London-based regtech Sumsub has partnered with Paris-based cash switch firm Tempo.The partnership will assist Tempo improve its consumer id verification operations and scale back fraud consistent with French rules.Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
London-based regtech Sumsub – which stands for Sum & Substance – has teamed up with Paris-based cash switch firm Tempo. The partnership will allow the French fintech to leverage Sumsub’s know-how to confirm consumer identities and safe buyer information consistent with KYC and AML rules. Tempo will profit from entry to a variety of KYC companies and the partnership already has enabled Tempo to satisfy AML compliance necessities as established by French regulators.
“We’re glad to supply our all-in-one verification platform to international digital funds suppliers like Tempo, earning profits transfers extra accessible to folks worldwide,” Sumsub CEO and co-founder Andrew Sever stated. “With Sumsub’s KYC. KYB, transaction monitoring and AML options, it’s simpler for companies to increase to worldwide markets and enhance their consumer base whereas staying absolutely compliant with rules and guaranteeing bulletproof fraud safety.”
Sumsub made its Finovate debut two years in the past at FinovateEurope 2020 in Berlin, Germany. On the convention, the corporate demoed its KYC/AML Checks and Threat Administration Toolkit, which allows companies to speed up verification, and decrease prices by as a lot as 6x, in addition to detect and remove digital fraud. The corporate provides international protection of greater than 200 markets and combines best-in-class know-how with human authorized experience to allow Sumsub to assist corporations in various regulatory regimes.
In a press release, Tempo France CEO Alla Zhedik highlighted the truth that Tempo is licensed by the Financial institution of France. “This imposes strict compliance obligations,” Zhedik stated. “And that’s the place KYC performs an incredible position and can also be why the joint undertaking with Sumsub is so vital for us.” Zhedik added that the partnership not solely helped reduce fraud and cash laundering dangers, but in addition offers Tempo “entry to probably the most superior buyer information processing options.”
With greater than 2,000 prospects in verticals starting from fintech and digital property to transportation and gaming, Sumsub claims to have achieved among the highest conversion charges within the trade, reaching greater than 91% within the U.S., and greater than 95% within the U.Okay. The corporate stated that’s is ready to confirm customers in lower than 50 seconds on common.
Sumsub’s partnership information comes one month after the corporate introduced that it was becoming a member of Brazilian fintech affiliation, ABFintechs. Additionally in November, Sumsub reported that Markor Know-how, supplier of B2B and B2C know-how options for iGaming operators, had chosen Sumsub to offer enhanced verification and fraud safety.
Picture by Elina Sazonova
