Risk monitoring case study

Risk monitoring involves re-running KYC, AML and other compliance checks to ensure ongoing regulatory compliance. Things change in customer profiles all the time that impact a risk score. It’s sensible to continue ongoing risk monitoring throughout a customer’s lifecycle.

Due diligence activity can be automated so renew checks and set to rerun within specified timeframes. Firms are then able to see which risk factors have changed and make decisions about remediation or off-boarding.

Ongoing monitoring case study with BitPay

BitPay is a pioneer and leader in global blockchain payments. The company’s suite of products enable businesses to accept cryptocurrency payments globally for ecommerce goods and services or cross border transactions while receiving settlements in fiat currency.

In addition, BitPay powers a secure wallet used to store cryptocurrency, make payments or liquidate cryptocurrency to fund a prepaid debit card or dozens of retail gift cards. The BitPay Card enables customers to instantly turn cryptocurrency into fiat currency, which is then loaded onto the card and can be spent anywhere Mastercard debit is accepted around the world.

It has a global customer base and is experiencing huge growth. The company has offices in Atlanta, USA, and Europe, with 38 FTE in risk and customer success functions working on Customer Lifecycle Management processes.
The business case
BitPay's philosophy has always been to set a compliance standard in the world of blockchain payments. It is the largest bitcoin payment processor in the world and sets a best practice precedent in terms of meeting regulation.

BitPay is very well established, serving leading merchants around the world and it has achieved rapid growth. The firm is expanding by introducing new individuals and businesses to the world of crypto payments each day.

With the hope of welcoming a world of new customers, BitPay needed a CLM solution that would scale, achieve higher conversion rates, reduce drop offs and deliver practice on KYC compliance and risk management.
The solution
PassFort was selected by BitPay to automate its customer onboarding journeys and carry out ongoing risk monitoring. We have now worked together closely for 2 years.

BitPay has a high volume of new customers applying for its products each day across the world. The number of approved applications more than doubled from 12k in Q1 2020 to +30k in Q2 2020.

PassFort digitised BitPay's workflow of KYC checks, maximising Straight Through Processing (STP), which means high numbers of applications can be handled with no manual intervention.

BitPay achieves an average STP rate of 89%.

It was also hugely important for BitPay to reduce abandonment rates during due diligence. This was about PassFort helping to make the KYC process as fast and frictionless as possible.

PassFort has been able to reduce the average Time To Decision (TTD) to 3mins on new applications. And, working with our data provider partners, BitPay's approval rates increased by 9% from Q1 2020 to Q2 2020.

PassFort has ensured high volumes of applications can be processed automatically; delivered faster Time To Decision on applications; helped increase approval rates; and ensured BitPay sets a standard for compliance.

Yamini Sagar, BitPay's Senior Product Manager, says...

"BitPay is a pioneer and leader in global blockchain payments. It has grown into the largest bitcoin payment processor in the world, serving industry-leading merchants on six continents supporting hundreds of thousands of cryptocurrency users."

"It is a registered Money Service Business with FinCEN, a licensed money transmitter in numerous states and regulated business that complies with the Bank Secrecy Act."

"BitPay is going through an exciting period of rapid growth with the addition of more crypto payment products for both businesses and individuals everywhere."

"I am very impressed with PassFort as it helps BitPay in setting a great compliance standard and framework for the crypto industry."
"Passfort has scaled to support our demand with its great platform and world-class team!"

"BitPay is now able to provide its customers with a great onboarding experience that is robust, automated and seamless. PassFort also provides us with great ongoing risk monitoring, real-time alerts and reports."

"I love working with PassFort and the PassFort team; they make KYC, KYB, PEP/Sanctions/Adverse Media checks, risk scoring, ongoing monitoring, data retention, detailed metrics and reporting actually a lot more fun and easy for us."

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.

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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

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.