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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 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 according to KYC and AML laws. Tempo will profit from entry to a variety of KYC providers and the partnership already has enabled Tempo to fulfill 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, getting cash 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 laws 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 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 presents world protection of greater than 200 markets and combines best-in-class expertise with human authorized experience to allow Sumsub to assist firms in numerous 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 a fantastic function and can also be why the joint mission with Sumsub is so necessary for us.” Zhedik added that the partnership not solely helped decrease fraud and cash laundering dangers, but additionally provides 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 a number of the highest conversion charges within the trade, reaching greater than 91% within the U.S., and greater than 95% within the U.Ok. 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 expertise options for iGaming operators, had chosen Sumsub to supply enhanced verification and fraud safety.
Picture by Elina Sazonova
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