Fluid Finance taps ID verification platform Sumsub to enhance user onboarding

Rick Steves

“Fluid Finance is driven by giving as much control as possible to our users. At the same time we want to deter bad actors, especially since our integrated account and Web3 wallet architecture allows transfers between crypto and traditional currencies.”

Fluid Finance has partnered with Sumsub, a global all-in-one verification platform, to enhance user onboarding and ensure bulletproof fraud protection.

The Geneva-headquartered fintech company aims to create a new financial model by combining traditional and digital finance.

Fluid Finance taps Sumsub for AML, KYC, Liveness and Proof of Address

To that effect, the firm will have to adopt strict compliance procedures, namely Know Your Customer (KYC) and Anti-Money Laundering (AML).

Enter Sumsub, a regtech firm with expertise in more than 220 countries and territories and achieves some of the highest conversion rates in the industry—91.64% in the US, 95.86% in the UK, and 90.98% in Brazil—while verifying users in less than 50 seconds on average.

The KYC solution is used by over 2,000 clients across the fintech, crypto, transportation, trading and gaming industries, including Binance, Mercuryo, Bybit, Huobi, and Moonpay. The company’s methodology follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS).

Robert Sharratt, Founder and CEO of Fluid Finance, said: “Fluid Finance is driven by giving as much control as possible to our users. At the same time we want to deter bad actors, especially since our integrated account and Web3 wallet architecture allows transfers between crypto and traditional currencies. With Sumsub, we have found a partner that balances a great user experience and strong regulatory compliance.”

Andrew Sever, co-founder and CEO of Sumsub, said: “By partnering with Fluid Finance, we are contributing to a safer and more efficient financial world for everyone. Sumsub’s all-in-one verification platform, with its customizable AML, KYC, Liveness and Proof of Address solutions, is a perfect match for an innovative fintech company focused on ambitious goals and global growth. We are glad to support Fluid Finance on their way”.

Sumsub published KYC guide for brokers

In 2022. Sumsub published a Know-Your-Customer (KYC) guide to help trading platforms stay compliant, increase pass rates and fight fraud effectively.

The UK-based identity verification software provider uses methodology that follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS).

The “KYC guide for trading industry: balancing compliance and pass rates” offers actionable solutions for three main challenges facing trading companies today:

  • compliance with KYC/AML regulations;
  • building the onboarding process to quickly verify users and reduce drop-offs;
  • maintaining a high level of fraud protection.

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