Danapay teams up with Sumsub to simplify money transfers between Europe and Africa

Danapay, a young, fast-growing Fintech company, today teams up with Sumsub, an identity verification platform that covers KYC/KYB/AML needs. Together, the companies are aiming to manage the inflow of new customers by getting rid of manual routines, ensuring compliance with regulatory demands, and providing a quicker and safer onboarding experience for Danapay’s users.

By striving to catalyse African development, innovating both technologically and operationally, Danapay has created a wire transfer service that focuses on sending money from Europe to West Africa. The company offers a more convenient, quick, and affordable environment to make the process of sending money to Africa easier for those who need it, offering the lowest transfer fees on the market around the world.

Facing an influx of new customers due to COVID-19, Danapay utilised Sumsub’s identity verification platform to replace lengthy manual application processing with automated checks and infuse compliance throughout their service. The technology developed by Sumsub was able to give Danapay a complete framework of automated checks, from documents screening and liveness to AML checks and risk-management tools, all made with the purpose of safeguarding businesses from any instances of fraud, blocking malicious attempts at their roots.

‘During the COVID-19 pandemic, digital transfer platforms, like ours, have been in high demand, so we needed to automate our onboarding process to assist more users. Sumsub’s compliant, user-friendly flow frees up our working schedule by taking control of customer onboarding and verification. Before, we spent so much time on manual checks, but now, with Sumsub’s automated onboarding solution, we have more time to develop other aspects of our business.’— Gaoussou Keita, co-founder and Chief Operating Officer.

‘Money transfer companies are undergoing a spate of traffic that has to be managed without any hold-ups. That is the first issue. The second is that this wave of new users could also bring a lot of concerns in terms of fraud, and businesses have to be ready to face those risks. That said, we are happy to help Danapay safely process their clients and take care of regulatory compliance both now, and as they expand further into the West African region.’— Jacob Sever, Co-founder of Sumsub.