Sumsub to boost onboarding for crypto payments platform Mercuryo
By Megha Bhattacharya
Global cryptocurrency payments network Mercuryo has teamed up with Sumsub for speeding up onboarding for around 350,000 users in the former’s ecosystem and helping the company achieve regulatory compliance. Sumsub has helped Mercuryo by incorporating AML data screening and ongoing monitoring across international watchlists, sanctions, and PEP lists. It has also provided graphic editor detection and metadata analysis, further consolidating Mercuryo’s protection against forgery and scams.
“When your business is all about handling multiple payments, especially the ones that involve cryptocurrency, it is not that easy to keep up with all the requirements from regulators in different jurisdictions. That’s why we are so thrilled to work with Sumsub, a company with deep expertise in local and global regulations. Automation of the KYC and AML procedures affects our performance tremendously by cutting the costs and accelerating verification checkups. We also believe it will help us improve relationships with our partners and clients by delivering an excellent service and allowing them to rely on us entirely,” said Greg Waisman, Co-Founder & COO, Mercuryo.
According to Mercuryo, Sumsub automated the company’s global compliance and reporting processes through a dashboard, making identity checks user-friendly and allowing the company to keep conversion rates high and reduce verification time to just a couple of minutes.
Sumsub’s reusable KYC feature was especially valuable for Mercuryo. Now, Mercuryo’s partners can share their applicants’ KYC data with one another, eliminating the need to ask clients to go through verification multiple times.
“We see increasing demand for reusable KYC coming from services like Mercuryo and other rapidly growing projects partnered with multiple payments services. Reusable KYC enables partnered services to share KYC data with each other, which means that users only get verified once—and for all. Integrating reusable KYC also cuts additional costs and boosts conversion, while eliminating the need for users to upload documents again and again within the same ecosystem. We are happy to be working with Mercuryo to help them and their partners achieve a truly effortless onboarding routine.”—Jacob Sever, Co-founder of Sumsub.
Recently, Advapay and Sumsub have partnered to offer a single solution to digital banks and FinTechs. Sumsub’s solution has been made available and accessible for all Advapay’s clients from the list of ready-to-use integrations. The aim is to provide Baltic-based payment services with well-grounded compliance and simplified onboarding experience for their users.
IBSi Daily News Analysis
February 23, 2024
Regulated firms battle surge in financial crime attempts, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage