences for Pismo’s global users. According to the Identity Theft Resource Center, identity crime and fraud attempts jumped by 36% in 2021 relative to 2020. As global regulations and accessibility increase, so do compliance risks.

Using AI and ML to verify identities and remain compliant Officials from Pismo said that their platform processes almost 70 million accounts and 2. 2 billion transactions per year. Only a highly robust solution with advanced AI and machine learning technologies like Sumsub was suited in managing identities and preventing fraud at the speed that they require.

This partnership contributes to the ever-increasing security level of Pismo’s platform, increasing its efficiency and positively impacting the quality service they deliver to clients. Sumsub is a KYC/KYB/KYT and AML compliance provider with over 2,000 global clients across the fintech, crypto, shared mobility, trading, and gaming industries. Sumsub helps businesses worldwide efficiently onboard users and effectively fight fraud, preventing more than 50-thousand fraud attempts each month.

The company aspires to make the fintech world safer for everyone with AI-powered transaction monitoring and business verification solutions. Also commenting on the partnership, Sumsub’s officials stated that they’re happy to offer their all-in-one verification platform to global financial infrastructure providers like Pismo, allowing banking and payments to impact people’s lives positively. With Sumsub’s KYC, KYB, transaction monitoring and AML solutions, it’s easier for businesses to expand to international markets and increase their customer base while staying fully compliant with regulations and securing strong anti-fraud protection.

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