Amplifying the fintech sector’s regulatory technology or regtech, Sumsub revealed its pioneering Bank Account Verification solution. This groundbreaking tool verifies account ownership, provides details on outstanding balance, and fetches a comprehensive transaction history. The objective behind this is to provide businesses with insights and tools that enable them to deter account takeover and payment fraud, evaluate user financial vulnerability and creditworthiness, and ensure compliance with key regulations.
Regtech companies like Sumsub have been hugely transformative within the financial industry, providing businesses with powerful tools to safeguard their operations, meet the complex web of regulations, and bolster customer trust. Much of this change has been driven by the innovation in technological solutions backed by data science and machine learning.
Rapid Adoption of Bank Account Verification
With the launch of the Bank Account Verification solution, Sumsub’s existing as well as new customers across Europe will be able to verify ownership of bank accounts in a couple of easy steps. This feature offers both a manual option via a simple transfer and an automated via bank login. As a result, businesses will be able to minimize the risk of account takeover; a prevalent issue that often leads to significant financial losses. Additionally, it also supports businesses in assessing their customers’ creditworthiness and financial vulnerability by providing detailed transaction history and outstanding balances.
Recent funding rounds have shown the overwhelming backing that regtech platforms like Wethaq and Blockpit have received. The clear urgency for solutions that can effectively and efficiently manage regulatory compliance has pushed investors to actively pour funds in these startups. Sumsub’s successful launch of Bank Account Verification speaks of the rise and potential in the fintech regulatory landscape.
In conclusion, Sumsub’s new Bank Account Verification solution demonstrates a revolutionary stride for the regtech industry. Taking into account the escalating need for fintech businesses to balance customer onboarding with compliance requirements, Sumsub’s new tool is set to make a substantial impact. The future of regtech is promising, showing no signs of slowing down, and augments the growth of the overall fintech sector.
