Rise is a Web3-enabled payroll and compliance platform supporting both Web2 and Web3 businesses, as well as Decentralized Autonomous Organizations (DAOs). Having the first hybrid payroll infrastructure operating on both blockchain and major cross-border payment systems, Rise can automate routing between fiat and cryptocurrencies for its customers.
Rise also simplifies global hiring and onboarding processes by handling professional agreements, identity verification, and background checks. Their mission is to help organizations hire and pay workers compliantly and efficiently, anywhere in the world.
The Challenge
Rise faced challenges with long wait times and extensive manual verification, resulting in errors, false positives, and numerous customer support tickets.
They needed a solution that could quickly and accurately verify customer identities to improve overall efficiency. Their previous third-party identity verification and AML check services were inadequate for the robust onboarding process Rise aimed to build.
Diana Arias
Head of Compliance at Rise
We used a third-party vendor that offered an identity verification and AML check service; however, the features limited the robust onboarding process we wanted to build.
Why Sumsub?
Rise aimed to protect its customers from fraud while improving the user experience, ensuring accurate results while reducing manual effort and onboarding time. The company ultimately chose Sumsub for its reliable and globally compliant identity verification services.
Sumsub’s intuitive interface and multiple verification options, including ID verification and AML checks, met all of Rise’s needs. Sumsub’s recent features, like IP and email risk assessment, added even more value to Rise’s AML and compliance processes.
Diana Arias
Head of Compliance at Rise
Sumsub provides secure and reliable verification services. The automated verification system is also very fast, which has helped us reduce customer wait times and improve user experience.
The Solution
Rise has fully automated its verification process with Sumsub, integrating it via API. Sumsub helps Rise comply with AML compliance regulations and manage the full user onboarding cycle.
Rise uses the following Sumsub solutions:
- ID Verification
- Address Verification
- Liveness check and Face Match
- AML Screening
- Email Verification
- Email Risk Scoring
- IP Address Analysis
Implementation
Integrating Sumsub was smooth, taking approximately one week, with additional time allocated for testing and deployment to production.
The Results
Rise experienced significant improvements since integrating Sumsub:
- Pass rate increased from 10% to 94%
- Improved user experience leading to fewer frustrated users
- All challenges addressed, including identity verification, compliance and local regulation in emerging markets such as Brazil, India, and Indonesia
Diana Arias
Head of Compliance at Rise
There has been an immense change. The pass rate has essentially been inverted. It was a 90% failure, and now we have a 94% pass rate.
Future Plans
Rise is focused on developing new features for its customers and expanding its business while adhering to international and local AML and payroll regulations.
Looking ahead, Sumsub will continue to support Rise’s growth by providing scalable advanced technology and maintaining compliance, helping the company continue delivering efficient and secure payroll solutions globally.
