Xace specializes in the iGaming industry, serving game providers, casinos, and sportsbooks across the UK and Europe. Established in 2020, the company has experienced rapid growth, providing accounts and FX services to over 1,200 active B2B users globally.

The Challenge

Although Xace had implemented an automated KYC solution from the outset, it eventually needed a robust KYB solution as a B2B operator. Previously, the company performed manual KYB checks, leading to significant inefficiencies. Additionally, their KYC checks were separate from their KYB checks, which means that ongoing screening was managed by a different system.

This disjointed approach caused bandwidth issues for the compliance team and resulted in long reporting times with ineffective outcomes. Xace needed a centralized solution that could integrate all their verification requirements.

Why Sumsub?

Xace chose Sumsub for its advanced KYB solution, which addressed their urgent need for a centralized verification system. 

Xace’s primary goal with Sumsub was to establish a fully-integrated KYB, KYC, and Transaction Monitoring flow. This would allow Xace to maintain, screen, and monitor a single KYB profile with attached KYC and Transaction Monitoring records, significantly improving efficiency.

The Solution

Xace’s verification process, though complex, is highly effective. First, they precheck applicants, after which they send them through Sumsub’s full KYB check. Once approved, customers are onboarded and can begin transactions, which are monitored through advanced Transaction Monitoring rules, screening, and more. 

Xace utilizes several Sumsub solutions:

• Business Verification – for business profiles
• User Verification – for business staff and owners
• Transaction Monitoring – for ongoing activities

Adam Grist

CPO at Xace

With Sumsub, the primary wins for us now include having KYB, KYC, and Transaction Monitoring all in one profile, which gives us a complete view of our customers. We also appreciate the ongoing screening of all counterparties and the ease of managing the compliance platform.

Implementation

Adopting Sumsub’s solution was fast and easy for Xace. Within 24 hours of partnering with Sumsub, Xace had sandbox and production access. Over the following six months, Xace customized the solution and trained their teams. Six months later, they successfully integrated Transaction Monitoring, streamlining their operations for 2024.

The Results

Since integrating Sumsub, Xace has achieved substantial improvements in their compliance operations. Even though the KYB process remains partly manual for internal convenience,  Xace reduced onboarding costs by 50%, consolidating three separate systems for KYB, KYC, and Transaction Monitoring into Sumsub’s single platform. This integration has improved compliance operations, cut expenses, and increased overall efficiency.

Adam Grist

CPO at Xace

We don’t use Sumsub in the expected way with an integrated solution from the SDK, as it’s just not the method that is effective for our customer base. Our benefits come in other forms—primarily through the effectiveness of our compliance operations and the roles of our compliance staff. They completely love it.