CoinPayments works with Sumsub to improve the efficiency of identity verification

CoinPayments partnered with Sumsub to simplify onboarding for CoinPayments users by optimizing conversion rates.

FREMONT, CA: CoinPayments, a cryptocurrency payment 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 onboarding for CoinPayments users by optimizing conversion rates, cut expenses by 30%, and also reduce time spent on routine tasks by 50%.

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

To replace the lengthy manual checks on CoinPayments, Hodltech chose Sumsub’s extensive solution. The solution allows CoinPayments to reduce the time spent on the onboarding procedure by 50% and to cut expenses related to KYC by 30%. Additionally, it analyzes and manages mass audits while meeting regulatory requirements with comprehensive reports tailored to jurisdictional needs. Using Sumsub’s case management system, CoinPayments can manually investigate and double-check uncertain candidates by reviewing submitted data and documents.

Rajpal Khangura, MLRO at Hodltech, which operates CoinPayments, said: “Sumsub is a key part of our position as the largest cryptocurrency payment processor in the world. They have been instrumental in ensuring a secure, streamlined and fully regulated experience for our customers and traders “.

According to Jacob Sever, co-founder of Sumsub, ‚ÄúCompliance with cryptocurrencies is one of the hottest topics of the day. There are many companies struggling to meet the requirements and are looking for a way to speed up and reduce the costs of the onboarding process. We are happy to work with Hodltech and CoinPayments, helping them overcome these obstacles and allowing them to focus on more pressing issues. “

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