Veriff and Bancoli: moving at speed to shore up the KYC process of a global payments specialist

After a previous KYC provider changed the services they offered and no longer met Bancoli’s needs, they needed to find a replacement, and find one fast.

About Bancoli

Bancoli is a global payments platform with a mission to make managing finances as easy as possible. Founded in 2021 and headquartered in Austin, Texas, Bancoli offers a comprehensive suite of products and services including smart invoicing, multi-currency global business bank accounts, funds security, and cash flow management features.

Romeo Ju, founder and CEO of Bancoli, explained more: “Bancoli came out of our own needs, actually – of how to pay our own suppliers and contractors throughout the years. And we thought there was a need for a platform where you can both unify the payments and the invoices processes, but also improve it as well with rewards and discounts for prompt payment.

Bancoli is a global payments platform focused on making managing finances straightforward, serving approximately 85 countries and continually striving to expand their reach.

What business problem did Veriff solve for Bancoli?

Bancoli needed to quickly find an alternative when their previous provider of KYC verification was acquired and pivoted their business model.

“Our previous provider pivoted their business model after they were acquired and left us with just a couple of months to find and implement an alternative,” Ju explained.

“My role was in the decision-making process of just actually picking Veriff, getting it over to the product team to implement.

“Speed was so critical to us, as without a KYC process we cannot do any business. But the whole process was easy. I remember that we talked about how little we have to change. It’s an API, and we were able to get our branding into it and just get the whole Veriff flow to feel part of our existing flow. It was very easy as well.

“It took us two weeks from making the decision to being fully up and running. And, to be honest, the two weeks was because of work on our side – Veriff could have done it in a day probably!”

What made the difference to Bancoli when choosing Veriff?

An ability to deliver KYC verification quickly and accurately was a pre-requisite, but the most valuable point was a cultural alignment with a partner who understood their needs and was as ambitious as they are.

“With every partner we work with, the most important thing is that we are aligned in how we work and that they have this efficiency-focused mindset,” Ju said.

Romeo Ju reinforced, "Compared to our previous provider, the work we have to input to get the same outcomes has halved. Veriff’s screening and accuracy, plus the risk scores, give our compliance team a super clear picture of what’s happening and allows them to do so much more."

What was the impact of implementing Veriff?

With Veriff's solutions, Bancoli has seen constant improvement in onboarding rates and efficiency.

“It’s hard for us to point to, say, an increase in our fraud detection because we have been doing this for a long time and any decrease would be marginal,” Ju noted. “But one area I can definitely say has had a huge impact is the massive decrease in the work our team has to do.

“Compared to our previous provider, the work we have to input to get the same outcomes has halved. Veriff’s screening and accuracy, plus the risk scores, give our compliance team a super clear picture of what’s happening and allows them to do so much more.”

Bancoli’s focus on user experience has led to better resource allocation and improved efficiency in their operations due to the reliability of Veriff's systems.