Finastra is a global provider of financial software applications and marketplaces. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,100 institutions, including 45 of the world’s top 50 banks.
The Challenge
The banking sector is under mounting regulatory pressure to adopt standardized platforms over home-built systems. Additionally, fintech industry disruption has raised customer expectations for smoother onboarding experiences, along with increasing anti-fraud technology standards.
Finastra recognized the need for expert assistance to help its customers keep up with ever-changing market requirements and compliance expectations to stay ahead in a competitive environment.
Achim Thienel
Managing Director Germany and Product Director, Universal Banking at Finastra
Market requirements and compliance expectations across the financial sector are continually changing. In light of this, banks need help from specialists to meet these new demands.
Why Sumsub?
Finastra decided to partner with Sumsub, using its solutions alongside Finastra Essence, a cloud-first core banking solution, to streamline regulatory compliance and improve operational efficiency for its customers. This strategic decision is driven by Sumsub’s customizable capabilities in assisting banks to meet regulatory standards, maintain their reputation, and reduce costs.
Achim Thienel
Managing Director Germany and Product Director, Universal Banking at Finastra
We are pleased to partner with Sumsub, following a rigorous due diligence process. As part of our ongoing mission to reimagine banking in an ecosystem-driven world, not only do we provide business and technology expertise, we also aim to be trusted consultants and partners to our clients. We remain committed to referring best-in-class solutions that meet their unique requirements.
By leveraging robust technology, Finastra and Sumsub are collaborating to support compliance with SWIFT regulations and help reduce risk of fraud. This partnership enhances Finastra’s current capabilities to improve the financial efficiency of banks.
The Solution
With Sumsub’s Know-Your-Customer (KYC), Know-Your-Business (KYB), Fraud Prevention, and Ongoing Transaction Monitoring services, banks can:
- Swiftly onboard new users
- Conduct AML screening on customers
- Verify business clients
- Monitor for fraud and suspicious transactions
Mike Kayamori
CEO at ORO Bank, Sumsub and Finastra’s first mutual partner
ORO Bank, Asia’s first Full Reserve digital bank and the official bank of Bhutan’s Gelephu Mindfulness SAR, offers world-class digital banking services aligned with Bhutan’s values of happiness and sustainability. Sumsub’s end-to-end AML-CTF compliance solution, including transaction monitoring, provides everything needed for a quick and easy onboarding experience. The ability to customize KYC, KYB, and monitoring controls represents modern banking at its best.
Future Plans
Finastra and Sumsub will continue collaborating on common initiatives, delivering Sumsub’s extensive compliance and anti-fraud solution to the banking segment. This partnership is focused on securing the customer journey, with the goal of protecting banks from the reputational damage that can arise from insufficient customer screening and vulnerability to fraud, all the while maintaining a robust compliance framework.