Sumsub, a global verification platform, has recently become a technological partner in the Mastercard Engage Partner Program, focusing on Digital First solutions. The partnership aims to enhance security and streamline customer onboarding processes.

As part of the collaboration, Sumsub will offer its suite of verification and anti-fraud solutions to ensure secure onboarding and ongoing compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term for customers. These solutions aim to expedite onboarding, mitigate fraud risks, and build trust among users, thereby enhancing the digital experience.

Offering Enhanced Onboarding Solutions

Through the Engage Program, partners like Sumsub can develop, launch, and expand payment solutions for Mastercard's global customer base. This collaboration also facilitates faster product innovation and seamless payment experiences for users.

Sumsub's Know-Your-Customer (KYC Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) products will be available to Mastercard customers adopting Digital First solutions. These products enable quick, secure, and compliant onboarding processes, along with capabilities for tracking and monitoring user activities to detect and prevent illicit behaviour.

Sumsub Joins Mastercard Engage Partner Program to Enhance User Verification and Fraud Prevention https://t.co/yGCT65VV74

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Demand for Reliable Monitoring Tools

The urgency for reliable transaction monitoring and payment screening tools is highlighted by the rising trend of payment fraud, which caused significant losses in the US in 2022, according to Statista. Sumsub's platform integrates features like chargeback prevention and fraud detection to help companies effectively mitigate risks associated with fraudulent activities and unauthorized transactions.

"We are thrilled to be joining the Mastercard Engage Partner Program. It is essential for companies – particularly businesses responsible for high transaction volumes – to provide their partners with the tools needed to protect themselves and their customers, and enhance user experiences. They require continuous fraud prevention measures that extend beyond just the user onboarding phase," said Martin ten Houten, VP of Business Development, Europe at Sumsub.