Rand optimizes their identity verification and KYC processes

Rand, a leading provider of stable yield  accounts, offers financial solutions to both individuals and companies in the fintech and crypto industries. With a desire to grow its customer base and build capital growth, Rand aims to achieve an ambitious milestone of reaching 60 million in assets under management across Europe within the next 3 years. To accomplish these goals, Rand needs to ensure secure and efficient identity verification processes for its customers, a crucial step in mitigating risks and maintaining the integrity of its services.

The challenge: 

Since its inception, Rand has been committed to partnering with a best-in-class identity verification vendor to ensure a seamless user experience, stringent Know Your Customer (KYC) compliance, and continuous adaptation to innovation, evolving regulations, and emerging fraud trends like deepfakes. Rand recognized the importance of addressing customers' concerns regarding identity exposure. Anticipating the challenges posed by data privacy fears and regulatory requirements, Rand sought to enhance its identity verification process from the start. 

The solution: 

In response to these challenges, Rand chose Onfido as its identity verification partner. Onfido's suite of services, anchored by cutting-edge technologies like AI and machine learning, offered a comprehensive solution tailored to Rand's evolving needs. With features such as robust fraud detection, Known Faces, and watchlist monitoring for politically exposed person (PEP) recognition, Onfido provided Rand with the tools necessary to navigate complex regulatory landscapes and combat emerging threats. The seamless integration with Onfido required minimal disruption to Rand's existing systems, ensuring continuity and efficiency in operations. Moreover, Onfido's established track record of serving leading financial, technology, and cryptocurrency enterprises instilled confidence in Rand's decision to entrust them with their identity verification needs since day one.

The results:

The partnership between Rand and Onfido led to significant results including:

• Enhanced user experience (UX) and efficiency: By integrating Onfido's identity verification solutions, Rand streamlined its KYC processes, resulting in a more seamless and efficient experience for users. Onfido’s advanced technology, including AI-driven verification and fraud detection, enabled Rand to expedite the onboarding process while maintaining the highest standards of security. As a result, Rand saw an impressive 83% success rate in KYC completion and a notable increase in the number of verified users, of over 10,400 in the past twelve months. This improvement reduced friction, contributed to higher satisfaction levels, and improved retention rates. Rand’s new identity verification process now takes less than 5 minutes to verify new users

   

• Mitigation of financial risks and compliance: Rand was empowered to mitigate various financial risks, including money laundering, terrorist financing, and identity fraud. By leveraging Onfido's robust fraud detection capabilities and watchlist monitoring for PEP recognition, Rand ensured compliance with regulatory requirements and industry standards. This proactive approach to risk management  safeguarded Rand's business interests and  protected its reputation among customers and stakeholders. Furthermore, Onfido's technology enabled Rand to stay ahead of evolving threats and regulatory changes, providing peace of mind and confidence in its operations.

   

• Facilitation of business growth and expansion: With Onfido as a trusted partner, Rand pursued its growth objectives, including expanding services to B2B clients. KYC plays a crucial role in mitigating risks and vulnerabilities through accurate identification of Rand’s customers, both B2B and B2C. Onfido's seamless integration into Rand's workflows enabled the company to scale its operations more efficiently. 

In retrospect, Rand has successfully launched its B2B service, thereby consolidating its standing in the market and fostering sustained growth and profitability.