Next Generation NGPES, a France-based FinTech platform developing a unified payment ecosystem bridging traditional finance and digital assets, has partnered with Sumsub, a global leader in verification and anti-fraud solutions.
The partnership aims to ensure advanced fraud protection, identity verification and AML compliance as Next Generation prepares to launch its EUR-backed stablecoin and an integrated payment ecosystem. This ecosystem will handle everything from digital asset custody and settlements to IBAN-linked transactions within a digital wallet, aiming to deliver near-instant financial transactions.
Next Generation is working to create a Next Generation Payment Ecosystem (NGPES), designed to bridge TradFi and digital assets, offering digital asset custody, regulatory compliance, and fast transaction capabilities in a single solution. It plans to make its stablecoin a core component of this system to facilitate secure and compliant transactions within the crypto space.
Sumsub delivers full-cycle, AI-powered verification solutions, including KYC checks, Liveness detection, transaction monitoring, and fraud prevention capabilities. These tools will provide Next Generation with the infrastructure needed to meet regulatory obligations and protect its platform from the high fraud rates that continue to challenge the cryptocurrency industry.
The importance of robust security measures has grown, particularly as Sumsub’s data indicates a 48% increase in crypto industry fraud in 2024. Additionally, 60% of crypto firms expect stricter regulations, while only 29% report full compliance with the Travel Rule, demonstrating the challenges of regulatory adherence in the digital assets sector.
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.”
Brovin added, “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.”
Cambay added, “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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