Open Banking Powers New Sumsub-Volt Digital ID Verification System

Sumsub has partnered with real-time payments provider Volt to launch an enhanced user verification system powered by open banking capabilities. The collaboration introduces a streamlined Penny Drop Verification flow that leverages Volt’s Payment Initiation Services (PIS) and Account Information Services (AIS) across European markets.

The new verification process builds upon Sumsub’s recent efforts to streamline KYC verification, directing users to their banking application after scanning identity documents. Users make a 1-cent payment through Volt’s hosted checkout, which is immediately returned, while Volt’s Matchmeter AIS solution verifies the payment data against the user’s identity documents.

This partnership comes at a strategic time, as Sumsub recently joined the EU Payments Association amid growing concerns about identity fraud. The integration supports Qualified Electronic Signatures (QES), which carry the same legal weight as handwritten signatures in the EU – a particularly important feature in markets like Germany where QES is standard for verification procedures.

The partnership follows Sumsub’s recent collaboration with Papaya Global to enhance payroll security, demonstrating the company’s continued focus on expanding its verification capabilities across different sectors. The new Penny Drop Verification system is expected to reduce fraud risks while simplifying the user experience, addressing growing demands for both security and convenience in digital verification processes.

Sources: Sumsub, Open Banking Expo, FF News

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April 15, 2025 – by the ID Tech Editorial Team