Sumsub, a leading provider of anti-fraud and identity verification solutions, has joined forces with the global payments network Mercuryo to offer swift and thorough customer onboarding procedures for cryptocurrency-related businesses and their users.
The cooperation is meant to optimize and speed up the compliance and risk departments routine of the platforms leveraging Mercuryo payment gateways.
Corresponding with international jurisdictions, Sumsub will cover Mercuryo’s multiregional KYC and AML checks, document verification, and crypto transaction monitoring.
Flawless and Automated KYC and AML Checkups
Sumsub works with over 700 B2B global clients such as Blablacar, MetaQuote, and Bitcoin.com to supply AI-powered solutions allowing other platforms like Mercuryo to investigate and review complex verification cases and create custom flows for different customer segments.
Automated ID verification conducted by Sumsub is compliant in the majority of regions.
As for AML procedures, Sumsub takes over data screening and ongoing monitoring across numerous watchlists, sanctions, and PEP lists worldwide.
Its anti-fraud system is equipped with graphic editor detection and metadata analysis, so you can rest assured that your company is well-protected from scams and fraud.
Sumsub also specializes in checkups of the companies dealing with crypto and conducts transaction monitoring, including providing risk scores and reports for regulating authorities and banks. Also, it helps with investigating risky amount transfers and post-KYC payment fraud prevention.
Share Token Feature
One of the Sumsub vital features adopted by Mercuryo is sharing the relevant applicant data between cooperating services to accelerate the verification process. KYC audit conclusions can be easily passed on from one company to another if they collaborate and work with Sumsub.
This way, if a user passes the KYC procedure at Mercuryo and then registers at Mercuryo’s partner service, the two companies can easily share the information on this user via share tokens.
Using Sumsub’s API, the partnering services can receive all the relevant data and documents related to the user.
Mercuryo fiat-to-crypto rails takes care of compliance, liquidity, and payments. It can handle transactions, brokerage exchanges, and transfers to or from mainstream banking platforms.
Mercuryo’s universal fiat-on-ramps gateway solution allows businesses to focus on scaling instead of spending time on dealing with routine.
How does the KYC procedure work?
The KYC process comes in two stages: Document Verification and Biometric Checks.
Customers need to record a short video of their face, take a picture of a passport, and wait for confirmation. Alternatively, there is a way to verify identity through the Share Token system.
Mercuryo will check partner databases for user identity and use it to pass over its KYC procedure, so that users don’t have to verify their identities manually at Mercuryo and go through KYC twice.
Partnership with Sumsub is a thrilling opportunity for Mercuryo as it allows the payment company to offer enhanced security measures to all the partners.
Automated verification procedures and an API that helps with sharing applicants between services can significantly improve the work of risk and compliance departments. This initiative has all the chances to take identity verification to the next level.
“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,” – says Greg Waisman, Co-Founder & COO, Mercuryo.