iFAST Global Bank is a regulated bank in the United Kingdom that offers personal and business banking services globally. iFAST GB is a subsidiary of iFAST Corporation Ltd., a leading wealth management platform headquartered and listed in Singapore (Stock Code: SGX:AIY) since 2014.
The Challenge
As a regulated bank in the United Kingdom, iFAST GB needed an efficient and scalable solution to onboard clients globally while maintaining strict compliance with regulatory requirements. Before Sumsub, the company relied on manual review, leading to inefficiencies, inconsistencies, and errors. The lack of automation made the process time-consuming and difficult to scale.
Given iFAST Global Bank’s international presence, verifying applicants from multiple jurisdictions required a solution that could handle diverse identification documents while meeting country-specific regulations.
Why Sumsub?
iFAST Global Bank chose Sumsub for its ability to support ID verification in key Asian markets where other providers fell short. Sumsub’s user-friendly interface and customizable SDK setup also allow the team to tailor risk-based verification processes efficiently, ensuring a seamless onboarding experience.
The bank’s primary goal was to onboard customers globally while maintaining full compliance with regulatory standards.
Akin Akande
Compliance & Financial Crime Analyst at iFAST Global Bank
Sumsub’s global ID Verification capabilities allowed us to efficiently verify customers from multiple jurisdictions while maintaining compliance with regulatory standards. Their automated solution has significantly enhanced our compliance team’s efficiency in verifying international clients, reducing processing times, and ensuring a smoother onboarding experience.
The Solution
iFAST Global Bank currently uses the following Sumsub’s products to enhance the security and compliance of its onboarding process:
- ID Verification
- Proof of Address
- Liveness
- Face Authentification
- Fraud Prevention, including Fraud Network Detection and Email and Phone Risk Scoring
Michael Dare
Fraud Investigator at iFAST Global Bank
The Fraud Network Detection feature has significantly helped us identify groups of fraudulent users in emerging markets. By analyzing shared IP locations, devices, and fingerprints, we have been able to detect and prevent multiple fraudulent accounts operated by the same network.
As a regulated UK bank, iFAST Bank is connected to CIFAS and the National Fraud Database. However, these databases have limitations, particularly in the scope of information shared among financial institutions. With Sumsub, the company can use a broader network of clients, including crypto platforms and Web 3.0 services, who contribute to Sumsub’s Block List feature.
Implementation
The entire integration was completed efficiently within a short timeframe, allowing iFAST Global Bank to implement and use Sumsub’s verification solutions quickly.
Michael Dare
Fraud Investigator at iFAST Global Bank
The integration process was smooth and straightforward. Sumsub’s SDK setup allowed us to seamlessly integrate and migrate into our existing onboarding workflow without significant disruptions. The user-friendly interface and clear documentation made the adoption process easy for our team.
The Results
Since integrating Sumsub, iFAST Global Bank has achieved a 73.5% final pass rate across all markets, aligning with industry standards despite its complex verification process. Verification time has dropped to under a minute, ensuring a frictionless onboarding experience for legitimate customers.
Additionally, Sumsub’s Fraud Prevention features have enhanced security and compliance, particularly in regions with higher financial crime risks, strengthening the bank’s fraud detection and prevention efforts.
Akin Akande
Compliance & Financial Crime Analyst at iFAST Global Bank
By using these advanced fraud detection capabilities, we can proactively mitigate risks and ensure that our operations remain secure and compliant. This also allows us to better detect and prevent potential fraud or money mule activities.