Real-time payments platform Volt is seeking to expand its Open Banking capabilities by lending its services to Sumsub to power its verification tool.
Both companies partner to streamline Sumsub’s Penny Drop Verification solution, which automatically redirects customers to their banking app after scanning their identity document at the point-of-sale.
Volt will integrate its Payment Initiation Services and Account Information Services products to help customers perform 1c payments via its hosted checkout. Following this, Volt will analyse the data of the payment flow to securely verify the name of the bank account holder against the name of the customer identity document.
Commenting on the partnership, Andrew Novoselsky, Chief Product Officer at Sumsub, said: “With regulatory landscapes becoming more complex and fraud evolving at an alarming pace, businesses need verification solutions that are both compliant and frictionless. Europe saw the second-highest increase in fraud globally, with cases surging 150% year-over-year – driven in part by increasingly sophisticated fraud tactics.
“AI-powered fraud is escalating rapidly, with deepfake-driven fraud alone increasing 4x worldwide from 2023 to 2024. These rising threats highlight the urgent need for secure, real-time verification.
“Our Penny Drop Verification solution ensures businesses can confidently stay ahead of increasingly advanced fraud attempts, safeguard their operations and protect users in an increasingly risky digital world.”
The introduction of Open Banking capabilities to the payment verification process is nothing new to the European landscape, as more payment providers are seeking new ways to securely onboard their customers.
Volt highlighted that the additional layer of security is proving vital for markets such as Germany, where end users have to perform qualified electronic signatures to approve transactions.
Matthew Rickard, Senior Partnerships Manager at Volt, added: “Working with Sumsub exemplifies Volt’s commitment to partnering with innovative brands that recognise the value of real-time networks within their technical infrastructure.
“From day one, Sumsub has had a clear vision of unifying the consumer verification experience across multiple markets. Volt’s global orchestration of account-to-account networks aligns closely with this vision, and I’m excited to continue driving this innovation forward.”
