Sumsub Partners with FDATA to Enhance Consumer-Centric Open Finance Solutions

Sumsub's New Collaboration with FDATA

In a significant move towards advancing secure and consumer-centric financial solutions, Sumsub, a prominent name in verification and fraud prevention, has announced its membership in the Financial Data and Technology Association (FDATA). This organization represents a vast network of financial technology companies that are dedicated to promoting consumer-permissioned data access across North America.

Strengthening Open Finance Frameworks

This partnership, revealed on February 5, 2026, underscores Sumsub's commitment to enhancing the open finance ecosystem by fostering trust, innovation, and transparency within the financial data landscape. As the need for robust financial data access solutions grows, Sumsub aims to collaborate with various stakeholders, including industry leaders, policymakers, and tech innovators, to create frameworks that effectively balance trust and competition in open finance.

Kat Cloud, Head of Government Relations at Sumsub, shared her enthusiasm regarding the collaboration: "Joining FDATA is an exciting opportunity to collaborate with peers shaping the global open finance landscape. Together, we can help build a trusted infrastructure that strengthens compliance systems for businesses, protects consumers, and supports responsible innovation."

The increase in sophisticated fraud schemes, which surged by 180% over the previous year according to Sumsub’s findings, highlights the urgent need for secure identity verification within evolving open finance frameworks. With discussions around regulatory frameworks such as the CFPB Section 1033 gaining traction, the financial ecosystem must prioritize solutions that secure data access while safeguarding stakeholders against potential fraud threats.

Commitment to Consumer Trust

"Trust is the foundation of open finance," said Steve Boms, Executive Director of FDATA. "Sumsub's technology ensures consumers can share their financial data safely and confidently, aligning with FDATA's mission to empower individuals and businesses through secure and permissioned access to data."

By joining FDATA, Sumsub is also contributing to several working groups, including the U.S. Policy Working Group and Canada Working Group. This involvement reflects Sumsub's dedication to collaborating with key players in the industry to enhance secure financial data access standards.

About Sumsub

Recognized as a leader in the verification industry, Sumsub offers a full-cycle verification platform designed to facilitate compliance while preventing fraud. Their no-code solution encompasses everything from identity verification to ongoing monitoring, adapting swiftly to the dynamic risks and demands of the market. With a client base exceeding 4,000 companies, including notable names like Bitpanda and Vodafone, Sumsub has engaged with various reputable institutions and adheres to global anti-money laundering standards.

About FDATA

The Financial Data and Technology Association advocates for over 30 fintech companies in the U.S. and Canada, promoting open finance standards that give control back to consumers regarding their financial data. Their mission aims to ensure secure access to innovative financial tools that enhance competition and transparency across the industry. For more information about FDATA and its mission, you can visit FDATA Global.

With this partnership, both Sumsub and FDATA are poised to make significant strides in the evolution of open finance, ensuring that as technology advances, consumer protection remains at the forefront.