London, June 1st, 2023 – Tuum and Fourthline have partnered to offer European financial institutions a secure and agile core banking solution that incorporates world-leading end-to-end customer onboarding and monitoring in compliance with KYC (Know Your Customer) and AML (anti-money laundering) regulations. Now, providers can quickly and easily roll-out into new markets, unrestrained by regulatory and technological restrictions.
Fourthline is one of the fastest-growing fintechs in Europe, and exists to help European banks and financial institutions perform digital identity checks with innovative, end-to-end KYC solutions and leading compliance experts. It covers the full customer journey including initial onboarding, ongoing AML monitoring, authentication, KYC checks, document renewal, qualified electronic signature checks and, if required, offboarding. Combined with Tuum’s cloud-native, next generation core banking solution, regulated institutions can benefit from a single API integration that boosts their agility and scope to deliver new innovative services, all while covering all KYC and AML requirements now and in the future.
European banking regulation is constantly evolving, and institutions find themselves in an uncertain landscape. A new EU AML authority has been given the go-ahead this year by European parliament, MICA has been launched as the first legal framework for crypto assets, and the fall of Silicon Valley Bank and dramatic takeover of Credit Suisse have further added to market uncertainty. The combination of a modern core banking solution and KYC AML expertise offers the continent’s banks a trusted partner that can navigate complexity for them and empower them to scale.
“We’re thrilled about our collaboration with Tuum. Together, we offer a solution that enables regulated institutions to expand rapidly across Europe while maintaining compliance with all regulatory obligations. Fundamentally we achieve this without compromising technological innovation. One key aspect is our capability to ensure that clients remain compliant throughout their entire customer journey, beginning with AML screening and extending to ongoing monitoring,” stated Eelco-Jan Boonstra, Chief Commercial Officer at Fourthline.”
“For European banks and financial institutions eyeing up growth across borders, ever-changing regulation and varying cross-border requirements can be a huge hindrance. With this partnership, we want to empower the next-generation of institution with a strong banking core agile to change, and access to an API that takes away the strain and worry of compliance. We are delighted to offer a truly best-of-breed solution and help banks achieve growth and innovation safely and securely,” said Jean Souto, VP Global Partnerships at Tuum.
Tuum is a leading API-first and modular core banking technology provider, backed by prominent investors Portage, Blackfin, and karma.vc. Its cloud-native, cloud-agnostic and highly configurable platform enables financial institutions and any other company to effortlessly launch customer-centric financial solutions, including accounts, payments, lending, cards and more. Tuum’s microservices-based architecture and modularity provide clients with the flexibility to choose, implement, and pay only for the specific capabilities they require.
Tuum brings together expertise in technology and banking with decades of experience in building core systems for large banks. Since its founding in 2019, the company has expanded its customer base throughout Europe and currently has over 100 employees located in Tallinn, Malaga, and London.
Fourthline is one of the fastest-growing fintechs in Europe. It helps European banks and regulated financial institutions fight financial crime by performing digital identity checks with innovative end-to-end Know Your Customer solutions and the best compliance experts. Fourthline verifies millions of new customers annually, performing around 200 checks that automatically examine ID documents, AML screening and ongoing monitoring, biometric data, and current residence, among others. With these checks, Fourthline discovers 60% more fraud and achieves an accuracy rate of 99.98%. With offices in Amsterdam and Barcelona, Fourthline works for clients such as Vivid Money, flatexDEGIRO, N26 and Solaris.