Sumsub biometrics and KYC services boost payment platform’s approval rate to 78 percent
London-based payments platform Mercuryo is reporting dramatic gains in its customer onboarding process by leveraging Sumsub’s biometrics and Know Your Customer checks, in a case study on the four-year business relationship.
Mercuryo signed up for Sumsub’s biometric identity verification and KYC technology in 2018 to maximize its global customer pass rates and comply with financial regulations. Sumsub was chosen for its “comprehensive expertise and global coverage.”
The company now uses Sumsub’s technology for biometric liveness checks, reusable KYC, and crypto address screening, and recently started using its automated KYB checks, in addition to its basic KYC service. The KYC checks are performed using Sumsub’s SDKs, and the Sumsub API is used for “On- and Off-Ramps” for its banking and crypto services.
Mercuryo Product Owner Andrey Ilinsky says the company is now approving 78 percent of customers, out of up to 70,000 monthly checks, with an averaging onboarding time of just a minute and a half.
“Working with Sumsub, we value responsive support, fast and easy integration, flexibility and willingness to provide customized features,” explains Ilinsky. “For us it’s a turnkey solution that allows us to focus on the most critical tasks using their ready-made product.”
The integration took less than a week, according to the case study.
The integration allowed Mercuryo to serve clients in Nigeria and Japan; major national markets that had proved challenging to serve due to language and documentation differences. Nigeria’s NIN (National Identification Number) can now be used for sign-ups to Mercuryo, while Japanese language characters can be transliterated into Latin characters with Sumsub’s OCR. Conversion rates have now reached 30 percent in Nigeria and 78 percent in Japan.
Mercuryo intends to increase its KYC conversion rate by a further 25 percent using Sumsub’s technology, and fully automated KYB forms.