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Sumsub has introduced a new Bank Account Verification solution designed to help businesses operating in Europe reduce fraud risks, assess financial reliability, and meet regulatory standards. The product verifies bank account ownership, balance, and transaction history in real time, offering an alternative to traditional document-based processes.
The tool uses Open Banking infrastructure to deliver verified financial data through secure integrations. Sumsub partnered with Enable Banking to support connectivity to banks across 29 European countries. According to the company, the solution provides businesses with access to verified data while maintaining regulatory compliance under PSD2 and AML/CTF requirements.
“Operate securely, scale confidently, and meet the demands of modern regulatory frameworks”
Andrew Novoselsky, Chief Product Officer at Sumsub, commented, “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. 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.”
The product allows customers to authenticate their bank accounts via a secure login that uses Strong Customer Authentication protocols already in place at EEA banks. Once logged in, the system extracts key data points such as account ownership, credit limits, balances, income, and recent transaction details.
Sarah Häger, Chief Commercial Officer at Enable Banking, said, “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. 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.”
The product is built for a wide range of use cases. In payments, it helps verify method ownership to secure transactions. For compliance, it supports enhanced due diligence and source-of-funds checks in high-value operations. In lending, it assists with income and affordability assessments. It also supports age verification for platforms in regulated categories like iGaming.
Sumsub pointed to recent data from its 2024 Identity Fraud Report, which showed a 4x increase in deepfake usage, including a 118% rise in the UK. Europe saw a 150% rise in identity fraud incidents, making the region the second worst globally. With Open Banking transactions projected to exceed $330 billion by 2027, Sumsub argues that robust verification tools will be essential for businesses to reduce their exposure to increasingly complex fraud methods.
The tool integrates with client platforms via API and SDK and supports encrypted data transmission. In addition to risk management, the product promises efficiency gains by reducing the need for manual document reviews and streamlining customer onboarding.
Sumsub’s rollout of the tool is part of its broader strategy to offer full-cycle verification solutions that combine identity, document, and financial data checks. The company serves clients in fintech, gaming, e-commerce, and other sectors with high regulatory demands and fraud risk.
