Orenda offers embedded financial products and services with access to configurable solutions and no-code web apps. This enables Orenda clients to create new revenue streams with personalized embedded financial service products.

The Challenge

It’s critical for fintech businesses to automate user verification, as manual checks are prone to human error and have risk identification limitations. On the contrary, automated solutions process large volumes of applications while maintaining high-quality checks.  

Before implementing Sumsub, Orenda used other verification solution providers, facing the following challenges:

• Insufficient quality control 
• Low data extraction accuracy levels 
• Non-transparent and limited information reporting
• Complex, costly, and lengthy integrations
• No ability to customize

Why Sumsub?

Orenda had the following goals in mind when looking for a new verification provider:

• Onboard a comprehensive and automated verification solution 
• Integrate a system with high-quality checks 
• Introduce KYC and KYB, integrating them into one streamlined process 
• Improved visibility and record-keeping

Ultimately, Orenda chose Sumsub for its high-quality checks and flexibility.

Josh Vittori

CEO at Orenda

Sumsub has a comprehensive product set that is well-integrated across one platform. It is a highly flexible and customizable solution with different levels and questionnaire sets.

The Solution

Orenda fully integrated Sumsub into their onboarding process. They currently use the following features:

• User Verification (ID Verification, Email and Phone Verification, Liveness, and Proof of Address)
• Business Verification
• AML Screening for PEPs, Sanctions, and Adverse Media

These solutions ensure that each applicant has gone through a stringent verification process.

Implementation

It was easy to integrate Sumsub into Orenda’s infrastructure, with the whole process taking one month to complete.

The Results

Using Sumsub has boosted Orenda’s revenue growth thanks to a user-friendly interface that attracts more customers and increases the proportion of applications completed.

The average approval rate is now 70%, with a median verification time of 2 minutes 40 seconds.

Future Plans

Josh Vittori

CEO at Orenda

While we are currently focused on the UK and Europe, our next region for expansion will be the USA. We will definitely continue to leverage the capabilities that Sumsub has to offer in this expansion.