NayaOne taps Sumsub’s all-in-one platform for client onboarding, AML, fraud detection

Rick Steves

“Sumsub solutions now can be discovered and tested via the NayaOne Digital Transformation Platform, helping our ongoing mission of catalysing innovation across the final sector.”

In a strategic move to elevate compliance standards and tackle fraud within the financial services sector, Sumsub, a leading full-cycle verification platform, is joining forces with NayaOne, a synthetic data provider and digital transformation platform.

The partnership aims to assist financial institutions in Europe and the United States by offering a suite of compliance solutions integrated into NayaOne’s tech marketplace for banks.

NayaOne’s ecosystem of 150+ FIs and 350+ FinTechs gain access to Sumsub

The collaboration brings together NayaOne’s robust ecosystem of over 150 financial institutions and 350+ FinTech companies via its ‘Digital Transformation Platform.’ Now, these entities will gain access to Sumsub’s Know-Your-Customer (KYC), Know-Your-Business (KYB), and ongoing Transaction Monitoring capabilities. The all-in-one platform will streamline client onboarding, anti-money laundering (AML) screening, fraud detection, and case management processes.

“We have a shared ambition to provide transparency around mitigating fraud within the Financial Services space through NayaOne’s Digital Transformation Platform,” said Thomas Taraniuk, Head of Partnerships, UK and Europe at Sumsub.

Client onboarding in times of deepfake scams

The partnership arrives at a critical juncture, as recent data from Sumsub reveals an alarming increase in deepfake scams in the UK, growing from 1.2% of all fraud cases in 2022 to 5.9% in Q1 2023. Globally, the number of deepfake fraud cases in Q1 2023 surpassed the entire year of 2022 by 10%. In this context, the integration of Sumsub’s solutions aims to mitigate risks and protect end-users, thereby retaining customer trust and loyalty.

The collaboration aims to go beyond just meeting regulatory requirements. “This integration goes beyond ensuring compliance as a regulatory tick-box exercise. We are determined to help financial institutions keep stakeholders satisfied and protect end users from malicious actors,” added Taraniuk.

Platt, Product and Marketplace Manager at NayaOne, emphasized the transformative potential of the partnership. “Sumsub solutions now can be discovered and tested via the NayaOne Digital Transformation Platform, helping our ongoing mission of catalysing innovation across the final sector.”

Customizable KYC, KYB, and fraud prevention solutions

Sumsub recently assisted The Kingdom Bank in achieving a 48% revenue increase by reducing its onboarding process time from three days to under two minutes. The platform has over 2,000 clients across various industries and has a proven track record of enhancing security and efficiency.

The partnership between Sumsub and NayaOne aims to set new benchmarks for compliance and fraud prevention in the financial services sector, ultimately contributing to more secure and efficient banking ecosystems.

Sumsub offers a full-cycle verification platform aimed at enhancing user security across multiple sectors including fintech, crypto, and e-commerce. With customizable KYC, KYB, and fraud prevention solutions, Sumsub aims to orchestrate the verification process, meet compliance requirements, and protect businesses from potential risks.

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