Pan-African document verification for merchant onboarding with Verto
Cross-border payments and FX solutions provider Verto significantly enhances its document verification process, reducing application review times and expanding into new markets.
THE CLIENT
Verto: Navigating the global compliance conundrum
Verto is a global financial technology firm that provides businesses of all sizes access to enterprise grade cross-border payments, FX and banking solutions, processing over $7 billion annually, with a significant presence in both the UK, Kenya, South Africa and Nigeria. Core to the company’s mission is a dedication to helping grow the potential of African businesses onto the global market. And that means tackling the challenges of establishing the legal status and ultimate beneficial ownership of every merchant onboarded at scale.
THE CHALLENGE
Broadening horizons, rising complexities
The complexities of operating within the global financial market are immense, especially for a fintech company like Verto that is constantly exploring new territories. These ambitions mean constantly overcoming the daunting task of authenticating an extensive range of documents. This included diverse formats like PDFs, images, and scans, originating from multiple countries, each with its unique legal framework and documentation standards. Of particular challenge were clients providing account statements or utility bills for authentication and verification.
Verto needed to find a way to ensure this process wouldn’t become a bottleneck, slowing down customer onboarding and affecting overall efficiency and user experience. They sought a document fraud detection solution that could seamlessly integrate with their existing systems, provide rapid and reliable document authentication, and support their growth into new markets without escalating risks.
This policy was designed to consider document formats, types, and the results from the Document Forensics analysis. An essential component of this strategy was the deployment of Adaptive Decisioning, which aligns the system’s outcomes with the customer’s risk appetite, ensuring that Verto ’s onboarding process remained robust, compliant, and efficient.
All of these efficiency gains enabled Verto to expand its global footprint more rapidly without compromising on risk.
OUR SOLUTION
Automating merchant onboarding, not fraud
Partnering with Resistant AI meant that within weeks, Verto could authenticate documents from a myriad of countries in seconds. Leveraging Document Forensics provided more than just speed: It brought precision and adaptability to the table. Verto was able to reduce application review times by 50%, a feat made possible by the system’s ability to quickly and accurately identify document tampering and inconsistencies invisible to the human eye. And since it works without needing to read the contents of documents, it was well suited to authenticate documents—whether known or unknown—from all the markets that Verto would want to expand in.
But beyond fraud detection, working with Resistant AI enabled Verto teams to reshape how they approached document verification, establishing a comprehensive compliance policy tailored to handle different kinds of documents.
This policy was designed to consider document formats, types, and the results from the Document Forensics analysis. An essential component of this strategy was the deployment of Adaptive Decisioning, which aligns the system’s outcomes with the customer’s risk appetite, ensuring that Verto ’s onboarding process remained robust, compliant, and efficient.
All of these efficiency gains enabled Verto to expand its global footprint more rapidly without compromising on risk.
Document Forensics
Streamline your documents processing to identify fakes and fraud attempts—even when invisible to the human eye.
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