WeTheNew enhances both compliance and efficiency with Onfido

Background:

Founded in 2018 by sneaker enthusiasts Michael Holzmann and David Benhaim, Wethenew has quickly emerged as a premier platform for shoe aficionados seeking quality retail experiences. Wethenew is an online marketplace that specializes in online sales of authentic sneakers and streetwear, offering a secure environment for buyers and sellers alike.

The challenge:

The company's mission is to provide a seamless shopping experience and ensure the authenticity of its products through meticulous quality checks. As Wethenew expanded its operations, it needed to navigate Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance to comply with French and European laws. Not being experts in the field of verification, Wethenew faced a significant obstacle in ensuring compliance and security within its marketplace without impacting the user journey.

The solution:

By integrating Onfido's Document Check and Facial Similarity Check into its onboarding workflow, Wethenew established a centralized and automated system for verifying the identities of its sellers. Onfido's Document Verification, enables thorough examination of sellers' identification documents, ensuring authenticity and compliance with regulatory standards. Additionally, the Facial Similarity Check allowed Wethenew to verify the identity of business owners through a secure selfie verification process. This comprehensive suite of identity verification products empowered Wethenew to enhance security, streamline operations, and ensure compliance with regulatory requirements.

The integration between Wethenew and Onfido has been a significant advancement in their commitment to delivering a seamless and secure user experience. With a plug-and-play solution seamlessly adaptable to both web app and mobile platforms, their users are experiencing an uninterrupted flow while engaging with the services. Onfido's highly detailed and easily understandable integration process helped ensure a smooth transition. Moreover, the responsive support provided by Onfido ensures that unique requirements are comprehensively understood and met throughout every phase of integration, further bolstering confidence in the reliability and effectiveness of the partnership.

The results:

With Onfido's expertise and quick and seamless integration process, Wethenew was able to focus on business results that support its core business objectives, including:

• Streamlining operations:
  Wethenew achieved a 100% reduction in manual checks by integrating Onfido’s solutions, driving a significant advancement in operational efficiency.
• Faster and more seamless seller onboarding:
  Onfido's integration enabled Wethenew to expedite the Seller onboarding process, with 87% of vendor identity validations completed in three minutes or less. The average response time for Onfido to deliver verdicts on identity verification requests was just 1 minute and 24 seconds, ensuring swift onboarding for new sellers.
• Compliance assurance and security:
  Onfido's comprehensive identity verification solutions enabled Wethenew to uphold regulatory compliance standards with confidence.

Looking to the future, Wethenew plans to further expand its supplier network, fostering relationships with new vendor partners to diversify its product offerings. Additionally, Wethenew is committed to continuing the simplification of the account creation and identity verification process, leveraging Onfido's expertise to enhance user experiences and drive sustainable growth in the competitive sneaker retail market.