Changelly and SumSub Partner to Enhance User Experience via Anti-Fraud AML and KYC Principles
Both Changelly and Sum&Substance (Sumsub) have signed a new partnership to offer better services to users on the Changelly platform. Sumsub is an AI-based ecosystem that allows online services around the world to meet regulatory requirements, prevent fraud and also enhance customer confidence.
Changelly is a popular cryptocurrency platform that allows users to exchange virtual currencies in an easy way.
Sumsub will be implementing its KYC check through the exchange process. Users on the Changelly platform will not have to leave the familiar interface and interrupt their swap. The system will require users to provide a photo of their ID and also a selfie with it.
This is similar to what other digital currency exchanges are doing to validate users’ identities. The whole process can take around 10 minutes. The main intention behind it is to be compliant with all the requirements requested at the EU level.
Jacob Sever, the co-founder of Sumsub, commented:
“It’s crucial not only to be fully compliant with the requirements but also to provide the most convenient user experience. That is the challenge that Sumsub ecosystem meets perfectly. Changelly users will only need to pass KYC once through our system to access hundreds of partner services at the touch of a button.”
Mr. Sever went on saying that the system created by the company will also be ensuring that the platform is being compliant with all the EU regulations.
Dmitry Burin, the COO of Changelly, admits that as operations with digital currencies become part of individuals’ daily life, it is necessary to take new steps to make crypto swaps more handy and safe. He went on saying that Sumsub provides top technologies, high expertise and full law compliance into AML and KYC processes.
Sumsub has been already working with banks and other blockchain and fintech projects in the last few years. The firm checks that all the KYC and AML checks comply with market regulators and with The Financial Action Task Force (FATF) recommendations.
More jurisdictions around the world are requesting companies and firms to provide information about their clients and about who is purchasing and selling digital currencies.