Paysafe

Delivering 68% uplift in customer acquisition in the UK

About PaySafe

As market leader, Paysafe provides global payment services across a wide range of omni-channel solutions.

With over 20 years of experience, the company prides itself on its ability to combine scale with nimbleness. It offers an unrivalled portfolio of proprietary solutions that empowers its customers to connect with others using just one meeting point.

Challenges

As a specialist payment provider which operates in over a 100 countries globally, Paysafe became increasingly frustrated with the standard verification process. As a market leader, the team understood that traditional ‘Know Your Customer’ (KYC) methods did not support a global customer base, which was a challenge for Paysafe.

Paysafe approached Hello Soda to explore how the ‘PROFILE ID’ solution could 1) help with the challenge of an inconsistent onboarding process worldwide 2) to mitigate the risk of impersonation fraud and 3) to improve pass rates.

Solution

Hello Soda partnered with Paysafe to integrate an automated solution that minimised manual checks at the same time as ensuring a consistent user experience globally through a single integration.

The team at Hello Soda implemented PROFILE ID which perfectly met the needs of Paysafe and ensured AML and KYC compliance. Through its powerful and advanced social and digital footprint connections, further benefits included;

  • A global data source
  • Consistent verification for every user
  • Two click process solution
  • Uplift in customer pass rates.

 

“Hello Soda and their AML/KYC solution PROFILE ID have enabled us to onboard many more customers worldwide, whilst mitigating the risk of impersonation fraud. PROFILE ID provides us with a global solution that helps us verify the identity of our customers and their location without the constraints of traditional country-centric ID check providers. The match rates we are seeing are excellent and consistent around the globe. This innovative solution fits seamlessly with our offering to enhance our customer journey and streamline the ID verification process for frictionless customer on-boarding. Since implementing PROFILE ID we have seen an increase in our customer acquisition rates along with reduced impersonation fraud, which is both integral to our business model and extremely important to our customers."

Jonathan Wilson - Vice President Risk Management
Paysafe Group

Outcome

The desired outcome for Paysafe were met, the results included:

  • Since launching, Paysafe is using PROFILE ID in more than a 165 countries.
  • Paysafe's UK uplift in customer acquisition has increased by over 68% since introducing PROFILE ID.

 

Author Lana Yaffe