Sumsub has launched Reusable KYC Gateway, an identity-verification product designed to let users complete verification once and reuse the verified identity across multiple regulated service providers.
MiniPay, Opera’s self-custodial stablecoin wallet, is the first live integrator. Sumsub said MiniPay has more than 20 million wallets across over 70 countries and connects users with regulated partners including on- and off-ramps, card issuers and payment providers.
Under the new flow, users can verify their identity with Sumsub and explicitly consent to connect that verified identity to their MiniPay account. When they access a regulated partner, they can consent to share the identity with that provider, which can then apply its own compliance policies and additional checks where required.
Because the verified identity moves directly from Sumsub to the regulated partner, MiniPay does not need to collect or store identity documents or biometric data itself, according to the companies.
Sumsub said MiniPay partners using the approach have seen verification conversion rise from about 70 percent to 95 percent and KYC completion time fall by up to 50 percent. Eight MiniPay partners already use Sumsub for verification.