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 in keeping with French laws.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 information in keeping with KYC and AML laws. Tempo will profit from entry to a variety of KYC providers 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 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 broaden to worldwide markets and enhance their consumer base whereas staying absolutely compliant with laws 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 get rid of digital fraud. The corporate gives international protection of greater than 200 markets and combines best-in-class expertise with human authorized experience to allow Sumsub to assist corporations in various 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 ideal position and can be why the joint mission with Sumsub is so essential for us.” Zhedik added that the partnership not solely helped reduce fraud and cash laundering dangers, but in addition provides Tempo “entry to probably the most superior buyer information processing options.”
With greater than 2,000 clients in verticals starting from fintech and digital property to transportation and gaming, Sumsub claims to have achieved a number of the highest conversion charges within the business, reaching greater than 91% within the U.S., and greater than 95% within the U.Ok. 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 offer enhanced verification and fraud safety.
Photograph by Elina Sazonova
