dtcpay is a regulated Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) to conduct Digital Payment Token (DPT) services and other payment services under the Payment Services Act (PSA).
With offices established in Singapore and Hong Kong, dtcpay is rapidly working on expanding its presence throughout the region and the rest of the world.
The Challenge
dtcpay needed an automated verification solution in order to:
- streamline onboarding processes, allowing businesses to transact efficiently and securely
- simplify the onboarding process for users and merchants utilizing their platform
- ensure efficient Proof of Address (POA) verification, a crucial user verification component
Keian Wong
Head of Swap Product, dtcpay
Before integrating Sumsub, we faced challenges conducting manual verification processes, hindering efficiency and user experience.
Why Sumsub?
Sumsub’s features surpassed its competitors, offering a comprehensive onboarding solution that aligns with regulatory standards. Sumsub’s solution enables dtcpay to simplify the onboarding process for users transacting with businesses and merchants utilizing their platform.
Keian Wong
Head of Swap Product, dtcpay
As we continue to expand our payment services into diverse markets, Sumsub plays a crucial role in facilitating our company’s growth by ensuring compliance with verification standards across different countries, each with unique regulatory frameworks.
The Solution
dtcpay has integrated Sumsub’s verification solution into their wallet platform, enabling a seamless onboarding process. The company utilizes Sumsub’s ID Verification, Liveness and Face Match, Proof of Address (POA), and Ongoing AML Monitoring features.
Integrating Sumsub features streamlines the onboarding experience, particularly by replacing manual checks of POA documents. Users engaging in multi-currency swaps, online payments, in-store transactions, and PayByLink via dtcpay now enjoy a swift and seamless onboarding process, ensuring a hassle-free experience.
Keian Wong
Head of Swap Product, dtcpay
The implementation of Sumsub enables us to automatically identify forged or altered documents post-submission, enhancing the verification workflow and optimizing overall efficiency.
Implementation
Adopting Sumsub was easy. The entire integration process took a few weeks, ensuring a swift transition to the enhanced onboarding solution provided by Sumsub.
Apart from offering omnichannel document collection, Sumsub’s SDK allowed dtcpay to customize the flow to suit specific user requirements.
The Results
After integrating Sumsub, dtcpay experienced notable improvements in onboarding time, contributing to overall operational efficiency.
Anson Zeall
Head of Compliance, dtcpay
Integrating Sumsub’s solution has significantly improved our operations. Our onboarding process is now simpler and faster, improving efficiency for the team and the user experience for our customers. Sumsub’s advanced verification technology is vital for establishing trust and security, particularly in the financial industry. This collaboration remains instrumental in our commitment to delivering a top-notch payment experience to even more businesses and merchants worldwide.
Future Plans
As dtcpay forges ahead into new regions, with new offerings like dtcpay FX and the dtcpay card, Sumsub will continue to play a pivotal role in ensuring compliance, security, and seamless customer onboarding experiences. This collaboration is expected to remain instrumental in dtcpay’s commitment to providing secure and efficient payment services in an evolving financial ecosystem.
