Founded in 2019, Guavapay, a global fintech company, has revolutionized its onboarding process by partnering with Sumsub, a leading verification vendor. Guavapay, which serves both B2B and B2C clients through innovative solutions like the MyGuava App and MyGuava Business, faced challenges in document verification and regulatory compliance. Manual verification was not an option due to industry standards and efficiency concerns.
Elkhan Nasibov, Executive Director and Chief Compliance Officer at Guavapay, stated, “Sumsub was the first verification vendor we used. As Guavapay grew, our range of services and integration with Sumsub also expanded.”
Guavapay chose Sumsub for its robust support capabilities and comprehensive internal database to detect fraudulent activity. The integration of Sumsub’s services, including ID Verification, Address Verification, Liveness Check, Face Match, and AML Screening, has significantly improved Guavapay’s verification process. Recently, Guavapay also integrated Business Verification services to enhance security in business interactions.
Results:
- Pass rate increased by 70%
- Median verification time decreased substantially
Guavapay continues to prioritize compliance and customer experience, setting a new standard in the fintech industry.
Recently, Sumsub has become the first identity verification provider to complete the new Global Digital Identity Certification (GDIC). This groundbreaking initiative, created by AVID Certification Services Ltd, adheres to the Financial Action Task Force’s (FATF) internationally recognized standard ISO/IEC 29115. This certification sets a new benchmark for secure and standardized digital identity verification worldwide, ensuring Sumsub’s processes meet the highest levels of security and consistency on an international scale.