Strategic Alliance Enhances Compliance Solutions for Gaming Merchants
Sumsub, a global leader in identity verification and anti-fraud technologies, has entered a strategic partnership with Approvely, a FinTech infrastructure platform serving regulated and high-risk sectors in North America. This collaboration aims to create a cohesive compliance and payments solution tailored specifically for gaming merchants.
Integration of KYC and AML Screening in Payments Process
The partnership will integrate Sumsub’s automated Know Your Customer (KYC) and Anti-Money Laundering (AML) screening into Approvely’s onboarding and payments framework. With a reach that spans over 220 countries and territories, Sumsub’s platform equips Approvely’s client base with the necessary jurisdictional capabilities to scale its operations across borders. The joint solution offers a streamlined path from user verification to transaction processing, eliminating the need for merchants to manage disparate compliance and payment systems.
Establishing a Unified Framework for KYC and AML Standards
With its existing support for numerous gaming merchants in the U.S. and Sumsub’s established presence in both domestic and international markets, the partnership aims to standardize KYC and AML operations within a singular framework. This unified approach not only enhances compliance but also improves efficiency for clients operating in highly regulated environments.
Tackling Emerging Fraud Challenges in the Gaming Sector
The collaboration was partly prompted by the emerging compliance challenges identified by Approvely as it expanded its footprint in regulated markets. Gaming operators are increasingly facing issues such as synthetic identity fraud, multi-accounting, bonus exploitation, and organized first-party fraud while trying to ensure smooth onboarding for legitimate users. The quest for consistent verification standards across multiple jurisdictions, combined with a seamless user experience, has become vital for merchants looking to scale.
Advantages of the Integration for Merchants
Merchants leveraging Approvely’s platform will benefit significantly from this integration. Automated identity checks at the onboarding stage will likely reduce the number of fraudulent or inaccurately represented accounts entering the payment system. Additionally, a consistent cross-jurisdictional KYC and AML screening process should minimize the need for manual interventions later in the transaction flow. This means legitimate users can transition from account creation to transaction activities with fewer disruptions, while operators establish a robust compliance framework that supports both U.S. and international markets as they pursue expansion.
Comments from Industry Leaders on the Partnership
Chelsie Cooper, CEO of Approvely, expressed enthusiasm for the partnership, noting that both firms already serve many of the same operators. She emphasized that combining their platforms facilitates a direct path from user verification to checkout while minimizing friction in the user journey. “Sumsub strengthens compliance at the front end while enabling smooth payment processing at the back end. Achieving a balance between regulatory obligations and user experience is crucial for us, making this collaboration a logical fit,” Cooper stated.
Commitment to Enhanced Verification Standards
Anastasia Shvechkova, Sumsub’s Business Development Director for the Americas, highlighted the need for rigorous yet efficient verification processes in compliance-heavy sectors such as gaming. She noted, “Our partnership with Approvely reflects our dedication to empowering businesses in heavily regulated industries to onboard users confidently, mitigate fraud from the outset, and scale operations across jurisdictions without unnecessary hindrances. Strong identity verification is foundational, and together we aim to fortify that foundation.”