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Efficient onboarding helps streamline account applications and boost customer acquisition
Launched as a start up in April 2013, Pin Payments offered Australia’s first all-in-one multi-currency payment system that didn’t require a merchant account — just an active ABN and an existing Australian bank account.
The service removed the complexity of processing payments thereby allowing small Australian businesses an easy way to get paid online. Pin Payments allowed businesses to accept payments from local and international customers with same day account set-up and activation.
As a payment facilitator, Pin Payments was required to perform KYC checks against every new account request. They fulfilled the KYC requirement through a labour-intensive process where documents were requested from every customer and verified manually through an online service.
Whilst this was acceptable initially, Pin Payments knew the onboarding process wouldn’t scale and could pretty much hamper their turnaround time. It was vital for Pin Payments to offer a streamlined onboarding process to facilitate growth in customer acquisition.
Pin Payments deployed greenID™ to fast-track customer onboarding by allowing its business customers to perform their ID verification in real time as part of the online application process.
The real-time electronic verification process delivered by greenID™ enabled Pin Payments to live up to its core brand promise of instant account setup and activation. The implementation of greenID™ helped Pin Payments streamline the application process for its customers thereby reducing friction and enhancing customer experience leading to reduced abandonment and improved revenues. It had the added benefit of helping the team at Pin Payments reduce its manual workload and focus more on growing the business.
“The implementation of greenID™ has had a very positive impact on the growth of Pin Payments’ business volumes. We have observed a 20% uplift in the number of customers who complete the onboarding process. We attribute this increase to the reduction in the 'work' our customers have to do in order to complete ID verification.”
Chris Dahl, Director, Sales & Growth, Pin Payments
20% uplift in applications
Real-time customer onboarding
Verification solutions to match the brand
When UBank started, they offered an innovative ‘online’ philosophy to enable more competitive banking.
This meant no physical branches and customers were serviced exclusively using digital channels – even using Skype to communicate with customers and provide 24×7 call centres.
Without a branch network but strong growth, UBank’s back office was inundated with new account applications and copies of identity (ID) documents for checking against ID requirements.
They were in need of an online system aligned with their company strategy.
We worked in collaboration with UBank to integrate greenID™ into their existing banking platform – providing a seamless, simple to use, online ID verification registration system that enabled new customers to complete the enrolment and ID process within two minutes of registering.
Since implementation, over 300,000 Australians have successfully verified and opened accounts online with UBank, and we’ve also developed greenID™ solutions into savings accounts, term deposits, self-managed super funds and home loans.
Most importantly, the solution stayed true to the brand promise, helping deliver a truly online banking experience.
“VIX Verify's greenID™ online verification solution has become an integral part of our application process. The enhanced efficiencies have greatly improved staff productivity and customer satisfaction.”
Tim Sinclair, Online Operations Manager, UBank
Over 300,000 Verifications
Online Registration & Verification
Cutting verification from three days to three minutes
As an aggressive, fast growing International money transfer, OrbitRemit prides itself in providing seamless and cost effective processes for transferring money between countries.
And while they offered a fast, hassle-free online portal, complying with Anti Money Laundering (AML) legislation and “Know Your customer” due diligence it meant physical ID documents had to be manually checked for authenticity.
The process was time-consuming and not scalable for business growth.
Our greenID™ solution was integrated into the OrbitRemit onboarding process so customers could electronically submit their identity information and other documents for verification.
Since implementation, customers are now able to transfer money within minutes of having their identity verified, increasing customer satisfaction and business growth.
Most importantly, staff can now focus on providing customer service, not spending excess time checking ID verification.
“Using the ID verification technology greenID™ from VIX Verify, our business has upscaled and our clients enjoy an automated onboarding experience.”
Robbie Sampson, General Manager, OrbitRemit
3-minute Verification Process
Instant Money Transfer
Improved Customer Service
As the leading payment service for transactions between Australia and Vietnam, Hai Ha Money Transfer (HHMT) also offers services between Australia and the rest of the world.
Their payment services carry a higher risk and HHMT is required to exercise care and due diligence in identification procedures, including Know-Your-Customer (KYC) and the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation.
This meant current customers had to present physical ID at a branch – which was not only inconvenient for customers, it limited the number of customers HHMT could reach.
greenID™ was seamlessly integrated into the Hai Ha Money Transfer registration process so customers can now verify themselves electronically and begin international and local money transfers within minutes of having their identities verified.
All mandatory AML compliance requirements are met using electronic document verification.
And most importantly, Hai Ha staff can now handle a greater number of registrations and provide greater focus on customer service.
“greenID™ has helped automate the checking of clients credentials and ensured a higher level of AML compliance which are critical to our business processes.”
Dianne Nguyen, Managing Director, Hai Ha Money Transfer
Automated Onboarding Process
AML- Compliant Verification
Increased Market Penetration
Onboarding customers who expect more
Rev Worldwide was chosen by Virgin Australia to develop and manage their existing loyalty card – which now enabled card holders and new members to load multiple currencies onto a co-branded loyalty and prepaid card.
Because funds were now linked to the card, this became a financial instrument and therefore covered by the AML/CTF legislation.
With over 500,000 cards issued, every customer that activated the card had to go through an identity verification process – so it was essential that this process was scalable and easy to use from a member experience.
We integrated an online ID verification function into the customer onboarding process, so cards could be activated within a few minutes of registration.
Once a customer registers they are verified against a number of different data sources including drivers licences, property files, airline records, and other data to help prove their identity.
Most importantly, the card and processes are aligned to the Virgin brand, providing smarter travel options that are easy to use.
“VIX Verify’s solution played an integral part in making the card an outstanding travel product, used by over 1 million customers.”
AJ Taylor, Regional Operations Manager, Rev Asia Pacific
Verification Against Multiple Sources
Quick Loyalty Card Activation
Enhanced Brand Experience