Founded in Singapore in 2012, bitwallet aims to make payments more smooth and more secure between businesses and their overseas clients. Their payment infrastructure includes a credit card payment collection service and API wallet integration.
In 2018, bitwallet launched a multi-currency e-wallet to enable individuals to make deposits and pay merchants worldwide.
The Challenge
In the beginning, the company didn’t have any specific KYC procedures in place, and their in-house compliance team performed all user checks manually. Later, as their user base grew, the bitwallet team was overwhelmed by the number of documents they needed to process by hand. So, the company decided to onboard an automated verification solution to streamline user verification and achieve further growth.
Amidst the rapid growth of payment companies, bitwallet was keen to be an early adopter of AI in their KYC procedures. Therefore, they sought an advanced KYC verification system that’s trustworthy and meets all regulatory requirements.
Why Sumsub?
bitwallet went with Sumsub to provide users with a faster and more straightforward onboarding process. The company also wanted to eliminate fraud and better detect manipulated documents, as well as verify documents from countries that their in-house team isn’t very familiar with.
The Solution
Sumsub now takes care of user verification at bitwallet. The company uses a range of Sumsub features, including ID Verification, Liveness and Face match and ongoing document monitoring.
Naomi, Customer Success Manager at Bitwallet
Once we started checking applicant addresses in foreign language characters, Sumsub provided us with a client-oriented product with a variety of options and suggested the best solution to perform such checks.
Implementation
The product integration took 2 months.
bitwallet’s customer service team created a guidebook in various languages to train their colleagues on using Sumsub. Every new member of the bitwallet team must now go through this training.
The Results
bitwallet saw its first results in 3 months.
Now, their approval rate is 92.3%, while the average result in their industry is 84.5%.
As far as verification time, it now takes less than 3 minutes on average.
Naomi, Customer Success Manager at Bitwallet
We value Sumsub as a verification provider and as our partner. They offer a flexible product that we can adjust to our needs and a very strong Customer Success Team that provides suggestions on how to improve performance and achieve our goals.