This was about PassFort helping to make the KYC process as fast and frictionless as possible. It was also hugely important for BitPay to reduce abandonment rates during due diligence.
#Bitpay kyc manual
PassFort digitised BitPay's workflow of KYC checks, maximising Straight Through Processing (STP), which means high numbers of applications can be handled with no manual intervention.īitPay achieves an average STP rate of 89%. The number of approved applications more than doubled from 12k in Q1 2020 to +30k in Q2 2020. We have now worked together closely for 2years.īitPay has a high volume of new customers applying for its products each day across the world. PassFort was selected by BitPay to automate its customer onboarding journeys and carry out ongoing risk monitoring. With the hope of welcoming a world of new customers, BitPay needed a CLM solution that would scale, achieve higher conversion rates, reduce drop offs and deliver practice on KYC compliance and risk management. The firm is expanding by introducing new individuals and businesses to the world of crypto payments each day. It is the largest bitcoin payment processor in the world and sets a best practice precedent in terms of meeting regulation.īitPay is very well established, serving leading merchants around the world and it has achieved rapid growth. THE BUSINESS CASEīitPay's philosophy has always been to set a compliance standard in the world of blockchain payments. The company has offices in Atlanta, USA, and Europe, with 38 FTE in risk and customer success functions working on Customer Lifecycle Management processes. It has a global customer base and is experiencing huge growth.
The BitPay Card enables customers to instantly turn cryptocurrency into fiat currency, which is then loaded onto the card and can be spent anywhere Mastercard debit is accepted around the world.
In addition, BitPay powers a secure wallet used to store cryptocurrency, make payments or liquidate cryptocurrency to fund a prepaid debit card or dozens of retail gift cards. The company’s suite of products enable businesses to accept cryptocurrency payments globally for ecommerce goods and services or cross border transactions while receiving settlements in fiat currency. BitPay is a pioneer and leader in global blockchain payments.
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