How Volt & Sumsub are Tackling Banking and ID Fraud

Sumsub has teamed up with Volt to launch a new identity verification process aimed at reducing fraud and meeting strict anti-money laundering (AML) regulations across Europe. 

Through this partnership, Sumsub’s Penny Drop Verification will now feature real-time name checks via open banking, designed to simplify the user experience and enhance onboarding for businesses.

The integration uses open banking infrastructure to instantly verify a user’s identity by linking personal documents with bank account data. 

This enables organisations to identify users in real time while still complying with AML frameworks, which continue to grow more complex in response to rising financial crime.

Andrew Novoselsky, Chief Product Officer at Sumsub, states: “With regulatory landscapes becoming more complex and fraud evolving at an alarming pace, businesses need verification solutions that are both compliant and frictionless.”

Penny Drop Verification and how it works

At the centre of the partnership is Sumsub’s Penny Drop Verification, a process that confirms both identity and account ownership using real-time technology. 

It starts with users uploading identification documents as part of the onboarding process. They are then redirected to their banking app, where they approve a $0.01 transaction via Volt’s hosted checkout.

This transaction is immediately refunded, ensuring a smooth user experience. 

What makes the system robust is Volt’s Matchmeter technology, which uses AI to match the name on the bank account with the one on the ID document. This prevents delays and avoids false negatives often caused by inconsistencies in name formats.

By combining document verification with bank data, the solution creates a real-time feedback loop that confirms a user's identity and banking information in one go. 

This helps businesses stay ahead of fraud threats that are becoming more sophisticated and prevalent.

According to Sumsub, fraud increased by 150% across Europe year-on-year, making it the second-highest regional rise globally. 

Andrew adds: “AI-powered fraud is escalating rapidly, with deepfake-driven fraud alone increasing 4x worldwide from 2023 to 2024. These rising threats highlight the urgent need for secure, real-time verification.”

Open banking tech behind the solution

Volt brings its payment initiation and account data services to the partnership, providing real-time payments and access to user-authorised bank data. 

These capabilities enable secure, immediate transactions through what is known as Payment Initiation Services, where a user sends a micro-payment via their bank interface. 

Account Information Services then enable Volt’s Matchmeter AI tool to compare user-submitted names with bank account holders’ data.

On the Sumsub side, its Identity Verification Engine coordinates Know Your Customer (KYC) and AML compliance workflows tailored to different national and international authorities. 

It also supports Qualified Electronic Signature (QES) processes, a digital signing method legally recognised across the European Union. QES is particularly relevant in jurisdictions like Germany, where compliance rules are strict.

This combination of Volt’s real-time payment infrastructure and Sumsub’s document verification tools allows businesses to activate users faster while reducing the risks tied to identity theft and synthetic identities.

Market alignment and strategic vision

Both companies position the partnership as a step towards building a secure, scalable and regulation-compliant identity framework. 

Volt’s Senior Partnerships Manager, Matthew Rickard, explains: “Working with Sumsub exemplifies Volt’s commitment to partnering with innovative brands that recognise the value of real-time networks within their technical infrastructure.

“From day one, Sumsub has had a clear vision of unifying the consumer verification experience across multiple markets. Volt’s global orchestration of account-to-account networks aligns closely with this vision, and I’m excited to continue driving this innovation forward.”

By offering businesses a real-time, API-first platform, Volt and Sumsub deliver an identity verification solution that adapts as fraud tactics evolve. 

As the prevalence of deepfakes and synthetic identities rises, legacy verification methods often fall short. This partnership answers market demands for secure and frictionless processes that support rapid user onboarding while maintaining compliance.

Andrew concludes: “Our Penny Drop Verification solution ensures businesses can confidently stay ahead of increasingly advanced fraud attempts, safeguard their operations and protect users in an increasingly risky digital world.”

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