Brazilian firm Pismo has partnered with all-in-one verification platform, Sumsub to provide more secure identity management services for its payment platform.
The move comes as identity crime and fraud attempts remain a critical issue, jumping by 36% in 2021 compared to 2020, according to the Identity Theft Resource Center.
In an announcement the companies said, in response to increased compliance risks the partnership would ensure secure operations and offer a swift onboarding experience for users globally.
“Pismo’s platform processes almost 70 million accounts and 2.2 billion transactions per year. Only a highly robust solution with advanced AI and machine learning technologies like Sumsub is capable of managing identities and preventing fraud at the speed that we require,” said Vishal Dalal, CEO (North America, EMEA, and APAC) at Pismo.
Andrew Sever, co-founder and CEO of Sumsub added, “With Sumsub’s KYC, KYB, transaction monitoring and AML solutions, it’s easier for businesses to expand to international markets and increase their customer base while staying fully compliant with regulations and securing strong anti-fraud protection,”
Sumsub specializes in providing KYC/KYB/KYT and AML compliance across a range of industries including fintech, crypto and shared mobility. It is said to prevent more than fifty thousand fraud attempts each month with its AI-powered transaction monitoring and business verification solutions.
Founded in 2016, Pismo has expanded its operations globally with offices in São Paulo, Bristol (UK), Austin (USA), Singapore and Bangalore (India). The partnership with Sumsub will add an added layer of security as Pismo looks to further increase its presence on the international stage.
