Wirex makes fintech simple. Their innovative mobile app and next-gen Wirex card lets users buy, store, exchange and spend various conventional and digital currencies quickly and securely, with no hidden fees and zero fuss.

The Challenge

Chet Shah, Global Chief Risk & Compliance Officer at Wirex, leads a circa 50-person global team in his Risk & Compliance department. When he joined Wirex in 2022, his strategy was to simplify and enhance his department’s systems, processes, structure, and workflows so that Risk Management in Wirex became a competitive advantage. 

Before switching to Sumsub, Wirex used multiple vendors for onboarding and ongoing monitoring activities.

Chet Shah

Global Chief Risk & Compliance Office at Wirex

The platforms we had before worked fine at an individual level, but they didn’t work well from a holistic risk management and efficiency point of view. I needed a helicopter view of what was happening, and I simply could not get that from the setup we had.

Wirex’s previous setup involved moving from one system to another and re-entering information, which was inefficient and time-consuming. This approach didn’t achieve the more important outcomes: understanding the customer’s risk profile and what to do next. That’s when Wirex started considering other vendors to improve efficiency, absorb more activity, create capacity, and streamline workflows.

Additionally, Wirex wanted live transaction monitoring, which meant seeking a vendor capable of consolidating most of their existing services under one roof, providing a comprehensive view of customer data and risk management.

Why Sumsub?

Wirex had three primary reasons for choosing Sumsub:

1. Cost management: The company needed a cost-effective solution that didn’t compromise on quality. Sumsub provided a platform that maintained high performance and reliability with competitive pricing.
2. Future-proofing: Wirex wanted to ensure their chosen vendor would remain relevant and effective in the long term. This meant that it must be adaptable, keeping up with industry and regulatory changes over time. Wirex believed Sumsub was well-positioned to meet these evolving requirements, evidenced by their proactive approach to new standards like the Travel Rule.
3. Ease of use: It was essential that the chosen platform allowed Wirex’s team to work efficiently. The platform needed to be user-friendly, integrating seamlessly into their existing processes without adding unnecessary complexity. Sumsub met this need with an intuitive interface that facilitated efficient operations for Wirex’s team.

The Solution

Wirex partnered with Sumsub in September 2023, beginning with their user base’s launch, setup, and migration from previous providers. Since January 2024, Sumsub has been Wirex’s comprehensive solution for all verification needs. The products used include:

• User Verification: ID Verification, Liveness and Face Match, GPS as Proof of Address, and Global Database Verification
• Transaction Monitoring: More than 185 unique rules for different scenarios
• AML Screening: Checking PEP, sanctions, and adverse media lists, as well as ongoing AML Monitoring
• Fraud Monitoring: Utilizing Behavioral Biometric Fraud Detection to analyze multiple events and data from users’ devices throughout the lifecycle to create dynamic profiles that fraudsters cannot replicate.

Implementation

The integration project was complex, but despite this, both teams addressed issues promptly and collaborated effectively.

Paul Chapman

Global Head of Financial Crime Operations at Wirex

One key benefit is the relationship between Wirex and Sumsub. We have bi-weekly meetings to discuss issues and resolutions, which has been very useful in establishing mutual collaboration and understanding. It was great to note that Sumsub would change its approach to suit us. Real customer service starts when problems arise, and it’s about how we resolve them.

The Results

Thanks to Sumsub, Wirex was able to optimize its workflow and achieve significant improvements across various key metrics. The overall approval rate is 83%, higher than the industry average of 81%. Their median verification time is 1 second (initial check using Sumsub’s Global Database Verification).

Future Plans

Wirex continues to grow and innovate. The company is looking to obtain new licenses in Europe and other jurisdictions, which will result in the continued prosperity of the relationship between Wirex and Sumsub.