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Sumsub and EXMO Partner for Better Customer Onboarding and Swift KYC
EXMO, major сryptocurrency exchange for traders, announced a partnership with Sumsub, experts in identity verification and compliance, to enhance digital identity verification and customer onboarding for their clients.
Financial institutions face multiple complicated requirements when it comes to verifying identities not to mention FATF stringent requirements, new AML5 directive and other regulations, raising their bar. They have to provide trusted services to clients and comply with applicable to them KYC/AML regulations. To achieve smooth onboarding while seamlessly fighting against fast-growing identity fraud, Exmo platform is to join forces with Sumsub — providers of one gate to all onboarding and compliance challenges and legal expertise.
Sumsub cutting-edge AI-based solution automates identity verification and antifraud, providing compliance to relevant regulations and AML screening. New verification procedure enables a hassle-free online experience by asking users to submit a couple of pictures, reducing the check time to 2 minutes. Sumsub solution comes with a dashboard, an all-in-one CRM system for compliance officers to manage, monitor and make the final decisions for each applicant. The dashboard will enable Exmo to generate automatic reports for their financial authorities, applicable laws and regulations.
By choosing Sumsub their partner, EXMO managed to do both — boost customer acquisition and improve regulatory compliance.
“Integrating Sumsub will optimize the overall verification costs and improve our relationships with clients. The onboarding process time will be decreased to a couple of minutes while the security will become more robust. With Sumsub solution our compliance officers will manage their time effectively, brainstorming over important issues that conquer new heights in terms of company development. Not to forget about automatic reporting that will save us the nerves of worrying to miss out on regulatory demands.”
Sergey Zhdanov, CEO at EXMO
To further optimize the user-flow, Exmo will integrate the Telegram Passport with the identity verification support from Sumsub. The idea is that with the Telegram Passport you can register in any service that requests your ID data for verification with only one touch of the screen. It allows to save passport data and other documents to Telegram while the service itself will not have access to the data — they will be encrypted on the user’s device.
“We are thrilled to announce our partnership with EXMO. Sumsub swift, engaging identity verification and legal expertise perfectly corresponds with the EXMO exchange platform needs in absolute security and lightning fast onboarding that drives conversion rates up, fostering the clients’ loyalty.”
Jacob Sever, Co-founder at Sumsub
About Sumsub
Sumsub is one answer to all onboarding and compliance challenges.
Sumsub AI-based solution automates identity verification and antifraud, as well as provides bank-grade KYC (including STOs), KYB, KYT compliance, AML screening, customer data storage to protect and enable regulated businesses online. 97% hit rate and strong legal expertise put Sumsub among the leading players of the market. The company was founded in 2015 with the headquartered in London, United Kingdom.