Sumsub, a UK-based global identity verification and KYC/AML compliance provider, is sharing the results of their partnership with Mercuryo, an all-in-one cryptocurrency payment solution for global enterprise clients operating in over 160 countries.
Founded in 2018, Mercuryo provides a range of payment solutions to accelerate growth and boost revenue for businesses looking to expand globally.
Offering Banking- and Crypto-as-a-Service along with KYC, KYB, AML, fraud monitoring and much more, the company provides ready-made solutions for crypto platforms and traditional banking institutions.
Mercuryo started working with Sumsub in March 2018, and the entire integration process took less than a week.
At the time, Mercuryo sought to maximize customer pass rates in order to expand to new markets as fast as they could. Sumsub had the comprehensive expertise and global coverage to get the job done.
Sumsub has shouldered Mercuryo’s verification process for over three years. A wide range of Sumsub features are used for this, including KYC checks, liveness checks, Reusable KYC and screening of crypto addresses. Recently, Mercuryo started using automated KYB checks to speed up onboarding for new business clients.
Thanks to Sumsub, Mercuryo complies with shifting regulations while quickly verifying users (the average onboarding procedure takes around 1.5 minutes). Meanwhile, fraud detection has gone up significantly, since Sumsub rejects suspicious profiles right at the verification stage.
Mercuryo has also solved a number of language and document related challenges with Sumsub.
The platform can now identify Nigeria’s unique NIN documents and transliterate Japanese characters into Latin ones. These new capabilities have boosted user conversion by 30% in Nigeria and by 78% in Japan.
“Working with Sumsub, we value responsive support, fast and easy integration, flexibility and willingness to provide customized features. For us it’s a turnkey solution that allows us to focus on the most critical tasks using their ready-made product”, – says Andrey Ilinsky, Product Owner at Mercuryo.