Next Generation NGPES, a France-based FinTech platform developing a comprehensive payment ecosystem, has partnered with Sumsub, a global leader in verification and anti-fraud technology, to strengthen its KYC, AML, and fraud prevention capabilities.
According to Finextra, the partnership aims to support Next Generation’s launch of its Next Generation Payment Ecosystem (NGPES), an innovative solution designed to bridge traditional finance (TradFi) and digital assets, by ensuring advanced compliance and security measures are in place. This comes as the company prepares to launch its EUR-backed stablecoin as part of its ecosystem, underscoring the need for robust fraud protection in the crypto sector.
Next Generation NGPES is building a unified ecosystem that will integrate digital asset custody, settlements, regulatory compliance, and IBAN transactions within a digital wallet, providing near-instant financial transactions for users. The company has recently achieved DASP registration in France, secured $5m in international seed funding, and expanded its network of launch partners, including major industry names.
Sumsub offers cutting-edge verification and fraud prevention solutions that combine traditional KYC checks with Liveness detection, transaction monitoring, and advanced AI-driven fraud detection tools. The company reported that fraud in the crypto industry increased by 48% in 2024, with 60% of crypto firms anticipating tighter regulations, although only 29% currently meet Travel Rule compliance requirements.
The collaboration with Sumsub will ensure that Next Generation’s ecosystem can deliver high standards of compliance and security, crucial as the crypto industry faces evolving fraud tactics, including the use of forged documents and AI-generated deepfakes.
Sumsub CGO Ilya Brovin said, “We’re thrilled to be selected by Next Generation as its verification and anti-fraud partner. Payments, particularly when it involves cryptocurrency, is a sector increasingly targeted by fraudsters, who themselves are becoming more numerous and better organised.”
Sumsub CGO Ilya Brovin said, “Whether by forged documents or AI-generated videos, new tech – particularly AI – is making fraud more sophisticated, and so innovative companies like Next Generation need partners who can keep up with the fraudsters. This must mean full-cycle, AI-augmented fraud detection and verification – as our data shows over three-quarters of fraud happens after initial KYC checks.”
Next Generation NGPES COO Frank Cambay said, “Next Generation has been rapidly building up NGPES. The past six months have marked important milestones in the history of our ecosystem. We have achieved DASP registration in France, secured $5 million in an international seed funding round, and diligently expanded our network of launch partners—including some major industry names.”
Next Generation NGPES COO Frank Cambay said, “We are entering the market with a commitment to leveraging cutting-edge technology across all aspects of our operations. The DASP registration and the trust of our investors come with strict compliance obligations, making KYC/AML and fraud prevention critical. We’re thrilled to partner with Sumsub in this key area of development. Their deep expertise in digital assets, proven track record across numerous projects, and global reach make them the ideal partner to help us scale new heights.”
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