Sumsub has launched Reusable KYC Gateway, a service that lets people verify their identity once and reuse that verification with multiple regulated businesses in the same network, with Opera’s MiniPay stablecoin wallet as its first live integrator.
MiniPay is a self-custodial wallet, meaning users hold their own funds, and it does not need to verify its users itself. The regulated partners that users reach through the wallet, including on- and off-ramps, card issuers and payment providers, have each run their own know-your-customer (KYC) checks, so the same person has had to upload documents and take a new selfie for every partner. MiniPay operates in more than 70 countries and has had more than 20 million wallets opened. Sumsub has been working on reusable verification elsewhere, having joined the idOS Consortium to let identity checks be reused across decentralized services.
With the gateway, a MiniPay user who is asked to verify either reuses an existing Sumsub ID or completes a new check with an identity document and a selfie, then consents to link that verified identity to their MiniPay account. When they first use a regulated partner in MiniPay’s network, they consent once to share their identity with that partner, which receives the verified identity directly from Sumsub. Partners still run their own compliance checks against their policies, and higher-risk transactions require additional checks. MiniPay does not collect, store or handle the identity documents or biometric data.
Sumsub says 15 million Sumsub IDs already exist and that eight of MiniPay’s partners already use its verification. Its payment customers also include Singapore-based FOMO Pay, which has added Sumsub’s verification and transaction monitoring. According to the company, MiniPay partners have seen verification conversion rise from about 70 percent to 95 percent and KYC completion time fall by up to 50 percent since adopting the approach.
“Repeated KYC checks across the same ecosystem are inconvenient for everyone, and one in three applicants we see have already verified with us before,” said Andrew Novoselsky, chief product officer at Sumsub.
“Self-custody has always been central to MiniPay. Users hold their own funds, and now they also control their own verified identity,” said Murray Spark, senior director of business development at Opera.
The gateway joins Sumsub’s Reusable KYC product line alongside Reusable KYC Share. Sumsub is offering it to non-regulated businesses that connect users to networks of regulated partners, such as non-custodial wallets and decentralized trading platforms, and is showcasing it at Token2049 Singapore on October 7 and 8.
Sources: Sumsub
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By the ID Tech Editorial Team
