Over the past three months, Sumsub has helped streamline and optimize HashKey Global's user verification processes, leading to faster onboarding and improved compliance for its large user base of nearly 600,000 registered individuals.
As the cryptocurrency industry continues to expand and face increasing regulatory scrutiny, HashKey recognized the need to modernize its verification processes, which were previously manual and prone to delays and human error. To address this, HashKey selected Sumsub due to its extensive experience in the cryptocurrency sector and its ability to offer scalable, automated solutions that align with the exchange's growing operational needs.
Sumsub's Q1 2024 report highlighted a 245% year-on-year rise in global deepfake fraud attempts, underscoring the importance of robust verification systems. As a regulated exchange, HashKey must comply with strict requirements for fraud prevention and user authentication, making it essential to have a reliable and efficient onboarding process. Sumsub's technology has allowed HashKey to meet these challenges by improving the speed and accuracy of its verification system while adhering to regulatory standards.
Through the implementation of Sumsub's services, which include identity document verification, face matching, liveness detection, deepfake detection, and Proof of Address checks, HashKey has achieved several operational improvements. These include an average verification time that, in some cases, has been reduced to as low as 20 seconds.
The overall onboarding process now takes approximately three minutes, from document submission to verification completion, significantly reducing delays. Furthermore, the platform has achieved an average pass rate of over 70% across different regions, all while maintaining compliance with global regulatory frameworks.
The increased efficiency provided by Sumsub's solutions has allowed HashKey to better serve its expanding global user base, improving user experience without compromising on regulatory commitments. These advancements ensure that HashKey continues to meet evolving compliance standards, which are critical for maintaining its status as a regulated digital asset exchange.
Sumsub's scalable verification solutions have enabled HashKey to process hundreds of thousands of identity documents in a significantly shorter time frame, while maintaining a high level of accuracy. This integration reflects the exchange's commitment to enhancing operational efficiency and meeting the demands of its users, as well as regulatory bodies, in a rapidly changing digital asset landscape.
The collaboration highlights the growing importance of sophisticated identity verification systems in the cryptocurrency industry, as exchanges like HashKey face both expanding user bases and heightened regulatory expectations.