“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.”
Brazil-headquartered banking and payments infrastructure provider Pismo has tapped Sumsub to enhance its ID check capabilities by leveraging the KYC and AML solutions provider.
Pismo is an all-in-one, cloud-native financial services platform covering all core banking and payment processing functionalities for banks, fintechs, and non-financial institutions.
Pismo’s increased scale requires enhanced KYC/AML capabilities
Founded in 2016, Pismo has expanded its operations globally, with offices in São Paulo, Bristol (UK), Austin (USA), Singapore, and Bangalore (India), and more than 450 employees, managing over 68 million accounts, processing US$ 195 billion in annual transactions.
Such scale leads to increase needs of a capable onboarding solution as managing compliance risks can feel intimidating, especially because identity crime and fraud attempts jumped by 36% in 2021 relative to 2020, according to the Identity Theft Resource Center.
To ensure secure operations and offer a swift onboarding experience for its global users, Pismo selected Sumsub, the leading KYC/KYB/KYT and AML compliance provider with over 2,000 global clients across the fintech, crypto, shared mobility, trading, and gaming industries.
Sumsub helps businesses worldwide efficiently onboard users and effectively fight fraud, preventing more than 50 thousand fraud attempts each month with its AI-powered transaction monitoring and business verification solutions.
AI-powered ID verification for high volumes at Pismo
Vishal Dalal, CEO (North America, EMEA, and APAC) at Pismo, said: “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. This partnership contributes to the ever-increasing security level of our platform, increasing its efficiency and positively impacting the quality service we deliver our clients.”
Andrew Sever, Co-Founder and CEO of Sumsub, commented: “We are happy to offer our all-in-one verification platform to global financial infrastructure providers like Pismo, allowing banking and payments to impact people’s lives positively. 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.”