Estonia-based Tuum has partnered with fintech firm Fourthline to provide European financial institutions with a core banking solution that includes know-your-customer (KYC) and anti-money laundering (AML) compliant end-to-end client onboarding and monitoring.
The partnership will enable providers to roll out into new markets rapidly and seamlessly, without restrictions by regulatory and technological constraints.
Based in the Netherlands, Fourthline assists European banks and financial institutions to conduct digital identity checks with new, end-to-end KYC solutions and compliance experts.
The firm manages the full customer journey including initial onboarding, ongoing AML monitoring, KYC checks, authentication, qualified electronic signature checks, document renewal and offboarding.
Fourthline chief commercial officer Eelco-Jan Boonstra said: “We’re thrilled about our collaboration with Tuum. Together, we offer a solution that enables regulated institutions to expand rapidly across Europe while maintaining compliance with all regulatory obligations.
“Fundamentally we achieve this without compromising technological innovation. One key aspect is our capability to ensure that clients remain compliant throughout their entire customer journey, beginning with AML screening and extending to ongoing monitoring.”
The partnership is expected to help regulated institutions to avail benefits from a single API integration that strengthens their ability to offer new services, while meeting all current and future KYC and AML regulations.
Backed by investors Portage, Blackfin, and karma.vc, Tuum is an API-first and modular core banking technology provider.
It offers a cloud-native and highly configurable platform to support financial institutions and other companies to easily launch customer-centric financial solutions, including accounts, payments, lending, cards and others.
Tuum global partnerships vice president Jean Souto said: “For European banks and financial institutions eyeing up growth across borders, ever-changing regulation and varying cross-border requirements can be a huge hindrance.
“With this partnership, we want to empower the next-generation of institution with a strong banking core agile to change, and access to an API that takes away the strain and worry of compliance.”
