Sumsub launches Reusable KYC Gateway to help Minipay reduce duplicate user verification

Sumsub recently launched the Reusable KYC Gateway at the Token2049 conference in Singapore, an AI-powered reusable digital identity verification solution. The solution is designed to help platform businesses extend verified digital identities to their partner ecosystems after obtaining user consent, thereby reducing the hassle for users of repeatedly completing verification procedures across different services. As one of the world's fastest-growing stablecoin wallets, Minipay is the first platform to adopt the solution, having opened over 20 million wallets to date. The solution's launch has brought eight Minipay partners on board, raising their identity verification conversion rate from about 70% to 95% and cutting the time required to complete KYC procedures by up to 50%.

Solving the duplicate user verification problem

Traditionally, Minipay's partners each needed to run independent KYC processes, meaning users had to re-upload identity documents and selfies with every new partner interaction. However, the launch of the Reusable KYC Gateway solves this problem. Users need only verify their identity once with Sumsub to easily use it across Minipay's partner network. When users first interact with a partner, they simply consent to share their verified identity information, and the partner can retrieve that information directly from Sumsub without any additional user action. This not only improves conversion rates but also enhances the user experience.

Improving the user experience

Sumsub Chief Product Officer Andrew Novoselsky said: 'Repeated KYC checks are inconvenient for everyone. The Reusable KYC Gateway provides Minipay users with a single verified identity and gives them full control over the information they share.' The solution is now open to any unregulated businesses that want to connect users to regulated partner networks and wish to reduce user onboarding barriers without assuming the responsibility of storing identity document data.

The impact of the Reusable KYC Gateway

The launch of the Reusable KYC Gateway not only simplifies the user identity verification process but also effectively boosts partner conversion rates. Traditional KYC processes are typically cumbersome and inconvenient for users, while this new solution enables users to seamlessly use their identity information across multiple platforms through a single verification, significantly improving the user experience. Additionally, for unregulated businesses, this solution lowers the barrier to entry into regulated markets, fostering business growth.