The solution leverages Open Banking to provide real-time verification of bank account ownership, balances, and transactions, ensuring compliance with European regulations.

Today Sumsub announces the launch of its Bank Account Verification solution. The new solution instantly verifies customer account ownership, outstanding balance, and detailed transaction history, which enables businesses to prevent account takeover and payment fraud, assess user financial vulnerability and creditworthiness, and ensure compliance with key regulatory obligations, including those under PSD2 and AML/CTF frameworks.

Sumsub’s strategic partnership with Enable Banking leverages their advanced Open Banking infrastructure to power its Bank Account Verification tool. This collaboration provides seamless connectivity across Europe, ensuring secure, real-time access to verified financial data.

With Sumsub’s Bank Account Verification, users can securely share their financial institution data via the Open Banking infrastructure in 29 countries on a pan-European level. This process is seamlessly enabled through a simple bank account login that leverages Strong Customer Authentication (SCA) tools which have been implemented by banking institutions in virtually all EEA countries. By leveraging real-time verification of granular banking data that has already passed strict due diligence processes, businesses can make well-informed risk management decisions that allow them to prevent identity and financial fraud, streamline operations by eliminating document processing, and deliver a seamless user experience across the Fintech, iGaming, and E-commerce industries.

Fraud is on the rise globally, with increasingly sophisticated methods like deepfakes gaining traction. According to recent data from Sumsub’s Identity Fraud Report 2024, deepfakes accounted for 7% of global fraud attempts in 2024, marking a 4x increase from the previous year, including a staggering 118% surge in the UK. Europe, as the second worst region for ID fraud growth, saw a 150% increase, highlighting the escalating risks. With Juniper research projecting global Open Banking transaction values to surpass $330 billion by 2027, the opportunities for fraudsters are growing alongside the stakes for businesses. This reaffirms that robust verification and anti-fraud measures are more critical than ever.

Key features and benefits:

• Real-time account verification: Confirms bank account ownership, activity, and balance instantly.
• Regulatory compliance: Ensures adherence to PSD2, AML/CTF, and enhanced due diligence (EDD) requirements.
• Seamless integration: Easily integrates with client systems via API and SDK for smooth data transmission.
• Secure and user-friendly: Employs encrypted connections and real-time presence verification to protect user data.
• Comprehensive data validation: Verifies key financial metrics, including account activity, transaction history, and income details.

Main use cases:

• Payment method verification: Confirms bank account authenticity and ownership to ensure secure payment processing.
• Compliance for high-risk transactions: Validates sources of funds and meets EDD standards for high-value financial activities.
• Responsible lending: Supports income verification and credit risk assessment for lenders and financial institutions.
• Age verification: Ensures compliance for age-restricted platforms such as iGaming and dating services.
• Fraud prevention: Verifies account authenticity for secure transactions across fintech and payment platforms.

“With regulatory landscapes becoming more complex and sophisticated fraud threats emerging, businesses need verification solutions that are not only compliant but also frictionless. Our Bank Account Verification product offers businesses the tools they need to operate securely, scale confidently, and meet the demands of modern regulatory frameworks across Europe,” said Andrew Novoselsky, Chief Product Officer at Sumsub. “At Sumsub, we are not only committed to helping businesses stay compliant but also mitigate the risks posed by  fraudsters, ensuring that companies can confidently protect their users and operations in a risky digital landscape.”

“We are thrilled to power Sumsub’s Bank Account Verification tool. Our mission is to facilitate innovative solutions through open banking, and this partnership exemplifies this. Our collaboration reaffirms our commitment to providing businesses with secure and seamless access to open banking data across Europe, said Sarah Häger, CCO at Enable Banking. “By integrating our extensive banking connectivity into Sumsub’s advanced platform, we are enabling them to offer an even more robust solution, empowering financial businesses to minimize fraud, and avoid money laundering. We look forward to continuing our partnership with Sumsub and supporting their mission to deliver top-notch verification solutions.”

Sumsub’s Bank Account Verification seamlessly enables businesses to serve customers efficiently while fully meeting regulatory requirements. The system verifies account ownership and activity in real-time, extracting essential data, such as credit limit, remaining balance, latest transaction, and complete transaction history.

For more information, please visit: https://sumsub.com/bank-verification/

About Enable Banking

Enable Banking is a second-generation open banking infrastructure provider offering seamless, secure access to over 2,500 European banks across 29 countries through a single PSD2-compliant API. Supporting both consumer and business accounts, we enable access to financial data and account-to-account payments through open banking. As a licensed Account Information Service Provider (AISP), Enable Banking empowers businesses to connect, manage, and leverage transactional data to build their own innovative solutions. We focus on simplifying the complexities of open banking connectivity, enabling our clients to enhance customer experiences, develop tailored financial services, and drive sustainable growth — all while ensuring full compliance and data privacy.