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 Diginex

Diginex provides the bridge between traditional finance and the crypto world, leading both into a new era of finance - one that is safe, inclusive, and innovative.

Diginex's EQUOS exchange elevates digital asset trading by combining financial technology and traditional finance features to create a new standard for crypto investing.

The vision for EQUOS is to provide a platform where investors and institutions can access legitimate cryptocurrencies in an environment that protects investors without sacrificing functionality. It is the only crypto exchange that is part of a Nasdaq-listed company.
The business case
Diginex needed a compliance solution that could digitally deliver its Know Your Customer (KYC), Know Your Business (KYB) and Anti-Money Laundering (AML) processes for the EQUOS exchange.

EQUOS serves both retail and institutional clients globally. The solution chosen needed to streamline onboarding and risk management for different types of customers in multiple jurisdictions.

It was also important for Diginex's compliance function to collaborate on case management with full transparency on where new applications were in their journeys. They needed to assign tasks and escalate customers for enhanced due diligence, without introducing delays into the process.
The solution
PassFort has partnered with Diginex since December 2019, when our risk and compliance solution was selected for onboarding and ongoing monitoring of EQUOS customers.
Simplifying complex due diligence
EQUOS' complex compliance requirements - serving both individual and corporate clients globally - were simplified through PassFort's smart policy builder, which automates a workflow of different compliance checks.

The focus of Diginex's configuration is not on using Straight Through Processing (STP) to drive efficiency - instead efficiency is achieved by automating checks and providing access to quality KYC, KYB and AML data for the compliance team to then analyse. This means they can then make risk-based decisions about each client.
Access to data
EQUOS' automated compliance checks are carried out with 4 global data providers integrated through the PassFort API. This simplifies management of customer data in one place. Access to trusted and comprehensive data on individual and corporate clients has enabled Diginex to achieve an average approval rate of 91% at first decision. The compliance team can also off-board bad actors to meet the vision of inclusive yet safe digital asset trading.
Full case management
Diginex's compliance team collaborates in PassFort to make informed, risk- based decisions. Using our full case management functionality, they assign due diligence tasks, communicate with customers, and track progress of applications in one place. Collaboration is easier and decision-making faster.

Diginex says...

"We use PassFort to help our clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. The platform helps us organise our compliance workflows and improves visibility over every customer application."

"PassFort is not only an onboarding platform, it is a unified database for managing both retail and institutional clients. With the PassFort platform, EQUOS' onboarding process and onboarding workflows are structured. We have many new client applications and a sizeable compliance team dealing with them."

"PassFort allows us to have visibility of all our clients and where they are in their onboarding journeys, so as not to slow down processing of their applications."
"With Bitcoin trading at all-time highs and our recently launched BTC Perpetual Futures contract, our clients are keen to get onto EQUOS and to start trading as soon as possible. We have found the PassFort team to be responsive to any new requests. And, we have quarterly business reviews to discuss new features that will help us continually improve our digital compliance processes."

Trusted by global institutions and startups alike

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

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
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
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
Lead Developer, 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
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
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
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
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
Lead Developer, 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
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
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
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
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
Lead Developer, 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
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
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
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
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
Lead Developer, 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
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
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
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
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
Lead Developer, 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
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex

A risk management love story

Hear from Paid Founder, Tom Howsam, on how the innovative invoice payments company is supported by PassFort to complete compliant onboarding of customers.

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

Certifications and awards

PassFort is part of a RegTech ecosystem. We're excited to be part of the compliance community creating better customer onboarding journeys, managing risk, and fighting financial crime.