Sumsub, a global full-cycle verification platform, has joined the Mastercard Engage Partner Program as a technological partner focused on Digital First solutions.
Sumsub will provide its full suite of verification and anti-fraud solutions to secure customers’ onboarding and ongoing compliance journey.
Sumsub will expedite customer onboarding processes, mitigate fraud risks and foster trust, ultimately driving growth by enhancing the digital experience for end-users. The Engage Program makes it simple for partners to build, launch and grow payment solutions for Mastercard’s global network of customers and accelerate time to market for product innovation while enabling seamless payment experiences.
Sumsub will offer its Know-Your-Customer (KYC) products to Mastercard customers implementing Digital First solutions. These solutions will ensure quick, secure and compliant onboarding experiences with the capabilities to track and monitor the subsequent user journey, mitigating illicit activity during sign-up and up until transaction completion.
According to Statista, payment fraud led to 1.59 USD billion-dollar losses in the US alone in 2022. As fraud continues to rise, there is an urgent need for reliable transaction monitoring and payment screening tools. Sumsub’s platform integrates features such as chargeback prevention and fraud detection, enabling companies to effectively mitigate risks associated with fraudulent activities and unauthorised 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,” says Martin ten Houten, VP of Business Development, Europe at Sumsub. “This reaffirms our commitment to simplifying and facilitating the verification process for fintech businesses, while ensuring the highest level of compliance due to our comprehensive solutions.”