Transferra is a digital payments platform providing an all-in-one financial solution for businesses and enterprises. Launched in 2022, the company offers fast cross-border transfers, multi-currency accounts supporting 35+ currencies across 180+ countries, instant FX, and virtual Visa debit cards compatible with Apple Pay and Google Pay. Each client is assigned a personal manager to ensure tailored, high-touch support. Currently, Transferra serves over 1,000 registered clients across the UK, Europe, and Switzerland.
The Challenge
From day one, Transferra recognized the need for a robust identity verification process to meet regulatory requirements and deliver a smooth onboarding experience. Rather than handling verification manually or building an internal solution, the company opted to implement an automated third-party system from the start.
As the company scaled, it became clear that a flexible KYB process was essential. The ideal solution would connect directly with government registers and automatically adjust verification steps based on each client’s responses. This approach would reduce manual workload while accommodating a broad range of company profiles and jurisdictions.
Sumsub was selected as Transferra’s first verification partner. It was chosen for its automation capabilities, compliance expertise, and ease of integration. This proactive decision allowed Transferra to avoid common onboarding bottlenecks and maintain full regulatory compliance from the outset.
Why Sumsub?
Transferra selected Sumsub as its verification partner based on the following key priorities:
- Adherence to security standards and evolving regulatory requirements
- Industry leadership in verification solutions
- Flexible integration and a customizable system tailored to Transferra’s needs
- Strong KYB offering suited for diverse business profiles and jurisdictions
Alexey Reshko
Chief Operating Officer at Transferra
Sumsub evolves rapidly and adapts to shifting market and compliance requirements, giving us the agility we need.
The Solution
Transferra uses the following Sumsub’s solutions:
1. Business Verification
- Automated Corporate Registry Check
- Ownership Insights
- Corporate AML Screening and Ongoing Monitoring
2. User Verification (for associated individuals such as UBOs, directors, and company representatives):
- ID Verification
- Proof of Address
- Liveness
- Face Authentication
- Questionnaries
- AML Screening and Ongoing Monitoring
This setup enables Transferra to ensure both businesses and their key stakeholders meet compliance requirements efficiently and securely.
Alexey Reshko
Chief Operating Officer at Transferra
Since partnering with Sumsub, we’ve been able to establish a reliable and efficient verification process from the ground up. This has allowed us to onboard clients much faster, reduce errors, and create a smooth and optimized customer journey.
Implementation
The implementation of Sumsub, supported by ready-to-use web and mobile SDKs, was completed in under 2 weeks. Although the project’s complexity required several workflow optimizations, close collaboration between the Transferra and Sumsub teams ensured a smooth rollout. Today, ongoing adjustments are easily handled through the Sumsub dashboard, allowing the team to manage verification workflows without additional developer input.
The Results
Since integrating Sumsub, Transferra has seen the following improvements:
- KYB processing time reduced by over 50%, speeding up client onboarding
- Higher onboarding completion rates, driven by a more streamlined user flow
- Fewer rejections and errors thanks to dynamic, risk-based routing
- Lower workload for compliance and support teams
- Improved data quality and transparency, supporting long-term operational efficiency
Future Plans
Transferra is focused on expanding its presence across the EU, targeting key European markets as part of its growth strategy. At the same time, the company is actively developing new features to enhance platform functionality and deliver a smoother user experience, ensuring its solutions continue to meet the evolving needs of international businesses.
Alexey Reshko
Chief Operating Officer at Transferra
Sumsub will remain a critical part of our verification infrastructure as we scale to new markets and address upcoming regulatory frameworks.