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.
In 2020, Paybis started looking for an alternative to their existing KYC provider. Specifically, they were looking for a liveness check solution (a must due to 5AMLD) as a separate tool. Plus, their existing KYC solution didn’t offer some features, such as automated screening, document expiration validation, and ongoing monitoring. Therefore, Paybis had to use separate solutions for these functions, which wasn’t very sustainable.
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.
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
- Support for document types from different countries
Andrei Ialama, Chief Operating Officer at 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.
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.
Sumsub lets Paybis onboard their clients in a fast and secure way, while providing powerful anti-fraud protection and ensuring full compliance with all mandatory AML regulations.
One of the crucial features Sumsub offers Paybis is the ability to regulate verification levels on a case-by-case basis and build separate verification flows for different clients.
Customized verification flows are important for Paybis as they have two different user groups, and Sumsub’s flexibility lets the team manage them according to their needs.
Notably, Paybis was one of the first companies to use Sumsub’s custom questionnaire feature, which is designed to help catch scammers. More specifically, users are asked to fill in a special form that’s combined with a liveness check, ensuring that they’re present during verification. Based on the data collected, Paybis’s experts (risk management officers) evaluate users’ criminal intentions and if there is a reasonable ground for suspicion.
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.
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).
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.
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.