KYC case study

KYC stands for "Know Your Customer" and is based on financial institutions knowing who their customers are to understand whether people or organisations can be trusted.

KYC procedures enabled firms to better understand their customers to help them manage risk distribution.

A series of KYC checks can be extremely effective in stopping bad actors or illicit organisations getting a foothold and carrying out illegal activities. KYC is a crucial part of compliance, risk management and anti-money laundering.

KYC case study with WorldRemit

WorldRemit is a successful and rapidly-growing business that offers international money transfer services to individuals around the world. It is headquartered in London and employs 850 staff worldwide.

People use WorldRemit’s services to send money to family, friends and loved ones who aren’t in the same country as they are. There are 50+ countries that money can be sent from and more than 100 countries where money can be received.
The business case
WorldRemit’s original approach to know your customer (KYC) used an in-house solution, with integrations to multiple data providers for regulatory checks spanning different jurisdictions. Its rules engine was configured on a country-by-country basis and focussed on the transaction rather than on a complete customer onboarding journey.

The KYC solution had complex due diligence requirements as checks needed to be carried out on individuals sending money, and anti-money laundering checks, such as Sanctions, were required on those receiving funds – each likely to be subject to different regulation.

WorldRemit needed a RegTech solution that delivered an efficient, unified and global approach to automated KYC. It was important to:
  • integrate its different data providers, so there was only one platform and partnership to manage
  • have a full case management solution so its agents could work more efficiently
  • maximise straight-through process (STP) for fast and frictionless customer experiences
The solution
PassFort was chosen by WorldRemit as its new SaaS RegTech solution for KYC, AML and ongoing monitoring. The solution is currently live in New Zealand and work continues towards further rollout globally.

PassFort has  started to create WorldRemit’s global approach to automated KYC, so it no longer needs to manage numerous data provider integrations, it has a case management solution for its agents and compliance team, and customers have a smooth, digital compliance experience.
Unified data checks
PassFort has unified WorldRemit’s network of data providers through one integration for checks on senders and receivers, making the process faster and streamlining the process of dealing with multiple vendors and updates that needed to be reengineered by WorldRemit’s technical team.
Efficient case management
WorldRemit’s teams use PassFort for case management and to complete tasks associated with customer profiles. Even when manual work is needed, things are able to move forward more efficiently - agents can escalate issues internally and make requests for additional documentation from customers to minimise time to decision.
Improved customer experiences
Straight through processing wasn’t previously available to WorldRemit, and PassFort has enabled this, creating faster, more frictionless compliance processes and better onboarding experiences. These efficiencies also drive better lifetime relationships between WorldRemit and its customers during ongoing monitoring.

WorldRemit says...

"The stakes are high for customers using our services. The transactions they make are emotionally and financially important because they are transferring funds to the most important people in their lives. Making KYC frictionless and efficient is a priority because everything should be simple and stress-free for customers. We are balancing this customer experience with ensuring compliance with different global regulations."

"PassFort has enabled us to introduce straight-through processing, which is amazing. The whole process of reviewing tasks through our agents is improved."

"We continue to improve and evolve with PassFort. This partnership will allow us to update our onboarding journey across all of our send countries."

"I would recommend PassFort. One of the main reasons for that is its level of customer service, which is really good. What we have found to be most important is that PassFort has always been really helpful in resolving problems and moving forward."

Gemma Rogers
Product Manager, WorldRemit

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We are extremely proud of our growing list of customers. We take your business seriously and are excited about helping it grow.

Making KYC frictionless and efficient is a priority because everything should be simple and stress-free for customers. We are balancing this customer experience with ensuring compliance with different global regulations. PassFort has enabled us to introduce straight-through processing, which is amazing.
Gemma Rogers
Product Manager, WorldRemit
There has been positive feedback throughout our organisation for Passfort. It is really intuitive to use and has excellent performance when faced with higher volumes. Also, there is a helpful support team on hand to help with anything from configurations, queries about specific cases, understanding reports.
Scott Firestone
Senior Product Manager, StoneX Group
PassFort is an intuitive and easy-to-use platform that allows me to prioritise and complete my tasks efficiently, collaborate with my team, and automatically create audit trails - all within one system. PassFort customer service is unmatched from what we've experienced thus far from KYC/AML tools, in terms of response time and issue management.
Rebecca Wismeg
KYC Analyst, Tide
Paid would recommend PassFort to other customers thinking about a compliance solution. And thinking about not just the raw data of compliance, but a risk management platform - someone who you can work with as you scale your business up.
Tom Howsam
Co-Founder, Paid Ltd
PassFort allows us to do the job of a large compliance workforce with a reduced workforce; reducing overall costs and streamlining quotidian tasks.
Michael Moore
Global Head of Compliance, Wirex
The neat thing about PassFort is it tells our users what needs
attention without them having to figure it out.

Our team is focused on what needs prioritising, everything
else is automated in the platform.
David Chen
VP of Product, StoneX Retail
I am very impressed with PassFort, it helps BitPay set a great compliance standard for the crypto industry. PassFort has scaled to support our demand with their great platform and a world-class team! We are now able to provide our customers a great onboarding experience that is robust, automated and seamless.
Yamini Sagar
Senior Product Manager, BitPay
Currencycloud has worked with PassFort for a number of years. We have an excellent relationship and have always found the platform to be an efficient solution for customer onboarding.
Jan Philippaerts
VP Compliance Operations, Currencycloud
PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation.
Metkel Asfaha
Head of Financial Crime & MLRO, Financial House
We use PassFort to help clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. PassFort organises our compliance workflow and improves visibility over applications. Not only is it an onboarding platform, it is also a unified database for retail and institutional clients.
Diginex
Capital Market Company
Making KYC frictionless and efficient is a priority because everything should be simple and stress-free for customers. We are balancing this customer experience with ensuring compliance with different global regulations. PassFort has enabled us to introduce straight-through processing, which is amazing.
Gemma Rogers
Product Manager, WorldRemit
There has been positive feedback throughout our organisation for Passfort. It is really intuitive to use and has excellent performance when faced with higher volumes. Also, there is a helpful support team on hand to help with anything from configurations, queries about specific cases, understanding reports.
Scott Firestone
Senior Product Manager, StoneX Group
PassFort is an intuitive and easy-to-use platform that allows me to prioritise and complete my tasks efficiently, collaborate with my team, and automatically create audit trails - all within one system. PassFort customer service is unmatched from what we've experienced thus far from KYC/AML tools, in terms of response time and issue management.
Rebecca Wismeg
KYC Analyst, Tide
Paid would recommend PassFort to other customers thinking about a compliance solution. And thinking about not just the raw data of compliance, but a risk management platform - someone who you can work with as you scale your business up.
Tom Howsam
Co-Founder, Paid Ltd
PassFort allows us to do the job of a large compliance workforce with a reduced workforce; reducing overall costs and streamlining quotidian tasks.
Michael Moore
Global Head of Compliance, Wirex
The neat thing about PassFort is it tells our users what needs
attention without them having to figure it out.

Our team is focused on what needs prioritising, everything
else is automated in the platform.
David Chen
VP of Product, StoneX Retail
I am very impressed with PassFort, it helps BitPay set a great compliance standard for the crypto industry. PassFort has scaled to support our demand with their great platform and a world-class team! We are now able to provide our customers a great onboarding experience that is robust, automated and seamless.
Yamini Sagar
Senior Product Manager, BitPay
Currencycloud has worked with PassFort for a number of years. We have an excellent relationship and have always found the platform to be an efficient solution for customer onboarding.
Jan Philippaerts
VP Compliance Operations, Currencycloud
PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation.
Metkel Asfaha
Head of Financial Crime & MLRO, Financial House
We use PassFort to help clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. PassFort organises our compliance workflow and improves visibility over applications. Not only is it an onboarding platform, it is also a unified database for retail and institutional clients.
Diginex
Capital Market Company
Making KYC frictionless and efficient is a priority because everything should be simple and stress-free for customers. We are balancing this customer experience with ensuring compliance with different global regulations. PassFort has enabled us to introduce straight-through processing, which is amazing.
Gemma Rogers
Product Manager, WorldRemit
There has been positive feedback throughout our organisation for Passfort. It is really intuitive to use and has excellent performance when faced with higher volumes. Also, there is a helpful support team on hand to help with anything from configurations, queries about specific cases, understanding reports.
Scott Firestone
Senior Product Manager, StoneX Group
PassFort is an intuitive and easy-to-use platform that allows me to prioritise and complete my tasks efficiently, collaborate with my team, and automatically create audit trails - all within one system. PassFort customer service is unmatched from what we've experienced thus far from KYC/AML tools, in terms of response time and issue management.
Rebecca Wismeg
KYC Analyst, Tide
Paid would recommend PassFort to other customers thinking about a compliance solution. And thinking about not just the raw data of compliance, but a risk management platform - someone who you can work with as you scale your business up.
Tom Howsam
Co-Founder, Paid Ltd
PassFort allows us to do the job of a large compliance workforce with a reduced workforce; reducing overall costs and streamlining quotidian tasks.
Michael Moore
Global Head of Compliance, Wirex
The neat thing about PassFort is it tells our users what needs
attention without them having to figure it out.

Our team is focused on what needs prioritising, everything
else is automated in the platform.
David Chen
VP of Product, StoneX Retail
I am very impressed with PassFort, it helps BitPay set a great compliance standard for the crypto industry. PassFort has scaled to support our demand with their great platform and a world-class team! We are now able to provide our customers a great onboarding experience that is robust, automated and seamless.
Yamini Sagar
Senior Product Manager, BitPay
Currencycloud has worked with PassFort for a number of years. We have an excellent relationship and have always found the platform to be an efficient solution for customer onboarding.
Jan Philippaerts
VP Compliance Operations, Currencycloud
PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation.
Metkel Asfaha
Head of Financial Crime & MLRO, Financial House
We use PassFort to help clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. PassFort organises our compliance workflow and improves visibility over applications. Not only is it an onboarding platform, it is also a unified database for retail and institutional clients.
Diginex
Capital Market Company

A risk management love story

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Working with Paid from the beginning on its risk management journey, PassFort has been part of the company's growth story.

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