Customer research

Case studies

Moody’s Analytics KYC has revolutionized the risk management and compliance practices of organizations using our cutting-edge platforms and data-driven solutions. Our case studies provide personalized, real-life stories of our customers’ KYC processes at work.


Financial House

KYB case study

Financial House operates a complex compliance process, which works in numerous jurisdictions, covers corporate onboarding and ongoing risk monitoring, and it has several human touch points.

Its agent network provides the first line of defense in its compliance process. Then Financial House completes its risk monitoring plan by reviewing information supplied by the agents.

The firm needed a method to automate KYB checks and orchestrate the process for different teams involved in due diligence. It needed access to accurate KYB data to assess risk at onboarding and during ongoing monitoring. And, it wanted a central repository for customer documentation so teams could access it easily and on-demand.

Under the stewardship of a new money laundering reporting officer (MLRO), Metkel Asfaha, Financial House restructured its compliance function, employing new staff, creating new policies, and introducing a new coordinated RegTech system.

There were existing compliance processes, but the MLRO wanted to align the function, bringing together automated onboarding, risk classification and assessment, and ongoing monitoring in PassFort.

In September 2020, Financial House began work on a systems integration project, which included customer onboarding and ongoing risk monitoring.

Financial House has a very specific onboarding process for the companies it is doing due diligence on, tasks can become complicated quickly. PassFort helps the customer handle this complexity while alleviating manual effort involved in due diligence and risk management.

Now Financial House's teams don't need to launch checks, chase down documents, or update them in certain folders. This happens online in PassFort.

PassFort has automated the firm's complex corporate onboarding and ongoing monitoring processes. And the solution brings agents and analysts into the compliance process where they add value to review cases or to make risk-based decisions.

To satisfy its KYB, sanctions, and adverse media data checks, PassFort integrated Financial House's choice of third-party data providers into its compliance processes. As a result of working with PassFort, Financial House is now realizing savings by having removed a duplicate data source used in its screening process.

Previously, KYB documents would have been saved on servers by Financial House. Now, agents rely on PassFort to store and access customer documentation.

All KYB documents are kept in one place - they are saved in PassFort. Anybody needing information knows it’s in the platform, and they know how and where to get it.


Financial House says...

"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."

“The reason Financial House chose to partner with PassFort was because we needed a solution that allowed us to manage very complex KYB and corporate onboarding activity."

"PassFort has made our whole process much easier to follow. It automates key tasks and also acts as a central repository for customer documentation."

"Of real significance to Financial House was PassFort's ability to perform ongoing monitoring of corporate clients, allowing us to carry out ongoing risk assessment after set periods of time depending on the level of risk, while refreshing key documents."

"As a Head of Financial Crime and MLRO, PassFort allows me to input into the platform all the necessary requirements for the specific type of business we are onboarding and then we get a risk assessment, which means we can construct ongoing monitoring for the long-term. All this is done seamlessly on the platform. Once we set up what our requirements are, our users have a much easier task when it comes to checking documents and making decisions."

"I've worked in other businesses where the onboarding process is done manually, and I can tell you the difference PassFort makes from a compliance analysts’ perspective in terms of work requirements."

"While we have been dealing with many changes and new systems as an organisation, my experience is that PassFort has been one of the few things it has been easy to deal with. In terms of responses, support, every time we have a query, the integration – everyone has been supportive. If we send out emails, we get responses in minutes and that doesn't happen with other partners."

St. James's Place

KYC case study

St. James’s Place partners with PassFort, a Moody’s Analytics company, integrated with GBG to deliver customer due diligence driving easier, faster, data-driven KYC decisions and a 9% increase to its customer pass rate.

St. James’s Place offers effective wealth management and financial planning advice to individuals, trustees, and businesses.

St James’s Place (SJP) is a unique wealth management business, offering financial advice and proprietary investment products via its network of approx. 2,500 partners. These financial advisors own and manage client relationships with more than 850,000 customers. The majority of customers are in the United Kingdom with a smaller international client base managed with support from SJP operations in Ireland, Hong Kong, Singapore, and China.

Know your customer (KYC) checks in operation throughout the SJP partner network had always been thorough but processes were manual and time-consuming in some circumstances. Partners were responsible for completing verification of identity as part of customer onboarding, reviewing, and recording the regulatory prescribed identity documents on a report, and submitting that to SJP’s administration centre. There, a customer file would be created and maintained. Regulatory compliance was met but there was a clear opportunity to improve efficiencies.

St James’s Place wanted to continue its commitment to thorough customer due diligence and risk monitoring while streamlining its KYC process; making it simpler for customers and partners to engage with. SJP wanted to arrive at a decision to pass new customers and get to the point of product delivery with minimum friction.

To streamline and automate its KYC processes and move the onus of manual onboarding and risk monitoring away from its partner network, SJP chose to work with PassFort, a Moody’s Analytics company, integrating GBG data checks.

To automate customer due diligence processes, SJP selected PassFort Lifecycle, which digitises all its customer journeys. The KYC checks partners need to complete are orchestrated in the PassFort platform, which integrates GBG ID3global and Multi Bureau solutions.

Multi Bureau, part of the ID3global digital identity verification solution, gives SJP direct search access to the major UK credit bureaus. By interrogating all trusted credit reference agency data in one search and delivering a match against two separate credit records – such as a mortgage, credit card or bank loan – SJP can achieve a reliable UK measure for compliant KYC checks in moments and maximise the number of new customers passing straight through onboarding first time.

By continuing to set a high standard in customer due diligence and directing customer onboarding decisions towards highly efficient, data-driven identity verification, SJP has been able to automate its KYC processes and deliver a gold standard for compliance. It delivers a better, simpler, and faster compliance experience for customers and partners.

Choosing to work with PassFort Lifecycle and GBG, SJP has created a more streamlined, automated solution for KYC, which has helped speed up and scale customer onboarding. During the first two years of operation, partner practices have compliantly onboarded more than 150,000 new customers. And since adopting Multi Bureau as a solution for identity verification, SJP has improved its customer pass rate by 9%.


St. James's Place says...

"One of our corporate strategies is to make it easier to do business with SJP, and that was a key objective for the KYC solution we chose. We wanted flexibility and the ability to switch data providers - and that’s what we got with PassFort Lifecycle integrated with GBG. Since adopting the GBG Multi Bureau solution for KYC checks, St James’s Place has improved its customer pass rate by 9%."


Risk monitoring case study

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 full-time employees in risk and customer success functions working on Customer Lifecycle Management processes.

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 Customer Lifecycle Management (CLM) solution that would scale, achieve higher conversion rates, reduce drop offs and deliver practice on KYC compliance and risk management.

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.


BitPay 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."


Onboarding case study

Paid is a financial services company based in the north of England. It helps freelancers and small businesses get paid instantly, so they never have to worry about an invoice again.

Founded in 2017 by Tom Howsam, the business is growing and expanding its reach rapidly across the UK. Paid's clients are micro-businesses with less than 10 employees, right down to individual freelancers working from job to job to job.

Paid effectively provides funds into the supply chain for invoice payments in micro businesses. This means there is a high chance people could try and use the system for fraudulent purposes.

Having a robust KYC/AML policy and a system in place to manage compliance through onboarding was key to Paid's success and its growth plans.

Not wanting to build a compliance and risk management solution, Paid chose to buy. They wanted a KYC consultancy to give advice on best practice around AML compliance and a platform that would automate digital policies seamlessly and without friction to customers being onboarded.

The way PassFort helped Paid was by providing a full compliance platform for all its activities around onboarding clients and users.

Paid worked with a KYC consultancy to define its compliance and risk policies.

Following that, Paid implemented the PassFort platform to make sure these defined policies would be adhered to during onboarding and for ongoing risk management.

The onboarding journeys were made as slick as possible using automation, so customers were unaware they were being onboarded. And working with PassFort, Paid was able to achieve efficiency from day one, without having to create its own risk management platform.

PassFort supported Paid from the beginning of its compliance and risk management journey. And the solution is now able to grow and scale in conjunction with Paid's own plans for future development.


Paid says...

"Paid would recommend PassFort to other customers who are thinking about a compliance solution, and thinking about not just the raw data of compliance, but actually a risk management platform."

"PassFort is a business you can work with as you scale your own business. The relationship is built on trust from the very beginning. It really is a partner you can grow with and scale across a number of years."

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