Jeton’s payment services offer a convenient and user-friendly alternative to traditional banks and financial institutions. Whether through their digital wallet, debit card, or mobile app, Jeton aims to provide customers with a seamless and efficient money management experience.
The Challenge
Registered in the UK, Jeton Wallet is a regulated digital e-wallet offering safe and quick money management, which is why they must validate every user before their first transaction.
User verification is also crucial for identifying the nature of their clients and fighting fraud and money laundering. As a growing company, Jeton wanted to employ automated procedures to make this process faster, easier, and less time-consuming.
Why Sumsub?
When choosing an automated verification solution, Jeton wanted to:
- Prevent fraud by verifying users’ documents’ authenticity
- Comply with regulatory requirements, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations
- Speed up the verification process
- Save costs on manual verification processes
Jeton chose Sumsub because it offers a competitive and affordable solution while providing exceptional customer and technical support.
Saaly Temirkanov
Executive Director at Jeton
Sumsub has a proven track record in the identity verification sector and has received positive feedback from other companies in the industry. This reputation for delivering high-quality services and customer happiness significantly influenced our decision to choose Sumsub as our document verification solution.
The Solution
Sumsub helps Jeton comply with regulations, improve customer experience, reduce costs, and accelerate onboarding.
Jeton now uses the following Sumsub features:
- ID verification to welcome any number of users worldwide
- Liveness and Face Match to onboard with AI-powered facial recognition technology that instantly matches users’ faces with their IDs
- AML Screening to get to know customers and detect high-risk users with ongoing monitoring across global watchlists, sanctions, PEPs, and adverse media
Saaly Temirkanov
Executive Director at Jeton
Sumsub offers a cost-effective solution that balances cost savings with fraud protection, ensuring our company remains secure. The platform’s scalability and integration with our AML/KYC policies allow us to quickly and smoothly onboard new customers.
Implementation
It took Jeton one month to go live, integrating through both Web- and Mobile SDK functionalities and API. The process went very smoothly thanks to Sumsub’s live tech support team, which stood by to help at every step of the way.
The Results
The results were quickly noticeable. Thanks to Sumsub’s automated verification, Jeton lowered their workload, which allowed them to devote more time to core tasks.
Jeton has achieved a 30% increase in their overall pass rate, reaching 71%, which has had a positive impact on their total onboarding time. The company has also seen a 50% increase in pass rates in Asia. These improvements reflect Jeton’s commitment to enhancing the effectiveness of their onboarding process.
Saaly Temirkanov
Executive Director at Jeton
Sumsub’s solution allowed us to significantly speed up our verification procedures, increase conversion rates, and lower costs. Sumsub fully integrates with our AML/KYC policies, providing a sophisticated and scalable solution that helps us stay compliant in new markets.
Thanks to Sumsub, Jeton can now use data such as IP addresses, duplicate accounts, and more to mitigate fraud and money laundering.