Sumsub, a global identity verification and KYC compliance provider, has announced the launch of its new Bank Account Verification solution, expanding its capabilities across Europe’s financial and digital ecosystems.
The new solution addresses the growing need for stronger fraud prevention and regulatory compliance tools as digital transactions become more widespread and sophisticated. With fraud tactics such as deepfakes increasing sharply, particularly in the UK and across Europe, the demand for robust, real-time identity and financial verification tools has become urgent for businesses operating online.
Sumsub specialises in KYC, AML, and fraud prevention solutions for clients across sectors including FinTech, iGaming, and e-commerce. The company’s platform helps businesses streamline onboarding, ensure compliance with regulations such as PSD2 and AML/CTF, and reduce fraud through intelligent identity verification and monitoring tools.
The newly launched Bank Account Verification tool enables businesses to confirm account ownership, check available balances, and review detailed transaction histories instantly. This gives companies a more accurate picture of customer financial behaviour and risk, supports regulatory compliance, and helps prevent account takeover and payment fraud.
Sumsub’s tool is powered by a strategic partnership with Enable Banking, whose Open Banking infrastructure provides secure access to verified financial data in real time. Operating across 29 countries in the European Economic Area (EEA), the solution allows users to share banking data via secure login, leveraging Strong Customer Authentication (SCA) as mandated by PSD2.
Beyond its core functionality, the tool delivers benefits such as seamless integration via API or SDK, encrypted data transfer, and advanced fraud prevention by verifying accounts already subject to rigorous due diligence. It also supports various use cases, from payment verification and responsible lending to age-restricted access and enhanced due diligence for high-risk transactions.
The launch comes as Europe sees a sharp rise in fraud. According to Sumsub’s 2024 Identity Fraud Report, deepfakes now represent 7% of global fraud attempts—up fourfold from the previous year—with the UK seeing a 118% rise. Europe ranks as the second hardest-hit region, with ID fraud up 150%. At the same time, Open Banking transaction values are expected to exceed $330bn globally by 2027, making security and compliance even more vital.
Sumsub chief product officer Andrew Novoselsky said, “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.” He added, “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.”
Read the full RegTech Analyst post here.
Source: https://fintech.global/
