Full-cycle verification platform Sumsub has announced its partnership with NayaOne in order to drive banking compliance improvement across Europe and the US. Throughout this partnership, Sumsub is set to integrate its full suite of compliance services with NayaOne’s tech marketplace for banks and financial institutions across the regions of Europe and the United States, in order to optimise their overall compliance processes.

The companies will focus on allowing FIs to meet regulatory requirements across the sector, as well as the overall needs and expectations of customers and clients. In addition, they will also prioritise improving the manner in which banks uphold reputational standards while fulfilling challenges and responsibilities to shareholders. More insight into the partnership The collaboration is set to ensure security and efficiencies for financial institutions through quick and safe customer onboarding.

Sumsub’s suite of products will limit additional fraud-related costs that could impact banks’ bottom line, while also protecting the end-users from fraudulent activities. Clients will also be provided with transparency around mitigating fraud with NayaOne's Digital Transformation Platform. The company facilitates bank-fintech partnerships in order to drive optimisations and development, and the collaboration with Sumsub will allow its partners to access its KYC, KYB, and ongoing Transaction Monitoring capabilities.

The full suite incorporation is set to enable banks on the marketplace to onboard clients, perform anti-money laundering (AML) screening, verify businesses, manage cases in one place, as well as monitor fraudulent transactions and payments.  Sumsub’s recent partnerships and developments KYC solutions provider Sumsub had multiple partnerships and product releases in the last couple of months, covering several geographic areas around the world. At the beginning of October 2023, the Malta-based gaming services company EvenBet Gaming announced its collaboration with Sumsub in order to improve the former’s use verification system. Through this partnership, the companies aimed to optimise the overall customer experience and to ensure regulatory compliance within the iGaming sector.

By incorporating Sumsub’s verification solutions, EvenBet Gaming was set to enable its clients to simplify their Know Your Customer (KYC) processes, which ultimately reduced the time and effort that is usually required in order to verify their identity. In addition, players were also allowed to access gaming services without the need for an extensive document submissions or delays associated with the verification procedures. Earlier in September 2023, the full-cycle verification platform announced the introduction of its Non-Document Verification product for its UK clients.

Following this integration, customers across the fintech, crypto, online gaming, transportation, and ecommerce industries were enabled to securely onboard their users through official bank records. This launch aimed to offer clients the possibility to access near-instant identity verification processes while remaining compliant with UK regulations and requirements at the same time. The Non-Document Verification was made available in other regions around the world, including Nigeria, Argentina, Indonesia, Brazil, Ghana, Bangladesh, India, and the Netherlands as well.

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