Media Feature
Sumsub partners with dtcpay
As featured on The Paypers, 20 Sep 2023
20 Sep 2023 • 2 mins Read
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As featured on The Paypers, 20 Sep 2023
Sumsub partners with dtcpay
Global full-cycle verification platform Sumsub has partnered with dtcpay to improve the security and reliability of digital currency payments in target markets.
Following this announcement, Sumsub’s e-KYC service is set to be incorporated into dtcpay’s wallet platform, in order to simplify the onboarding process for customers that are transacting with merchants and businesses using the platform. The companies will focus on target markets, including Singapore, Hong Kong, Dubai, the UK, and Europe.
dtcpay will integrate Sumsub’s verification platform within its current technology infrastructure, which will allow clients to leverage a comprehensive and secure onboarding solution. Furthermore, dtcpay will be given the possibility to provide an improved onboarding experience for users that look to make multi-currency swaps (meaning to convert digital currencies or fiat assets without high conversion fees), in-store payments, online payments, as well as PayByLink.
The collaboration aims to ensure a quicker and more user-friendly experience for customers, while also adhering to regulatory standards and requirements. In addition, both of the companies will focus on improving the manner in which businesses and traders scale and facilitate their integration into the overall digital currency ecosystem, in order to bolster compliance and streamline cross-border payments at the same time.
As dtcpay continues its plan to expand its payment solutions into diverse markets around the world, the deal with Sumsub represents an important decision in its development process, through ensuring compliance and Know-Your-Customer (KYC) standards across different countries.
Sumsub’s strategy of development
UK-based security and transaction monitoring solutions provider Sumsub had multiple partnerships and product launches in the last couple of months, covering several geographic areas around the world.
In September 2023, the company announced its collaboration with Canada-based regulatory compliance outsourcing firm AML Incubator, aiming to simplify identity verification processes. Throughout the deal, Sumsub provided AML Incubator with onboarding and monitoring services as a simple incorporation within its platform. This offered AML Incubator’s fintech customers and users improved legal entity verification capabilities.
Furthermore, the integration was set to allow the companies to simplify the onboarding processes and to make verification flows increasingly efficient and secure, while ensuring anti-money laundering (AML) compliance with regulatory requirements at the same time.
Earlier in the same month, Sumsub launched a free trial of its crypto Travel Rule solution. The six-month free trial coincided with the United Kingdom’s enforcement of the Crypto Travel Rule legislation, and it focused on countering money laundering and terrorism financing in the worldwide cryptocurrency space. Users were enabled to access a unified console, which allowed the designing of up to 10,000 outbound transactions, complimentary AML checks, unlimited processing of inbound transactions, as well as the setup of an unlimited number of requirements and rules that reflected each customer’s regulatory and business needs.