Danapay (Danapay.io), the blockchain-built money transfer network, has overhauled its KYC and customer identity verification capacities by integrating Sumsub solutions.
Sumsub is confirmed as Danapay’s new lead software provider for KYC/KYB and further AML provisions, as the company eyes the next stage of growth for its money transfer services across African markets.
Upgrading its network security, Sumsub will implement KYC procedures across Danapay’s platform, optimising the inflow of new customers by reducing manual routines, ensuring compliance procedures with regulatory demands, and providing a quicker and safer onboarding.
Danapay underlined that it has increased its ID verification capacities following an influx of new customers recorded during the COVID-19 pandemic.
Gaoussou Keita, co-founder and Chief Operating Officer Danapay explained: “During the COVID-19 pandemic, digital transfer platforms, like ours, have been in high demand, so we needed to automate our onboarding process to assist more users. Sumsub’s compliant, user-friendly flow frees up our working schedule by taking control of customer onboarding and verification.
“Before, we spent so much time and resources on manual checks, but now, with Sumsub’s automated onboarding solution, we have more time to develop other aspects of our business.”
Moving forward, Sumsub will safeguard Danapay’s money transfer services a – complete framework of automated checks, from documents screening and liveness to AML checks and risk-management tools – thereby safeguarding the platform from any instances of fraud and blocking malicious attempts at their roots.
Backing Danapay as new partner, Jacob Sever, Co-founder of Sumsub added: “Money transfer companies are undergoing a spate of traffic that has to be managed without any hold-ups. That is the first issue. The second is that this wave of new users could also bring a lot of concerns in terms of fraud, and businesses have to be ready to face those risks.
“Sumsub are happy to help Danapay safely process their clients and take care of regulatory compliance both now, and as they expand further into the West African region.”
