The French fintech chooses global verification platform Sumsub to deliver robust fraud protection and a seamless onboarding experience for its clients.
We have been selected by France-based fintech platform Next Generation NGPES to provide advanced fraud protection, identity verification and AML regulation compliance as it launches an innovative payment ecosystem, including an EUR-backed stablecoin.
The Next Generation Payment Ecosystem (NGPES) is designed to bridge traditional finance (TradFi) and digital assets within a unified solution. This will encompass everything from digital asset custody and settlements to regulatory compliance, as well as integrating IBAN transactions into a digital wallet for near-instant financial transactions.
Sumsub’s cutting-edge verification solutions, which combine traditional KYC checks with Liveness detection, transaction monitoring, and other fraud prevention capabilities, will ensure the platform will deliver unparalleled security and compliance.
Next Generation’s launch of a stablecoin, set to become a core component of the NGPES, makes security and compliance even more important as the cryptocurrency industry tries to stay ahead of fast-moving regulations and high fraud rates. Sumsub’s data shows that fraud in the crypto industry soared by 48% in 2024. Furthermore, 60% of crypto companies foresee stricter regulations – which are not easy to abide by, as highlighted by the fact that only 29% fully comply with the Travel Rule.
“We’re thrilled to be selected by Next Generation as its verification and anti-fraud partner. Payments, particularly when it involves cryptocurrency, is a sector increasingly targeted by fraudsters, who themselves are becoming more numerous and better organised”, says Ilya Brovin, CGO at Sumsub. “Whether by forged documents or AI-generated videos, new tech – particularly AI – is making fraud more sophisticated, and so innovative companies like Next Generation need partners who can keep up with the fraudsters. This must mean full-cycle, AI-augmented fraud detection and verification – as our data shows over three-quarters of fraud happens after initial KYC checks.”
“Next Generation has been rapidly building up NGPES. The past six months have marked important milestones in the history of our ecosystem. We have achieved DASP registration in France, secured $5 million in an international seed funding round, and diligently expanded our network of launch partners—including some major industry names,” said Frank Cambay, COO of Next Generation NGPES. “We are entering the market with a commitment to leveraging cutting-edge technology across all aspects of our operations. The DASP registration and the trust of our investors come with strict compliance obligations, making KYC/AML and fraud prevention critical. We’re thrilled to partner with Sumsub in this key area of development. Their deep expertise in digital assets, proven track record across numerous projects, and global reach make them the ideal partner to help us scale new heights.”
