London-based regtech Sumsub has partnered with Paris-based cash switch firm Tempo.The partnership will assist Tempo improve its consumer identification verification operations and cut back fraud according to 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 expertise to confirm consumer identities and safe buyer knowledge according to KYC and AML rules. Tempo will profit from entry to a spread 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 world digital funds suppliers like Tempo, making a living transfers extra accessible to individuals worldwide,” Sumsub CEO and co-founder Andrew Sever mentioned. “With Sumsub’s KYC. KYB, transaction monitoring and AML options, it’s simpler for companies to increase to worldwide markets and improve their shopper base whereas staying totally compliant with rules and making certain 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 Danger 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 world protection of greater than 200 markets and combines best-in-class expertise with human authorized experience to allow Sumsub to assist corporations in numerous regulatory regimes.
In an announcement, Tempo France CEO Alla Zhedik highlighted the truth that Tempo is licensed by the Financial institution of France. “This imposes strict compliance obligations,” Zhedik mentioned. “And that’s the place KYC performs an important position and can be why the joint venture 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 essentially the most superior buyer knowledge processing options.”
With greater than 2,000 clients in verticals starting from fintech and digital belongings to transportation and gaming, Sumsub claims to have achieved a few of the highest conversion charges within the business, reaching greater than 91% within the U.S., and greater than 95% within the U.Okay. The corporate mentioned 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 expertise options for iGaming operators, had chosen Sumsub to supply enhanced verification and fraud safety.
Photograph by Elina Sazonova