TRUSTDOCK Transforms Transferwise

Transferwise offers global fund transfer service to around seven million users around the world. With headquarters in the UK and offices in 17 different countries, the company is well aware that even international operations need local compliance. Transferwise's fundamental principle is helping expatriates and business people send and receive money simply and inexpensively.

Transferwise Needed a Local eKYC Solution

In Japan, Transferwise needed to comply with strict licensing and compliance regulations. Even though financial services are the company’s focal point, Transferwise wanted a solution that did not require them to develop an internal system and put pressure on their human resources. However, this was an important step that needed to be done correctly.

Others Could Not Meet the Need

Transferwise tried another “identity verification” company, but their offerings were generic and did not comply with Japan’s specific verification and compliance standards. So after that unsuccessful attempt at outsourcing, Transferwise decided to go in-house, which was not an optimal solution as it drained resources and focused them away from their core competency.

TRUSTDOCK Provided Smooth eKYC Services

After these two failed attempts, Transferwise entrusted their eKYC process to TRUSTDOCK. Using a portal on their website, Transferwise used TRUSTDOCK’s APIs to verify users in Japan with their My Number cards and required documents. Since our business process outsourcing solutions are available 24/7/365, Transferwise could offer its customers a reliably smooth user experience, any time of day, often only taking a few minutes to complete.

Need Help with Local Financial Compliance?

Are you facing similar worries as Transferwise? If your company must comply with local regulations regarding eKYC or CDD, contact TRUSTDOCK today and find out how our customizable solutions can get you up and running quickly and smoothly.

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