Open Banking functionality from Volt empowers Sumsub's identity verification service
In the face of a surge in fraud across Europe, AI-powered solutions are proving crucial in mitigating the rising risks. One such solution is Sumsub's Penny Drop Verification, a technology that verifies bank accounts in real-time by making small deposits and analysing the results. This innovative approach helps companies confirm the authenticity of payment details, reducing payment fraud and identity theft risk by automating customer due diligence.
Volt, a global payments orchestration platform, has recognised the need for enhanced fraud detection and prevention capabilities. To this end, they have formed a strategic partnership with Sumsub. This collaboration will allow Sumsub to utilise Volt's payment initiation services and AIS Open Banking capabilities across Europe.
The partnership is particularly critical in markets such as Germany, where the end user's qualified electronic signature (QES) is often used for verification. Volt's 'Matchmeter', an account information service solution, will match the data in the payment flow to the end user's identity document, ensuring the validity of a QES signatory's information is maintained. This is essential for businesses onboarding new users at scale.
The verification flow directs an end user to their banking app to make a 1c payment via Volt's hosted checkout. This streamlined process not only enhances user experience but also strengthens security measures.
Matthew Rickard, Volt's senior partnerships manager, stated that working with Sumsub exemplifies Volt's commitment to partnering with innovative brands. He further emphasised that this collaboration will enable Sumsub's 'Penny Drop Verification' flow using Volt's Open Banking capabilities.
The partnership comes at a time when the AI-powered fraud is escalating rapidly, with deepfake-driven fraud increasing 4x worldwide from 2023 to 2024. Europe saw the second-highest increase in fraud globally, with cases surging 150% year-over-year[1].
Volt, with offices in London, Berlin, Warsaw, Kraków, Sydney, and São Paulo, has a global reach that aligns closely with Sumsub's vision. Together, they aim to unify the consumer verification experience across multiple markets, providing a more secure and seamless onboarding process for businesses and end users alike.
Industry events such as Money20/20 Europe 2025 have highlighted how AI is both a driver of new fraud techniques—like synthetic identities and deepfakes—and an essential part of the evolving defense landscape. Collaboration among fintech firms, regulators, and solution providers is emphasised to combat increasingly sophisticated fraud mechanisms, with AI-enabled solutions like those of Sumsub and Volt being integral to this effort[5].
In conclusion, the role of AI-powered technologies like Sumsub’s Penny Drop Verification and Volt’s partnerships is pivotal in Europe's fight against rising fraud. By improving identity verification, payment authentication, and real-time fraud detection, these solutions are reducing financial losses and increasing security in an escalating threat environment[1][3][5].
[1] European Central Bank, (2025), "Fraud and Cybercrime in the EU Retail Payments Market." [2] European Union Agency for Law Enforcement Cooperation, (2025), "Fraud Report for Q2 2025." [3] European Commission, (2025), "Action Plan against Money Laundering and Terrorist Financing." [4] Volt, (2025), "About Us." [5] Money20/20 Europe, (2025), "AI in Fraud Detection and Prevention."
- Volt, a global payments orchestration platform, has partnered with Sumsub to use Sumsub's Penny Drop Verification and leverage Volt's AIS Open Banking capabilities, aiming to unify the consumer verification experience across multiple markets.
- The partnership between Volt and Sumsub is critical in markets like Germany, where the end user's qualified electronic signature (QES) is often used for verification, as Volt's 'Matchmeter' will match the data in the payment flow to the end user's identity document.
- Matthew Rickard, Volt's senior partnerships manager, stated that the collaboration with Sumsub exemplifies Volt's commitment to partnering with innovative brands, enabling Sumsub's 'Penny Drop Verification' flow using Volt's Open Banking capabilities.
- In the face of a surge in fraud across Europe, the partnership comes at a time when AI-powered fraud is escalating rapidly, with deepfake-driven fraud increasing 4x worldwide from 2023 to 2024.
- The role of AI-powered technologies like Sumsub’s Penny Drop Verification and Volt's partnerships is pivotal in Europe's fight against rising fraud, as they improve identity verification, payment authentication, and real-time fraud detection, reducing financial losses and increasing security.
