Case Study: Simplex

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  • 76% of customers approved first-time with accurate, fast, AI-driven identity verification
  • 70% of verifications automated end-to-end setting Simplex up for a scalable global operation

About Simplex

Simplex, a Nuvei company, are building the fiat/crypto infrastructure for the entire world. One that’s powerful, seamless, and impactful. Licensed in the EU, Simplex processes crypto-to-crypto card payments for hundreds of businesses. This allows millions of people to buy billions of dollars in digital assets via those businesses.

The challenge

Simplex are building the fiat-to-crypto infrastructure for the entire world. Through their payment processing and crypto banking infrastructure, they’re making cryptocurrency accessible to all.

What sets Simplex apart is an approach that blends growth with a security-first ethos. The company’s primary goal is to enable consumers to purchase cryptocurrencies using fiat currency quickly and confidently through the Simplex partner network. This means ensuring that every payment they process is secure and compliant, for all parties. Simplex take risk especially seriously, offering partners a chargeback guarantee. When fraud gets through, Simplex cover the cost.

Simplex’s focus on risk and compliance brings unique challenges. As a licensed banking entity, Simplex must ensure that they comply with Anti-Money Laundering and Know Your Customer regulations when onboarding customers. This is further complicated as crypto is a newer market, which fraudsters have taken notice of, employing tactics such as social engineering to put customers at risk. As Simplex cover the cost of chargebacks, putting adequate controls in place is essential.

Balancing a seamless online payment experience with evolving compliance and emerging fraud threats is essential as Simplex scale. To address this, Simplex wanted an automated, secure, and efficient approach to verifying their customers. That’s where Onfido comes in.

The solution

Simplex partnered with Onfido to verify customers on their Banking service and, more recently, their payment processing platform. During sign-up, customers take a live photo of their ID and snap a selfie or asynchronous video. Onfido also runs Identity Record and Sanctions Watchlist checks to further ensure that customers are genuine.

Simplex chose to partner with Onfido because of our omnichannel experience across mobile and web, as well as comprehensive support from initial integration to the ongoing partnership.

The results

Simplex are driving change in the cryptocurrency market with an approach that puts fraud prevention and compliance at the center. Onfido are helping Simplex achieve this objective, realizing gains in customer experience, operational efficiency, and risk prevention.

For Simplex, getting customers onboard and transacting is critical to growth. With Onfido’s off-the-shelf SDKs, built with leading UX practices from auto-capture technology through to live user feedback, customers can go from ‘I’ve never been through a process of verifying my identity online’ to ‘verified’ without a snag. Today, Simplex are approving 76% of customers first-time through Onfido.

As Simplex sees traffic split 50/50 between web and mobile, Onfido’s support across Web, Android, and iOS keeps their engine running, no matter the acquisition channel. As Simplex scale, it’s essential that they can verify growing volumes of customers without creating more work for their internal teams. Onfido’s approach to customer verification, powered by AI and human experts, means that Simplex can enable customer access with ‘straight-through processing’, automating 70% of customer verifications. So Simplex can reduce the cost to serve customers and decrease turnaround times, setting them up for scale.

With Onfido at the ‘front door’ verifying customer identities, Simplex is confident that they are providing a compliant service. As Simplex scale their service to new territories and products, Onfido will be with them every step of the way.

"At Simplex, we care a lot about risk, from both a product and cultural perspective. It’s why we offer a 100% chargeback guarantee for customers. Onfido gives us confidence in the customers we onboard, doing so in a way that enables us to capture an omnichannel audience without burdening our manual teams at scale."

Erez Ben Ezra, VP Global Expansion, Simplex

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