Cryptocurrency Payments Processing Service Mercuryo.io Automates Compliance Using Sumsub
- Payments , Cryptocurrencies
- 19.03.2021 11:43 am
Mercuryo, a global cryptocurrency payments network, is teaming up with Sumsub, an identity verification platform that provides a unified solution for automating KYC/KYB/KYT processes. Sumsub is set to speed-up onboarding for up to 350,000 users in the Mercuryo ecosystem. In addition, Sumsub will be helping Mercuryo tackle compliance in an ever changing regulatory landscape.
Mercuryo is a payments service that helps users store and make transactions with cryptocurrency—while also enabling businesses to profit off of these transactions. In the last six months, Mercuryo’s global payment gateway has experienced 20x growth in volume, with over 150 crypto projects already in their portfolio. Mercuryo partners with industry leaders like Binance, Trust Wallet, and Exmo.
Persistent fraud concerns in the crypto industry have pushed Mercuryo to enhance their security measures. Sumsub has been able to help Mercuryo by incorporating AML data screening and ongoing monitoring across international watchlists, sanctions, and PEP lists. What’s more, Sumsub has provided graphic editor detection and metadata analysis, further consolidating Mercuryo’s protection against forgery and scams.
To support Mercuryo’s regional expansion, Sumsub automated the company’s global compliance and reporting processes through an easy-to-navigate dashboard. This made identity checks swift and user-friendly, allowing Mercuryo to keep conversion rates high and reduce verification time to just a couple of minutes.
Sumsub’s reusable KYC feature was especially valuable for Mercuryo. Now, Mercuryo’s partners can share their applicants’ KYC data with one another, eliminating the need to ask clients to go through verification multiple times.
“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.
“We see increasing demand for reusable KYC coming from services like Mercuryo and other rapidly growing projects partnered with multiple payments services. Reusable KYC enables partnered services to share KYC data with each other, which means that users only get verified once—and for all. Integrating reusable KYC also cuts additional costs and boosts conversion, while eliminating the need for users to upload documents again and again within the same ecosystem. We are happy to be working with Mercuryo to help them and their partners achieve a truly effortless onboarding routine.”—Jacob Sever, Co-founder of Sumsub.