Danapay Reduces Their Compliance Workload by 3 Hours a Day and Saves €3 on Every Verification

Danapay Reduces Their Compliance Workload by 3 Hours a Day and Saves €3 on Every Verification

With Gaoussou Keita, co-founder and Chief Operating Officer

Danapay Reduces Their Compliance Workload by 3 Hours a Day and Saves €3 on Every Verification

Danapay, a young, fast-growing company, needed a technologically advanced solution that would help them to avoid manual errors, stay compliant with regulatory demands, and maintain a pleasant onboarding experience for their users.

The Challenge

Although Danapay started with manual customer onboarding, they soon realized that manual checks have shortcomings: they are susceptible to human error and can be time and cost-inefficient. So, when the number of users began to grow, Danapay set out on a search for a fully automated KYC solution.

Gaoussou Keita

Gaoussou Keita

COO at Danapay

When the number of our customers started growing, it became unsuitable for us to continue with manual checks. During the COVID-19 pandemic, digital platforms, like ours, have been in high demand, so we needed to automate our onboarding process to assist more users.

Why Sumsub?

To choose the appropriate provider, Danapay created a choice grid and evaluated each KYC solution against several essential criteria for their business:

Gaoussou Keita

Gaoussou Keita

COO at Danapay

We had to demonstrate to our regulator that the KYC provider we chose has technologies reliable enough to conduct customer verification.

Ability to scale on demand

Being a startup, Danapay needed a scalable solution that can quickly expand when the number of users starts to grow and contract when the customer flow slows down.

Complete verification framework from document screening to liveness and AML

Danapay needed a strong fraud prevention solution that would filter out tricksters who want to use the platform to transfer money. So, the quality of a provider’s verification technology and their ability to offer a complete framework of checks, including liveness, were major factors in the decision making process.

Ease of integration

It was essential for Danapay to find a solution that could be effortlessly integrated into their system.

User-friendly onboarding flow

This solution had to have a comprehensive onboarding flow that would not discourage clients from using the platform.

Convenient pricing model

Danapay searched for a suitable pricing model for startups that would allow them to focus on the company’s development, without costing them an arm and a leg. While many KYC providers have fixed prices, Danapay needed a solution with a flexible payment plan fit for developing businesses.

The Solution

After a series of compliance calls, demos, and tests, Danapay set their mind on Sumsub.

Sumsub offered Danapay a fully automated solution with a complete range of customer checks, covering everything from document verification to liveness, including AML checks and risk-management tools. Thanks to the provider’s advanced fraud prevention, Danapay can now focus their attention on the company’s development, without worrying about compliance.

The Results

After just a week of using Sumsub’s solution, Danapay witnessed the fantastic results that shall only multiply in the future.

  • 100% automation, including automated KYC report generation
  • Manual compliance routine reduced by 3 hours a day
  • €2-3 saved on every check every check

As a result of the collaboration with Sumsub, sending money from Europe to Africa is safe and pleasant for Danapay’s customers.

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