Volt, a real-time payments platform, has announced a new open banking partnership with Sumsub, a full-cycle verification provider.
Under the agreement, Volt will support Sumsub’s Penny Drop Verification process, which directs users to their banking app after scanning an identity document.
As part of the verification flow, users will be asked to make a €0.01 payment via Volt’s hosted checkout, which will be refunded in real time.
Volt’s Matchmeter, an Account Information Services (AIS) tool, will then verify whether the account holder’s name matches the name on the submitted identity document.
The collaboration uses Volt’s Payment Initiation Services (PIS) and AIS open banking solutions across Europe, helping Sumsub strengthen its identity verification products.
This added verification step is particularly relevant in markets like Germany, where qualified electronic signatures (QES) are widely used to finalise identity checks.
A QES carries the same legal status as a handwritten signature and is accepted by European Union Anti-Money Laundering (AML) regulators.
Confirming the identity of a QES signatory is therefore a key requirement for businesses onboarding users at scale.
Andrew Novoselsky, Chief Product Officer at Sumsub, said:
“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. 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.”
Matthew Rickard, Senior Partnerships Manager at Volt, added:
“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.”
Featured image credit: edited from freepik
