Paybis was founded in 2014 with the aim of enabling global clients to buy and sell cryptocurrency using a variety of methods, including credit/debit cards, online payment methods, and bank transfers. Now the company has over 1,5 mln registered users from 180+ countries.
Paybis offers both B2C & B2B products. This means that there are different compliance requirements that the company has to adhere to. In order to verify an increasing number of customers quickly and easily, while staying compliant with growing regulatory requirements, Paybis decided to implement Sumsub’s all-in-one KYC/AML solution. This came after Paybis tried out several other providers, which offered only partial solutions.
The Challenge
In 2020, Paybis started looking for an alternative to their existing verification provider. Specifically, we were looking for a liveness check solution (a must due to 5AMLD) as a separate tool.
Their existing provider back in the day didn’t offer features like automated screening, document expiration validation, and ongoing monitoring. Paybis had to use separate solutions for these functions, which wasn’t sustainable and kept them from launching new products. Therefore, the company decided to switch to a single solution that meets all their requirements and makes the entire KYC and AML compliance process more effective.
Andrei Ialama
COO at Paybis
The KYC provider we used previously did not offer all of the features that we needed, so we had to use a combination of different solutions. Managing everything on multiple platforms wasn’t comfortable, and it was keeping us from launching new products. Therefore, we decided to switch to a single solution that handles all of our requirements and makes the entire KYC and AML compliance process more effective.
Why Sumsub?
After in-depth research and multiple trials of different KYC providers, Paybis picked out three finalists, including Sumsub. The key criteria for their final choice were as follows:
- All-in-one solution for multiple regulatory requirements
- Customizable verification flows for different product offerings
- Short processing time and high verification speed
- Strong anti-fraud protection that detects 100% of fraud attempts
- Reasonable pricing and effective SLA
- User-friendliness
- Support for document types from different countries
Paybis tested fake documents from their database using the three finalist solutions to see which one detects fakes more effectively. As a result, Sumsub was ultimately chosen as the KYC provider.
Andrei Ialama
COO at Paybis
Sumsub got our votes because of its flexibility. We dove deep into Sumsub’s platform functionality and discussed what we’d want to add or remove to the system with their team. Sumsub’s people were always quick to react and address our needs. Thanks to this, Sumsub truly won us over.
The Solution
Sumsub helps Paybis onboard clients quickly and securely and provide powerful anti-fraud protection. This means they are fully compliant with AML regulations.
Paybis was one of the first companies to use Sumsub’s custom questionnaire feature to help catch scammers. Users are asked to fill in a special form combined with a Liveness check, ensuring the user is present during verification. Based on the data collected, our risk officers evaluate if there are reasonable grounds for suspicion.
In 2024, Paybis added Sumsub’s Transaction Monitoring to their portfolio. They can now address different risk scenarios in an automated way, orchestrating suspicious customers to additional Video Identification or card checks.
Sumsub’s Transaction Monitoring Solution helps Paybis calculate different events, for example, the total number of all transactions performed by each customer during the year. This triggers specific signals when Paybis reach a set threshold. They can further delegate these cases to respective teams to make a decision on these alerts, all from the same dashboard.
This helps Paybis mitigate the risks, reduce false positives, and lower the manual effort needed to screen transactions.
Implementation
Paybis became a Sumsub customer in August 2020. The whole integration process took 2.5 months, given the necessity of configuring different verification flows for Paybis’s client groups and migration from the previous provider.
The Results
Usually, the whole verification process takes about 2.5 minutes for a single user. The first check approval rate is around 80%, and the final conversion rate is above 85%—although these figures may vary in different markets. (You can take a look at Sumsub’s average conversion map).
Andrei Ialama
COO at Paybis
Thanks to Sumsub’s Transaction Monitoring solution and Video Identification feature we optimised our false declines and increased conversion by 30%.
Future plans
Paybis has a lot of new products in their pipeline that they aim to launch in 2022, and Sumsub is here to help them with efficient, user-friendly verification, strong anti-fraud protection, and full compliance with global regulations.
Andrei Ialama
COO at Paybis
We’ve worked with Sumsub for more than a year, and their team’s quick reaction time to our requests has remained the same. Now, we are exploring some extra Sumsub features and are planning to implement them. Going forward, we believe that Sumsub will allow to increase our customer flow and provide a consistently high quality of service.