Cryptocurrency Platform Finds KYC Solution With Effectiv
Effectiv recently onboarded a crypto-native financial services company that specializes in Bitcoin, the leading cryptocurrency. Unlike traditional exchanges, the company does not have custody of its clients’ assets and instead prioritizes the security, support, and education of its clients as they onboard to the Bitcoin ecosystem.
Cryptocurrency Platform Finds KYC Solution With Effectiv
Effectiv recently onboarded a crypto-native financial services company that specializes in Bitcoin, the leading cryptocurrency. Unlike traditional exchanges, the company does not have custody of its clients’ assets and instead prioritizes the security, support, and education of its clients as they onboard to the Bitcoin ecosystem.
90%
Reduction in time to onboard accounts going from 10-days to same-day approval.
72%
Auto-approval rate for new applications since implementation.
200%
Increase in onboarding volumes without interruption since implementation.
Use Cases
- Customer Onboarding
- Case Management
- Crypto Services
Challenge
Solution
The Company discovered Effectiv, a comprehensive KYC automation and anti-fraud platform, and after only a 15-minute call with the Effectiv team, the Company recognized the platform’s potential to address their pain points and meet their specific requirements. The decision to choose Effectiv over other providers was influenced by several factors, including access to unique data integration capabilities, customizable workflows, and the ability to adapt to a fast-changing environment.
The Company’s integration experience with Effectiv was exceptionally smooth, despite their unique product and ongoing refactoring efforts. The Effectiv integration team demonstrated a deep understanding of the Company’s needs, enabling them to make necessary adjustments and leverage the platform’s flexible risk workflows to refine their risk mitigation processes. The implementation process was the smoothest the company had experienced, facilitating seamless onboarding and exploration of creative ways to mitigate risk.
- Director of Compliance
Result
Effectiv’s solution had a transformative impact on the Company’s operations, providing unparalleled visibility into their onboarding process. Prior to using Effectiv, the company had limited visibility and metrics tracking. With Effectiv, they gained access to actionable metrics, such as stratified approval rates, reasons for account denials, and the ability to perform what-if analysis. This level of transparency and data-driven decision-making empowered the Company to refine its risk mitigation strategies in real-time and address emerging fraud trends proactively.
Key Metrics:
- Reduced account onboarding time from 10 days to same-day approval
- 69% reduction in manual reviews
- Even with a 200% increase in onboarding volumes, Effectiv’s solution maintained same-day onboarding approvals with no slow-down in the process
- Successfully converted hundreds of applications into accounts within the first two months after going live
The Company highlighted several key benefits of the Effectiv platform. First, the visualized no-code business logic and customizable workflows provided an easily comprehensible approach to risk management and fraud prevention. Second, the champion challenger module allowed the Company to identify areas of improvement and make changes to their logic for better performance. Lastly, the suite of pre-integrated APIs and Effectiv’s extensive expertise enabled the Company to enhance its auto-approval rates through additional data sources.
The Company recommends Effectiv to other cryptocurrency companies seeking an adaptable, intuitive, and flexible platform for managing compliance, mitigating risk, and ensuring regulatory adherence. The company emphasizes Effectiv’s ability to deliver on its promises and its team’s expertise and support throughout the implementation process.
By partnering with Effectiv, the Company was able to revolutionize its Bitcoin native financial services and strengthen its commitment to protecting its clients’ funds while driving growth in the cryptocurrency space.
