World’s Largest Crypto Payments Processor, CoinPayments, Adopts Sumsub’s KYC Solution
- Cryptocurrencies , Compliance , AML and KYC
- 23.09.2020 09:48 am
The world’s largest cryptocurrency payments processor, CoinPayments, announces its collaboration with Sumsub, an identity verification platform that provides an all-in-one technical and legal toolkit for KYC/KYB/AML needs. This partnership will simplify onboarding for CoinPayments users, while optimizing conversion rates, reducing costs by 30% and reducing time spent on routine tasks by 50%.
CoinPayments is the largest cryptocurrency payment processor in the world, and supports over 1,900 cryptocurrencies, including Bitcoin, Ethereum, and thousands of altcoins. The company works in more than 180 countries and processes about US $100 million per month in transaction volume. Sumsub works directly with CoinPayments and its regulated wallet provider, Hodltech, on all KYC and AML procedures.
To replace time-intensive manual checks at CoinPayments, Hodltech chose Sumsub’s comprehensive solution. The solution enabled CoinPayments to reduce time spent on the onboarding process by 50%, cut KYC-related costs by 30%, analyze and manage bulk verifications, all the while satisfying regulatory needs with detailed reports tailored to jurisdictional requirements. Using Sumsub’s case management system, CoinPayments is able to investigate and manually re-check ambiguous applicants by reviewing submitted data and documents.
“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,” said Rajpal Khangura, MLRO at Hodltech, which manages CoinPayments’ regulatory compliance.
"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," comments Jacob Sever, Co-founder of Sumsub.