Shaun Tang
Head of Compliance at Affyn
Affyn is forging a sustainable economy, converging the virtual and real worlds through a global co-creator community.
Managing strict due diligence requirements while providing a positive customer experience is a delicate balance. Affyn believes that automated verification solutions are specifically designed to address this challenge.
The Challenge
It's common for startups in various industries to rely on manual verification processes initially. This comes with notable challenges, particularly the slow turnaround time for the verification process, resulting in extended delays and impacting the user experience.
Affyn operates globally and has faced diverse compliance requirements across various countries and regions. Adopting an agnostic and scalable verification solution enabled Affyn to navigate these regulatory environments more efficiently.
Why Sumsub?
Shaun Tang
Head of Compliance at Affyn
We chose Sumsub for its intuitive and seamless onboarding procedures that help minimize friction in the verification process. The platform stood out for its streamlined automation, significantly improving the efficiency of identity verification and compliance procedures across regions.
The Solution
Currently, all Affyn users are required to go through the verification process when they sign up for the first time.
To do this, Affyn uses the following Sumsub solutions:
- ID Verification
- Liveness Check and Face Match
- Address Verification
- Ongoing AML Monitoring
- Ongoing ID Document Monitoring
Shaun Tang
Head of Compliance at Affyn
Sumsub’s tailored solutions are comprehensive and scalable, accommodating the evolving needs of our business.
Implementation
The integration process was straightforward and took Affyn three weeks. Sumsub’s thorough documentation contributed to a clear understanding, and the performance has consistently met our expectations.
The Results
Following integration with Sumsub, Affyn experienced a notable improvement in their approval rate, which reached 83.6%. The median verification time is now 57 seconds.