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CoinPayments Collaborates with Sumsub to Enhance Identity Verification Efficiency

By CIOReview | Tuesday, September 29, 2020

CoinPayments has partnered with Sumsub to simplify the onboarding for CoinPayments users while optimizing conversion rates. 

FREMONT, CA: CoinPayments, a cryptocurrency payments processor, has announced its partnership with Sumsub, an identity verification platform that offers an all-in-one technical and legal toolkit for KYC/KYB/AML requirements. The collaboration will simplify the onboarding for CoinPayments users while optimizing conversion rates, decrease expense by 30%, and even reduce time spent on routine tasks by 50%.

Furthermore, CoinPayments supports over 1,900 cryptocurrencies, consisting of Bitcoin, Ethereum, and thousands of altcoins. The organization works in almost 180 countries and processes about the US $100 million per month in transaction volume. Sumsub also works directly with CoinPayments, and it regulates the overall process of wallet provider, Hodltech, on all KYC and AML. 

To substitute time-consuming manual checks at CoinPayments, Hodltech selected Sumsub’s wide-ranging solution. The solution allows CoinPayments to decrease the time spent on the onboarding procedure by 50% and cut KYC-related expenses by 30%. It also analyzes and manages bulk verifications while satisfying regulatory requirements with comprehensive reports tailored to jurisdictional needs. By utilizing Sumsub’s case management system, CoinPayments can investigate and manually re-check uncertain applicants by reviewing submitted data and documents.

Rajpal Khangura, MLRO at Hodltech, which manages CoinPayments’ said, “Sumsub is a critical part of our position as the world’s largest cryptocurrency payments processor. They’ve been instrumental in ensuring a safe, streamlined, and fully regulated experience for our clients and merchants.” 

According to Jacob Sever, Co-founder of Sumsub, “Crypto compliance is one of the hottest topics of the current day. There are many businesses that struggle to meet the requirements and are searching for a way to speed up and cut costs on the onboarding process. We are happy to be working with Hodltech and CoinPayments, while helping them to overcome these hurdles and letting them focus on more pressing matters instead.”