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Opera’s MiniPay users can now reuse their identity verification across the wallet’s regulated partner network through Sumsub’s new gateway.
The stablecoin wallet is the first integrator to go live with Sumsub’s Reusable KYC Gateway, launched on 7 October.
MiniPay operates in more than 70 countries and has recorded over 20 million wallet openings.
As a self-custodial wallet, it does not need to verify users itself. Its partners, including fiat on and off ramps, card issuers and payment providers, have traditionally conducted separate know your customer (KYC) checks.
Users therefore had to repeat the verification process for each new provider.
Those with a Sumsub ID can now reuse it, while others complete a new check with an identity document and selfie.
They must explicitly consent to link their verified identity to their MiniPay account and approve sharing it with each regulated partner when first accessing its service.
The verified identity passes directly from Sumsub ID to the provider, so MiniPay does not collect, store or handle identity documents or biometric data.
Partners can complete verification without additional user screens while applying their own compliance policies. Higher-risk transactions require additional checks.
According to Sumsub, MiniPay partners adopting the approach have seen verification conversion rates rise from approximately 70 percent to 95 percent, while KYC completion times have fallen by up to 50 percent.
Andrew Novoselsky
Andrew Novoselsky, Chief Product Officer at Sumsub, said,
“Repeated KYC checks across the same ecosystem are inconvenient for everyone, and one in three applicants we see have already verified with us before.
Reusable KYC Gateway puts that reuse to work for MiniPay’s users, giving them a single verified identity that works throughout its entire partner network, with full control over what they share and with whom.”
Murray Spark, Senior Director of Business Development at Opera, said,
“Self-custody has always been central to MiniPay. Users hold their own funds, and now they also control their own verified identity. They decide what to share and with whom, and that matters more and more as our partner network expands across new markets.”
The gateway is now available to non-regulated businesses connecting users to regulated partners, including non-custodial wallets and decentralised trading platforms.
Featured image: Edited by Fintech News Singapore, based on image by Magnific