Case Study: bitwallet achieves 92% approval rate with Sumsub

92% Approval Rate with Sumsub’s Advanced Character Recognition

bitwallet, a Singapore-based high-security e-wallet for individuals and businesses, was struggling with a manual KYC process that overwhelmed its compliance team as the user base grew. The company needed a more automated, trustworthy verification system to speed up onboarding, reduce fraud, and handle documents and addresses from multiple countries. To address this, bitwallet turned to Sumsub, using its identity verification capabilities as part of its KYC workflow.

With Sumsub, bitwallet implemented ID Verification, Liveness, Face Match, and ongoing document monitoring, with integration completed in two months. The results were strong: bitwallet achieved a 92.3% approval rate versus the industry average of 84.5%, and reduced median verification time to under 3 minutes. Sumsub also helped bitwallet improve checks for foreign-language characters and manipulated documents, supporting faster, more scalable compliance operations.

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