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Tuum has announced the core banking provider stroke a partnership with full-cycle verification platform, Sumsub, as identity fraud becomes more and more pervasive.
Financial institutions have been facing mounting pressure to verify users quickly, detect fraudulent activities, and stay compliant across multiple jurisdictions.
Regulators And Fraudsters Pressure Financial Institutions to Act
Pressures come from both regulatory authorities and fraudsters:
- the Digital Operational Resilience Act (DORA) is pushing financial institutions to enhance security and operational resilience across all digital transactions. This means compliance is no longer just about verification—it’s about ensuring ongoing fraud detection, secure risk management, and uninterrupted financial operations.
- Regulators worldwide—including the EU’s AML Package, the UK’s Economic Crime Plan 2, and PSD3—are enforcing stricter compliance requirements.
- Identity fraud in traditional finance grew by 162% YoY in 2024 and AI-driven deepfake scams increased fourfold globally.
With Tuum and Sumsub both sharing an API-first, modular approach, banking clients will be able to easily integrate compliance and fraud prevention while maintaining operational resilience in line with DORA standards.
Empowering banks, fintechs, and financial institutions, Sumsub’s capabilities streamline customer onboarding, meet evolving regulatory requirements, and enhance fraud prevention measures, while removing friction from the user experience.
Tuum’s modular, cloud-native banking platform enables seamless integration with best-in-class technology providers, ensuring that financial institutions can scale and adapt with ease.
Faster onboarding, compliance, scale, and fraud monitoring
By integrating Sumsub’s full-cycle KYC, KYB, and AML compliance solutions, Tuum-powered banks and fintechs can:
- Onboard Customers Faster – Automate identity verification, reducing onboarding time and improving conversion rates.
- Ensure Seamless Compliance – Meet global KYC/AML regulations with Sumsub’s AI-powered fraud detection and transaction monitoring.
- Scale Securely – Operate across multiple markets with confidence, leveraging real-time decisioning and ongoing risk monitoring.
- Monitor fraud and suspicious transactions – Detect illicit activity, in addition to verification and AML screening, through one single platform
“Identity fraud in Europe surging by 150% YoY in 2024”
Peter DeSouza, Partnerships Director, Tuum, said: “Regulatory compliance and fraud prevention are no longer just obligations—they are critical to long-term success in financial services. With new frameworks like PSD3 and DORA shaping the industry, banks and fintechs must embed resilience, security, and real-time fraud detection into their core operations. Partnering with Sumsub allows our customers to integrate best-in-class identity verification and compliance tools seamlessly, ensuring they can scale confidently while staying ahead of evolving threats.”
Julia Bond, Business Development Director, EU/UK at Sumsub, commented: “As financial institutions navigate increasingly complex regulatory landscapes, seamless compliance and fraud prevention are more critical than ever. Over three-quarters of fraud now occurs beyond the onboarding stage, with identity fraud in Europe surging by 150% YoY in 2024. By partnering with Tuum, we will empower banks and fintechs to tackle evolving threats head-on, streamlining verification processes while ensuring continuous fraud monitoring. With our full-cycle approach, financial institutions can scale confidently, maintaining compliance and security without compromising user experience.”
A Scalable, Future-Proof Approach to Compliance & Resilience
