Sumsub Launches Reusable KYC Gateway With Opera’s MiniPay

Sumsub unveiled its reusable KYC gateway in Singapore on October 7 during TOKEN2049, collaborating with Opera's self-custodial stablecoin wallet MiniPay. The service enables users to reuse a verified identity across regulated services within MiniPay's partner network, eliminating the need for repeated document uploads and selfie verifications.

MiniPay partners utilizing this approach have reported a boost in verification conversion from around 70% to 95%, alongside a reduction in KYC completion time by up to 50%. The improvement figures were not accompanied by a specified measurement period or sample size. MiniPay is active in over 70 countries, with more than 20 million wallet openings.

Its partners, which comprise fiat on- and off-ramp providers, card issuers, and payment companies, previously required separate KYC checks for each new service accessed within the wallet ecosystem. The gateway allows users to access their existing Sumsub ID or undergo an initial verification process using an identity document and a selfie.

Sumsub's platform boasts 15 million existing Sumsub IDs. Users then explicitly agree to link their verified identity to their MiniPay account. Upon accessing a regulated partner for the first time, users consent to sharing their verified identity with the provider. Sumsub then forwards the information directly to the partner, bypassing MiniPay's collection, storage, or handling of identity documents or biometric data.

Identity reuse does not absolve partners of their compliance responsibilities; they continue to enforce their own policies and conduct additional verifications for higher-risk transactions. Eight MiniPay partners have already adopted Sumsub for verification, as per the announcement. Andrew Novoselsky, Sumsub's Chief Product Officer, highlighted that repeated KYC checks within the same ecosystem are inconvenient, and one in three applicants Sumsub encounters has previously verified with the company.

The gateway empowers MiniPay users to reuse a verified identity across the partner network while maintaining control over what they share and with whom. Murray Spark, Opera's Senior Director of Business Development, emphasized that user choice in identity sharing complements MiniPay's self-custodial model, where users retain ownership of their funds.

"They decide what to share and with whom, and that matters more and more as our partner network expands across new markets," Spark noted. The Reusable KYC Gateway expands Sumsub's repertoire of reusable KYC offerings, which also include Reusable KYC Share. The company stated that the gateway is accessible to non-regulated businesses seeking to connect users with regulated partners, including non-custodial wallets and decentralized trading platforms.