May 19th 2021 – Tuum, the next-generation core banking platform, today announced a new partnership with AI-powered identity verification platform, Veriff. Veriff’s industry-leading compliance and KYC offering will be added to Tuum’s product ecosystem as a ready-to-integrate, ‘plug and play’ solution.
This is a partnership built on shared values, as these two Estonian companies both foster cultures of continuous innovation to address the pain points of their customers. Tuum, as a cloud-agnostic, API-first banking platform, is transforming the way businesses are developing financial products. The Tuum platform an agile and efficient alternative to traditional banking technologies. Veriff’s identity verification solution enables Tuum’s clients to simplify their adherence to compliance and KYC requirements.
Announcing the news, Rivo Uibo, Chief Business Officer and co-founder of Tuum, states: “As Tuum continues to evolve, we are very excited to be partnering with a company as forward-thinking as Veriff. Identity verification is an integral part of the customer onboarding process for any financial service provider, yet is often seen as a cumbersome task for both the provider and the customer. By integrating Veriff’s software, our clients can now automate the identity verification and KYC processes, leading to a simplified sign-up procedure for their new customers as well as an improvement in financial crime detection rates.”
According to Veriff CPO and co-founder, Janer Gorohhov, the partnership with Tuum makes Veriff’s premier identity verification service available for growing businesses who want to scale fast without going through the hassle of building in-house identity verification solutions. “Veriff’s premier technology is easy to integrate and goes beyond simple document data extraction and lightweight verifications to meet every organisation’s compliance requirements. Our video-first approach combined with data crosslinking effectively detects fraud attempts and keeps our clients safe.”
According to Veriff’s recent Fraud Report, the rate of fraud in the fintech industry more than tripled in spring 2020 during the initial COVID outbreak as people moved their banking online. The most common type of fraud in the fintech industry is identity fraud, whereby a person pretends to be someone else or uses someone else’s ID documents. This made up 70% of all fraud cases in 2020. With partnerships such as this, we can continue to stop fraudulent activity online.