Verification services provider, Sumsub, selects Volt's Open Banking features to boost their offering's power
In the face of a surge in cyber-fraud across Europe, financial institutions are seeking robust solutions to enhance identity verification and anti-fraud measures. This need is particularly pressing in Europe, where fraud offenses are at an all-time high.
According to recent reports, the number of potential fraud reports in Europe increased to 164 in June 2025, from 129 the previous month, involving cross-border issues and various product adulteration cases[1]. In England and Wales, nearly 1.28 million fraud and computer misuse offenses were recorded for the year 2024/25, marking the highest level in over a decade[2]. Over 80% of fraud reported nationally is cyber-enabled, often with international elements[4].
To address this challenge, Sumsub and Volt have formed a strategic partnership. This alliance aims to improve Sumsub's onboarding and identity verification offerings, leveraging Volt's global presence and Open Banking capabilities[5].
Sumsub's Penny Drop Verification, combined with Volt's Open Banking, offers a significant solution to combating fraud, particularly in the financial sector. This method, where a micro-transaction is sent to a user’s bank account, confirms that the account belongs to the person claiming it, preventing identity fraud and account takeover[6].
Volt's Open Banking API securely accesses customers’ bank data with their consent, allowing real-time compliance checks, verification of account ownership, and faster onboarding. The integration of Sumsub’s verification system with Volt’s Open Banking provides a robust, layered defense against identity fraud and financial crime, helping institutions meet regulatory AML standards and reduce fraudulent transactions[7].
Andrew Novoselsky, Chief Product Officer at Sumsub, stated that Europe saw the second-highest increase in fraud globally, with cases surging 150% year-over-year[8]. The additional layer provided by the Penny Drop Verification solution, particularly in markets such as Germany where the end user's qualified electronic signature (QES) is often used for verification, is particularly critical[9].
The end user is asked to make a 1c payment via Volt's hosted checkout during the verification process. The payment flow data is matched with the end user's identity document name using Volt's 'Matchmeter' solution[10]. Volt's Open Banking capabilities will also be used by Sumsub in their Penny Drop Verification flow[11].
This partnership between Sumsub and Volt aligns with Sumsub's vision to unify the consumer verification experience across multiple markets[12]. With offices in London, Berlin, Warsaw, Kraków, Sydney, and São Paulo, Volt enables payments in 31 markets across the UK, the EU, Brazil, and Australia[13].
By providing strong, real-time identity verification and transaction validation through bank data, Sumsub’s Penny Drop Verification paired with Volt’s Open Banking plays a significant role in combating the rise in complex, cyber-enabled fraud across Europe[3][4].
References: [1] Fraud Action UK [2] National Fraud Intelligence Bureau [3] European Banking Authority [4] National Cyber Security Centre [5] BusinessWire [6] Sumsub [7] Volt [8] BusinessWire [9] Sumsub [10] Volt [11] BusinessWire [12] Sumsub [13] Volt [14] Finextra [15] Sumsub
- The alliance between Sumsub and Volt, as detailed by BusinessWire, aims to improve Sumsub's identity verification offerings, utilizing Volt's global presence and Open Banking capabilities.
- By integrating Sumsub’s verification system with Volt’s Open Banking, they provide a robust, layered defense against identity fraud and financial crime, helping institutions meet regulatory AML standards and reduce fraudulent transactions.
- Andrew Novoselsky, Chief Product Officer at Sumsub, stated that Europe saw the second-highest increase in fraud globally, and the partnership with Volt will be particularly critical in markets such as Germany where the end user's qualified electronic signature (QES) is often used for verification.
- The Penny Drop Verification solution by Sumsub, combined with Volt's Open Banking and real-time compliance checks, offers a significant solution to combating fraud, particularly in the financial sector.
- Sumsub, with offices in multiple global cities, and Volt, enabling payments in 31 markets across several continents, intend to unify the consumer verification experience across multiple markets with this strategic partnership.
