As a leading European Regtech firm, Sumsub has launched an innovative Bank Account Verification solution. This new tool, designed to boost security during customer onboarding, also ensures compliance across European markets. With this groundbreaking development, Sumsub strengthens its position in the burgeoning Regtech sector.
Sumsub’s solution instantly verifies customer account ownership. Moreover, it provides a detailed check on the outstanding balance and transaction history. The comprehensive data offered by this technology enables businesses to prevent account takeover and payment fraud. Furthermore, it provides valuable insights into users’ financial vulnerability and creditworthiness, elements crucial for effective risk management.
Addressing Regulatory Compliance with Ease
However, Sumsub’s Bank Account Verification solution does more than just enhance security. It also ensures rigorous regulatory compliance. This tool provides detailed financial data, simplifying the complex adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This is particularly significant in an era of increasing regulatory scrutiny in the financial sector.
As an industry, Regtech is witnessing exponential growth. For example, according to a ResearchAndMarkets report, the global Regtech market is expected to reach $12.3 billion by 2023. Sumsub’s solution, addressing both security and regulatory compliance, positions the firm as a leader in this rapidly expanding market.
Jacob Sever, Sumsub’s co-founder, is notably optimistic about this solution’s launch. He believes the tool will empower businesses to enhance their security measures. Additionally, it will streamline their compliance processes. Consequently, businesses can focus more on their core operations, leading to increased efficiency and productivity.
In conclusion, Sumsub’s Bank Account Verification solution represents a significant advancement in the Regtech industry. The tool effectively addresses security concerns and regulatory compliance. Therefore, it’s a game-changer in the market, invaluable for businesses seeking to enhance their onboarding processes and remain compliant with regulatory requirements.
For more details on this groundbreaking development, you can read the original news here.
