By Andrei Skvarsky.
Cryptocurrency exchange Paybis puts down much of its apparently successful performance over the past year and a half to a holistic and customisable fraud detection toolkit obtained from the Sumsub identity verification firm.
Under the terms of an August 2020 deal, Sumsub has provided Paybis with an all-in-one solution enabling the crypto exchange to handle the whole set of know your customer/anti-money laundering (KYC/AML) compliance procedures that have to precede customer onboarding, Paybis and Sumsub said in a joint statement.
The entire verification process takes two and a half minutes, according to the statement.
And the customisable character of the toolkit is “important for us as we have two different user groups” – individuals and companies, – said Andrei Ialama, chief operating officer at Paybis, a company that is headquartered in Glasgow, Scotland, and says it has more than 1.5m registered users in over 180 countries.
Before obtaining the toolkit, Paybis, which was set up in 2014 and trades in a wide variety of cryptocurrencies, had needed separate providers to go to for individual solutions for different compliance procedures. This made it difficult for the company to launch new products, the Sumsub website quoted Ialama as saying.
According to information on Sumsub’s website, its all-in-one technology is applicable to about 6,500 document types in more than 220 countries. The company is headquartered in London and has offices in Berlin and Limassol, Cyprus.
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