Sumsub, a global verification platform, has recently become
a technological partner in the Mastercard Engage Partner Program, focusing on
Digital First solutions. The partnership aims to enhance security and
streamline customer onboarding processes.
As part of the collaboration, Sumsub will offer its suite of
verification and anti-fraud solutions to ensure secure onboarding and ongoing
compliance for customers. These solutions aim to expedite onboarding, mitigate
fraud risks, and build trust among users, thereby enhancing the digital
experience.
Offering Enhanced Onboarding Solutions
Through the Engage Program, partners like Sumsub can develop,
launch, and expand payment solutions for Mastercard’s global customer base.
This collaboration also facilitates faster product innovation and seamless
payment experiences for users.
Sumsub’s Know-Your-Customer (KYC) products will be available
to Mastercard customers adopting Digital First solutions. These products enable
quick, secure, and compliant onboarding processes, along with capabilities for
tracking and monitoring user activities to detect and prevent illicit behaviour.
Demand for Reliable Monitoring Tools
The urgency for reliable transaction monitoring and payment
screening tools is highlighted by the rising trend of payment fraud, which
caused significant losses in the US in 2022, according to Statista. Sumsub’s
platform integrates features like chargeback prevention and fraud detection to
help companies effectively mitigate risks associated with fraudulent activities
and unauthorized transactions.
“We are thrilled to be joining the Mastercard Engage
Partner Program. It is essential for companies – particularly businesses
responsible for high transaction volumes – to provide their partners with the
tools needed to protect themselves and their customers, and enhance user
experiences. They require continuous fraud prevention measures that extend
beyond just the user onboarding phase,” said Martin ten Houten, VP of
Business Development, Europe at Sumsub.
This article was written by Tareq Sikder at www.financemagnates.com.
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