Security and transaction monitoring solutions provider Sumsub has announced its membership to The Payments Association , a community in payments. Based on the information detailed in the press release, this marks a milestone for the company, highlighting its ongoing commitment to bettering compliance measures and providing ‘best-in-class’ solutions in the payments ecosystem.

Sumsub offering and what The Payments Association membership entails As a verification provider, Sumsub offers a suite of Know Your Customer (KYC), Know Your Business (KYB), transaction monitoring, and fraud prevention solutions designed to address the needs of modern businesses. The platform leverages technologies of the likes of artificial intelligence (AI), machine learning (ML), and biometric recognition to deliver extensive onboarding, together with compliance procedures. By becoming a member of The Payments Association, Sumsub seeks to reinforce its position as a trusted partner for businesses activating within the fintech and payments industries.

As per the announcement, the association acts as a forum for industry collaboration, sharing best practices, and looking to shape the future of payments in the UK and beyond. Sumsub’s membership is set to enable the company to collaborate closely with payments industry leaders and further progress in compliance and digital security alike. When commenting on the news, Peter Sever, co-founder and Chief Strategy Officer of Sumsub advised that the company is looking forward to joining The Payments Association, stating that the membership is a signifier of the company’s commitment to enriching the fintech landscape with advanced verification and compliance solution.

The spokesperson added that they are looking towards collaborating with other members of the association to further better payments industry standards and drive innovation together. The press release further details that The Payments Association activates in the UK, the EU, and Asia, bringing together a diverse array of industry stakeholders, including banks, payment service providers, technology companies, and regulators. Through its collaborative efforts, the association seeks to contribute to the promotion of secure, efficient, and innovative payment solutions, while ensuring that the interest of consumers and businesses alike are safeguarded.

As a full-cycle verification platform, Sumsub assists with securing the entire user journey. Its customisable KYC, KYB, transaction monitoring, and fraud prevention solutions enable companies to orchestrate their verification process, gain more customers globally, address compliance requirements, decrease costs, and protect their business. The company’s client base includes more than 2,000 customers across the fintech, crypto, transportation, trading, ecommerce, and gaming industries, including Binance, Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy, and TransferGo.

The Payments Association’s mission A 2008-, UK-founded payments community, The Payments Association currently operated communities in the UK, the EU, and Asia, helping approximately 300 companies enhance their commercial interests, address societal issues like financial exclusion, and evaluate new opportunities for payments innovation. The association seeks to empower the most influential payments community, where connections, collaboration, and learning help shape an industry that functions for all, collaborating with industry stakeholders of the likes of the Bank of England, the FCA, HM Treasury, the Payment Systems Regulator, Pay.UK, UK Finance, and Innovate Finance. .